> Third, lithium is a tiny fraction of the cost of an electric vehicle. LFP batteries have around 160 grams of lithium per kWh, so a typical car battery (60-90k

> Third, lithium is a tiny fraction of the cost of an electric vehicle. LFP batteries have around 160 grams of lithium per kWh, so a typical car battery (60-90kWh) has 10-15kg of lithium. The spot price for lithium is $15/kg, so the materials cost per car is around $150-250. If lithium prices went up by a factor of 10, the cost of the car would only go up by 5%. In contrast, doubling the price of petroleum almost doubles the cost of driving. From what I've read this causes the lithium market to be very chaotic. Supply is complicated and capital intensive to bring online while the demand is essentially inelastic. Time it right and you make a fortunes.