February 23, 2024

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Elon Musk relieved that Lithium costs are now not insane

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Chinese language costs of lithium carbonate, a refined type of the steel, have halved from a peak in mid-November as provide stress eased. Nickel and cobalt, additionally utilized in batteries, have dropped as properly.

The discount in commodity costs interprets into hundreds of {dollars} on a per automobile foundation, Karn Budhiraj, vp for provide chain at Tesla, mentioned on the decision. To lock within the decrease prices, the corporate is extending some fixed-price contracts with suppliers by means of the tip of this decade, he mentioned.

Nonetheless, Tesla reported smaller income within the second quarter, which had been largely in keeping with Wall Road forecasts, and mentioned it should in all probability hold slashing costs of its EVs if rates of interest hold rising.

Tesla mentioned it had damaged floor by itself lithium refinery in Texas earlier this 12 months. Progress on the plant, in addition to a cathode facility, had been going properly, Musk mentioned on the decision.

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