What do Jeff Bezos, Bill Gates, and Michael Bloomberg all have in common? Yes, they’re all rich. They also all have invested millions of dollars into finding metals that are used in electric vehicle production. Many consumers have been resistant to the coming EV revolution. This major move by American billionaires proves that electric vehicles are a safe bet as the future of the automotive industry.

Why are some of the richest men in the world investing in EV materials?

According to Business Insider, billionaires Jeff Bezos, Bill Gates, and Michael Bloomberg are all investors in KoBold Metals, a company that is searching for electric vehicle metals and materials in Greenland. Why are some of the richest men in the world investing in EV metals? Electric vehicle battery materials such as cobalt are a hot commodity because of scarcity.

Most battery electric vehicles (BEVs) rely on metals like cobalt. As a result, cobalt is in demand now more than ever as the automotive industry progresses toward an electric future. The United States will rapidly continue to produce and sell electric vehicles until the majority of vehicles driven in America are EVs.

Electric vehicle batteries are one of the most expensive components of EVs. Since electric vehicle battery recycling is such a new concept, electric vehicle battery packs are extremely rare. Electric vehicle battery materials come from a complex deep-sea mining process. Billionaires are now investing millions into deep-sea mining to secure metals like cobalt for electric vehicle battery pack production as EVs become more popular.

How long do electric car batteries last?

EV batteries are the most essential part of EVs for several reasons. Electric vehicle battery packs power the motor, which makes the drivetrain move the vehicle’s wheels. EV batteries will be in high demand because the charging and discharging process drains their total capacity and life, thus many older EVs may require more than one battery pack.

Some electric vehicle battery packs have warranties for five to eight years or 100,000 miles. Electric vehicles can last just as long as well-maintained gas-powered vehicles. Similar to a gas-powered vehicle’s transmission, EV battery packs will need to be replaced after EVs reach high mileage.

Electric vehicles are here to stay

Electric vehicles aren’t going anywhere. Despite a small percentage of consumers being discontent with their EV purchases and switching back to gas-powered vehicles, electric vehicles are taking over the automotive industry. In 2021 EVs account for a larger percentage of the total new-vehicle market share than ever before.

Billionaires recognize that cobalt will soon become one of the most valued metals in existence because of its role in EV battery pack production. The race to find as much cobalt as possible through deep-sea mining is on. Will KoBold ascend as one of the most important companies in the world as EVs become more common in the next decade?