Tesla CEO Elon Musk says lithium prices have risen more than 450 percent in the last 12 months. Lithium is difficult to extract, with a steep environmental toll and humanitarian cost in parts of the world. Tesla already had to increase prices across its lineup last month, with the cheapest Model 3 now going for over $46,000. The need for a feasible alternative to lithium-ion batteries has never been more clear, and companies around the world are desperately looking for other ways to meet a surging demand for the element. But whether Tesla will be able to turn things around by establishing its own mineral extraction business remains to be seen. Inflation woes are an ongoing global microchip shortage and political uncertainty resulting from Russia’s invasion of Ukraine, driving up commodity prices. . . .
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