The electric vehicle story has only grown stronger. Not only are companies like Tesla and Nio Inc. benefiting, but so are companies like General Motors. In fact, General Motors just announced that it will phase out sales of internal combustion engines by 2035.
In addition, according to NBC News, “The auto industry is shifting from internal combustion technology to emissions-free battery and hydrogen powertrains. Several traditional brands have also committed to a complete transition, with Bentley recently laying out a target date of 2030 to switch entirely to battery-electric vehicles, or BEVs. Nissan this week said it will electrify all models by the ‘early 2030s,’ but that will include gas-electric hybrids as well as BEVs.”
But there’s a problem. As lithium demand accelerates, the world could run into a supply crunch. In fact, “A global push for EV adoption, helped by government subsidies and incentives, means that demand for lithium is not going away. Companies like Volkswagen, Ford, Mercedes and Amazon having started shifting their focus to electric vehicles,” reports Bloomberg.
Some of the top lithium stocks to consider are Albemarle (ALB), Lithium Americas (LAC), American Lithium (LIACF), Sociedad Quimica y Minera (SQM) and Livent (LTHM).