Searching for "Magnesium" in Tesla's battery day reviews: "The decrease in the price of Tesla’s futurem electric car will be possible, in part, thanks to the development of the new 4680 batteries, which will be capable of producing 5 times more energy than the ones the company uses today, will provide 6 times more power and a 16 percent more autonomy. At the same time, they will be created with less expensive materials, such as nickel and magnesium in their cathodes instead of cobalt, scarce and very volatile in the market."