Wsa breakout, page-424

Ash,
The answer to your question of where all the nickel is going to come from is that it is not, most batteries are simply going to be non nickel because there isn’t sufficient nickel.

I can see nickel chemistry batteries having a big role in premium applications (probably but not certainly) but for stationary and cheaper vehicles no way, it’s not necessary, there are alternatives, we are already seeing this in China and now with Tesla and others.

Did you experience the pig nickel bust? Certainty can be a dangerous attribute in investment.

EL