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.
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.
Top Lithium Stocks
Albemarle is the world’s leading lithium producer based out of North Carolina with mines in Chile and Australia.