Musk: Tesla Could Buy Mining Company

A shortage of metals needed for EV batteries continues to be a concern.

Elon Musk said at the FT Future of the Car 2022 conference that Tesla is open to buying a mining company.

Musk’s condition is if the purchase is the only way to accelerate the worldwide transition to sustainable energy.

Musk announced, in March, Tesla’s goal to produce 20 million vehicles annually by 2030. 

Tesla manufactured slightly less than one million electric vehicles in 2021. 

The automaker has lithium supply deals with suppliers across the globe including Ganfeng Lithium Co., Albemarle Corp. and Livent Corp. 

The comment comes as the EV industry voices concerns regarding a shortage of lithium, copper, nickel and other metals needed to make EV batteries.

Last month, Rivian CEO RJ Scaringe warned a shortage of these metals could be a bigger problem than the current chip shortage. 

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