Elon Musk arrived at the Met Gala with “In America: An Anthology of Fashion” at the Metropolitan Museum of Art in New York, New York, USA, May 2, 2022. PHOTO REUTERS
Tesla Inc. is open to buying the mining company if production of its own metal supplies for electric vehicles (EVs) accelerates the adoption of worldwide clean energy technology, CEO Elon Musk said Tuesday.
There is growing concern in the EV industry that at the end of this decade there may not be enough reserves of lithium, nickel, copper and other metals to meet demand, which raises questions about whether Tesla will consider moving to the mining sector.
“This is not out of the question,” Musk said at the FT Future of the Car 2022 conference. “We will address any constraints to accelerate the world’s transition to sustainable energy. It’s not that we want to buy mining companies, but if that’s the only way to speed up the transition, then we’ll do it. ”
Although the auto giant has contracts with metal suppliers around the world, its goal of producing 20 million cars a year by 2030 – what Musk called “aspiration, not promise” – will require much more metal supplies. Last year, Tesla released just under 1 million EV.
Other automakers and executives, including Carlos Tavares, CEO of competitor Tesla Stellantis NV, warn that the automotive industry is facing a shortage of metals.
Tesla has no experience of labor-intensive and labor-intensive work on the construction and operation of the mine, so industry analysts advised the automaker to focus on buying an existing operator.
Many in the mining industry note that the purchase of the existing metal producer will cost much less than the $ 43 billion that Musk offered to personally buy on the social network Twitter Inc earlier this year.
Tesla has deals to supply lithium with Ganfeng Lithium Co., Livent Corp and Albemarle Corp, among others. The lithium supply company’s agreement with Piedmont Lithium Inc PLL.O was suspended last year.
Tesla has nickel supply deals with Vale and Talon Metals Corp.
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