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Elon Musk's BIG Lithium Problem Could Make Him Get Out His Checkbook Today's electric vehicle market has a BIG problem. The cost of lithium — a primary metal used in EV batteries — skyrocketed by 400% in 2021. When lithium goes up, EV prices are likely to go up as well. This is something EV manufacturers want to avoid, especially with today's rising inflation and interest rates. So it's no wonder Elon Musk frantically tweeted that he is considering getting into the mining business himself. Especially when you consider that each Tesla S battery pack needs nearly 140 pounds of lithium! And because his gigafactory is in mining-friendly Nevada, some analysts believe he could buy or team up with lithium mining companies nearby. These would most likely be projects that already have water rights and permitting. See Why Nevada Lithium Should be on Every Investor's Radar Right Now
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