Tesla Cofounder Launches EV Battery Recycling Firm

JB Straubel, co-founder of Tesla, is making strides with his battery recycling company, Redwood Materials, which is projected to generate $200 million this year by extracting valuable materials from used EV batteries. The company aims to establish a sustainable supply chain by producing enough materials for one million electric vehicles annually, supporting a shift away from mineral mining. Meanwhile, Tesla has faced setbacks in Oklahoma, where it lost a contract to install EV chargers due to failing to meet program standards, resulting in EVgo taking over the project. In the competitive landscape, Tesla continues to dominate the premium EV market, with stock prices surging, while BYD focuses on affordability and a broader product range. Despite Tesla's global leadership, concerns remain about EV adoption in the U.S., as many consumers cite charging convenience as a major barrier. The EV charging infrastructure is improving, however, as Tesla's network and proprietary technology gain acceptance across the industry.