5 Best Lithium Stocks to Buy in 2024

Lithium is a rare element that is crucial to the production of electric vehicles so investors are looking for ways to profit from the ongoing boom in lithium prices.

Company (Ticker) YTD Performance (As of Q3 2023)
Albemarle (ALB) -45%
Piedmont (PLL) -40%
Lithium Americas (LAC) 2.65%
Livent (LTHM) -27%
Sociedad Quimica y Minera de Chile (SQM) -38%

Top Lithium Stocks

  • Ablemarle (NYSE: ALB)
  • Piedmont (NASDAQ: PLL)
  • Lithium Americas (NYSE: LAC)
  • Livent (NYSE: LTHM)
  • Sociedad Quimica y Minera de Chile (NYSE: SQM)

1. Ablemarle

Ablemarle is one of the world’s largest lithium producers with a market cap of $33 billion. The company is a global specialty chemicals company with leading positions in lithium, bromine and refining catalysts. Ablemarle mines lithium in Chile, Australia, and China plus the company is planning to expand its operations to North Carolina, USA this year. ALB pays a 0.55% dividend yield and the company has increased its dividend for 27 straight years.

2. Piedmont Lithium

Piedmont Lithium is a prominent lithium exploration and development company, focused on the advancement of its Piedmont Lithium Project in North Carolina, USA. With a strategic emphasis on supplying high-quality lithium products to support the global electric vehicle and energy storage markets, Piedmont Lithium is at the forefront of contributing to the transition towards sustainable energy solutions.

3. Livent

Livent is a leading global lithium technology company, specializing in the production of high-performance lithium compounds used in various applications, including batteries for electric vehicles and energy storage systems. With a commitment to sustainable solutions, Livent plays a crucial role in advancing clean energy technologies.

4. Lithium Americas

Lithium Americas (LAC) is a key player in the lithium industry, actively engaged in the development and production of lithium resources. With projects such as the Caucharí-Olaroz lithium project in Argentina, Lithium Americas is contributing to the growing demand for lithium, particularly in electric vehicle and renewable energy applications, as part of the transition to a cleaner and more sustainable future.

5. Sociedad Quimica y Minera de Chile (SQM)

Sociedad Quimica y Minera de Chile (SQM) is a leading Chilean company specializing in the extraction and production of lithium, iodine, and other essential minerals. As a major global player in the lithium market, SQM plays a pivotal role in meeting the increasing demand for lithium-ion batteries, supporting advancements in electric vehicles and renewable energy technologies worldwide.

My Bullish Outlook on Lithium Stocks

Tesla CEO Elon Musk, leader of the largest EV company in the world, tweeted that Lithium prices have gone to insane levels, which is why I decided to dig deeper into this industry and find out what’s exactly going on.

In Musk’s tweet, he mentioned that Lithium is abundant everywhere on Earth but the extraction process is long and slow. Thus, Lithium prices have skyrocketed over the last 2 years as new EV companies buy up the element as a crucial part of their battery makeup.

In my EV stocks article, I talked in-depth about how global EV production will increase a lot over the next several years so it makes sense that Lithium prices will possess a strong correlation to EV production. Thus, savvy investors will take a keen interest in the best lithium stocks to own as the EV revolution charges forward.

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