Musk Says Nickel Is ‘Biggest Concern’ For Electric-Car Batteries
(Bloomberg) -- Elon Musk has had it with nickel.
It’s scarce and expensive, so the chief executive officer of electric-carmaker Tesla tweeted on Thursday that the company’s shifting some cars to a type of battery that uses iron instead.
Nickel is a key component in lithium-ion batteries, used in electric vehicles. It packs more energy into batteries and allows producers to reduce use of cobalt, which is more expensive and has a less transparent supply chain.
The metal has rallied 16% this year on the London Metal Exchange amid a broad-based rally in commodities, with investors betting on strong demand growth as economies reopen.
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