- Elon Musk has previously pleaded with miners to produce more nickel
- The metal has rallied 16% this year on the London Metal Exchange
Musk has previously pleaded with miners to produce more nickel. Supplies will be tight for the next three years, and there could be a significant deficit as early as 2023 as demand picks up, according to BloombergNEF analyst Allan Ray Restauro.
Nickel is a key component in lithium-ion batteries, used in electric vehicles. It packs more energy into batteries and allows producers to reduce use of cobalt, which is more expensive and has a less transparent supply chain.