Car makers are electrifying fleets at such a pace that battery makers can’t keep up. So Tesla, GM, Ford and others are investing in battery recycling to cut costs and mitigate risks posed by an erratic international supply chain.
Batteries are basically high-grade ore and a cheaper and more environmentally friendly way for materials to be extracted and reused, said Elon Musk, CEO of Tesla, during a shareholder meeting last week…
There are about two billion cars and trucks used in the world, and electric cars are well under 1 per cent of the fleet, Musk said. Tesla can’t get enough batteries from their suppliers to meet the demand for its cars so recycling batteries is one way to address the shortage.