The world may soon run into another severe lithium supply crunch.
By 2024, demand for lithium is expected to more than double, as the production of electric vehicle batteries gears up for big growth, as reported by Creamer Media’s Mining Weekly.
Plus, with worldwide demand for EVs, we’ll need a good deal of lithium supply.
California Gov. Gavin Newsom just signed an executive order that will ban the sale of gas-powered passenger cars in the state starting in 2035. That means only EVs will be available for purchase in the next 15 years. And, in Europe, “Automakers need to sell more electric vehicles after EU lawmakers in December 2018 ordered them to cut CO2 emissions by 40 percent between 2007 and 2021, and then by a further of 38 percent by 2030, or face fines.”
In addition, the market could benefit from a Joe Biden victory, noted Albemarle Corp. CEO Kent Masters, as quoted by Bloomberg. “There’s the incentives, and the emphasis that’s put on electrification and EVs around that. The market side of it would be more favorable with Biden.”
Some of the top lithium stocks to consider include Albemarle Corp. (ALB), Lithium Americas (LAC), and Livent Corp. (LTHM).
