Ann: eResearch Report - BML-BML.AX, page-16

Mr Tesla on their battery materials make up

Elon:
It is also worth mentioning that, although it’s called Lithium Ion, the actual percentage of Lithium in a Lithium Ion cell is approximately 2%. Technically our cells should be called ‘Nickel’ or ‘Nickel Graphite,’ because the primary constituent in the cell as a whole is Nickel, and then the anode side is Graphite with a Silicon Oxide. There is a little bit of Lithium in there, but it is like the ‘salt on the salad,’ you know, it’s a small percentage of the mass. It’s still important to avoid supply constraints and to make sure the tail doesn’t wag the dog on cost, but the main determinants of the cost of are the price of Nickel in the form that we need it, and there a bit of Cobalt and Aluminum, and then the cost of the synthetic Graphite with the Silicon Oxide coating.