Sweden will intensify its search for rare metals such as cobalt and lithium, which are key battery components that are becoming increasingly needed by electric vehicle manufacturers; as a key component of electric vehicles, the price of cobalt has more than doubled since the beginning of 2016 ; According to a study by commodity analyst CRU Group, if the current 1 billion vehicles on the road are replaced by Tesla Model X, the demand for cobalt will reach 14 million tons, twice the current global reserves .