“I’d certainly encourage entrepreneurs out there who are looking for opportunities to get into the lithium business. Lithium margins right now are practically software margins.”
Musk is not alone in fretting about the market as lithium prices surge and demand from the electric vehicle market shows no sign of moderating, but a new report by consulting firm McKinsey argues worries about a shortfall may be overblown.
While lithium demand is skyrocketing – from an estimated 500,000 tonnes in 2021 to as much as 3.8 million tonnes by the end of the decade – new sources and new technologies will be enough to supply the market, McKinsey says.
RELATED: Mexico nationalizes lithium mining
The consulting firm says alongside conventional lithium supply, which is expected to grow by over 300% through 2030, direct lithium extraction (DLE) and direct lithium to product (DLP) “can be the driving forces behind the industry’s…
