With GM joining Tesla in the rush to banish fossil-fuel-powered vehicles, estimates for raw materials are exploding.
Mining.com in January estimated that Tesla’s goal, announced in 2020, to produce 20 million cars a year instead of the 500,000 it made last year, means it could ultimately need more than 30 per cent of the world’s global mined nickel production in 2019.
“Put another way, Tesla will have to buy the entire output of the top six producers – Norilsk, Vale, Jinchuan, Sumitomo, Glencore, BHP – and then some,” the trade site wrote.
In addition, to attain its lofty production levels, Tesla would take up more than half the world’s cobalt supply and 165 per cent of current lithium production, it estimated.
And that’s before GM and the rest of the world’s car makers get started.
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