Hyperdrive
Tesla’s Battery Tweaks Won’t Solve World’s Cobalt Conundrum
- Demand surge much more significant, says Benchmark Minerals
- CEO Elon Musk said cobalt usage could be cut to almost nothing
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Cobalt bulls, keep calm. Despite what Tesla Inc.’s Elon Musk says, there may be no escaping a coming supply crunch as the auto industry hurtles into the era of electric vehicles.
Tesla’s dwindling reliance on cobalt was one of the topics that Musk did want to discuss in an otherwise awkward earnings call with analysts on Thursday. The firm has slashed the highly expensive metal in its batteries and wants to go further. Musk’s crunch quote for enthusiasts: “We think we can get the cobalt to almost nothing.”