He added that cobalt likely will make money, but “timing the market has been one of the biggest challenges investors have faced since there has been anything to invest in.”
“Demand will most certainly increase for cobalt, which is good for those that have invested in it,” Schuster said. “However, increased demand will lead to additional volume or new ways to extract and produce it, which could lower the price.”
Neither Tesla nor General Motors, which both have made significant investments in EV production, responded to requests for comment.
Panasonic, which supplies Tesla with batteries for the Model S, Model X and Model 3, also could not be reached for comment.