Tesla Has A Graphite Problem, page-11

As a point of fact, there is NO graphite anode substitution's for a current generational battery, but ONLY new qualifications for next generation or subsequent generation batteries. This applies to both primary and secondary batteries.

For secondary consumer or HEV & EV batteries, it can take up to 36 months of intensive testing including cycling, charge degeneration, trial battery road tests, consumer tests, etc. Unless a company outside of China is able to produce a SG that can be commercialized shortly after full qualifications are complete and BOM issued, not a single battery manufacture will consider them as they cannot afford the risk of non commercial supply and the inability to supply on a consistent increasing demand curve.

Those who analyze the battery market using Lehman's logic have shock awaiting them as it will force potential natural flake graphite anode suppliers to have a commercial production facility ready to go, yet forcing them have enough cash to weather and hopefully qualify their SG product after the up to 36 month qualification time line!