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By Shane Lasley
Mining News 

Electric vehicles driving high cobalt prices

More EVs likely to outweigh efforts to lower cobalt per battery North of 60 Mining News – May 11, 2018

 

Last updated 9/25/2020 at 4:49am

Electric vehicles, cobalt, lithium ion batteries, critical minerals

Tesla Inc.

Tesla produced 34,494 of its iconic electric cars during the first quarter of 2018. These EVs each contain roughly 10 pounds of cobalt, according to market experts.

The surge in production of electric vehicles, and the batteries that power them, is driving the price of cobalt higher.

A key ingredient in the cathodes of the batteries powering the growing number of EVs on the road today, cobalt has rocketed from around US$25 per pound a year ago to more than US$40/lb in recent weeks. This higher price, however, has electric carmakers looking for alternative...



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