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Lithium is a powerfully electropositive (very willing electron donor), very flammable material, that we all should limit our exposure to. It is not that abundant terrestrially (neodymium, a rare earth, is more abundant). It is not suitable, for both reasons, for large-scale industrial use. So, it won't see large-scale industrial use. I imagine Musk is aware of this and has another electropositive material up his sleeve. That material, up to now secret and unnamed, is what really interests me.
Lithium is every where, I made a study of where it is and the US has extensive lithium deposits. It's just like oil, high prices are the cure for high prices. High prices drive technology, just like high oil prices created the shale revolution. There is no shortage of almost any material, just technology to get it and process it economically. Semis play a part in almost every material and resource out there and the use of math to justify it.