Elon MuskTwitter TeslaBecause lithium is a critical component of manufacturing batteries, it’s possible to get involved in the mining or refining of lithium directly.

Musk wrote, “The lithium price has reached insane heights.” “There is no shortage of the element itself, as lithium is almost everywhere on Earth, but pace of extraction/refinement is slow.”

Tesla and SpaceX bosses were responding to a Twitter showing that the average lithium cost per tonne has increased by a lot since 2021. According to Benchmark Mineral IntelligenceIn the last year, the price of this metal has increased by more than 480%.

According to The the, there are lithium deposits all across the United States. U.S. Geological Survey, a division of the U.S. Department of Interior.

Because lithium is both the conductive and insulating element, it’s valuable for electric vehicle batteries. lightest metal and the least dense solid element. So, lithium-based batteries have the ability to a high power-to-weight ratioWhen it comes to transport, this is an important consideration.

Musk’s Friday tweet does not represent the first time he has suggested that Tesla mine its own lithium.

Tesla obtained its rights to mine lithium at Nevada’s Nevadan lithium mines in 2020 after an agreement to buy a Lithium mining company failed. according to Fortune, which was siting “people familiar with the matter.”