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Elon Musk Warns That Tesla's Cobalt Use Is Heading Toward Zero

  • ‘We think we can get cobalt to almost nothing,’ CEO Musk says
  • Cobalt price has surged on usage in electric vehicle batteries
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BNEF Brief: Elon Musk's Warning on Cobalt Use

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Tesla Inc. boss Elon Musk delivered a one-two punch for anyone betting on cobalt to continue its record-breaking rally, and some good news for nickel fans.

The maker of electric vehicles said in a letter to shareholders it has slashed its reliance on cobalt for its Model 3 vehicle, while raising nickel content, and that its latest batteries already employ less cobalt than similar types already on the market. On a conference call with analysts, Musk went further.