Tesla CEO Elon Musk exhorted the electric car maker’s staff to focus on profits and cost-savings, noting the high expectations baked into Tesla’s $554 billion market capitalization. “When looking at our actual profitability, it is very low at around 1% for the past year,” he wrote in a memo obtained by the website Electrek. “Investors are giving us a lot of credit for future profits, but if,...
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The Electric electric vehicles
The Electric: Western Auto and Battery Makers’ Big Gamble on Indonesian Nickel
For much of the last century, metals companies have made stainless steel from nickel mined in Russia or the Philippines and smelted at temperatures up to 2,900 degrees. But demand for nickel is outstripping supplies because the metal is a key component in most electric vehicle batteries. So metals producers have turned to a new supplier—Indonesia, which possesses vast reserves of a previously...
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