1. Tesla (TSLA)
When it comes to the conversation around lithium, one cannot disregard Tesla. Tesla’s growth potential in the EV market is making it one of the top lithium stocks. In 2024, the company’s ambitious plans for electrification, such as the Cybertruck, Semi, and the expansion of its product line, are expected to significantly increase its lithium-ion battery requirements. With Tesla making inroads into economies such as India and China, there’s likely to be more demand compelling the company’s share to surge even higher.
2. Albemarle Corporation (ALB)
Albemarle Corporation, a leading lithium producer, is a vital player in the lithium market with a burgeoning global footprint. In 2024, the company plans to expand its lithium production capabilities significantly. As part of a joint venture with Mineral Resources in Western Australia, it is developing the Wodgina lithium project and expanding its lithium hydroxide production in Kemerton. With more companies opting for lithium-ion batteries, Albemarle is well-positioned to capitalize on this trend, hence its inclusion in the top lithium stocks.
3. Livent (LTHM)
Livent specializes in lithium production for electric vehicles, portable electronics, and renewable energy storage systems. To meet the surge in demand from electric car producers, Livent focuses on expanding its lithium production and distribution. Adding to this is Livent’s agreement with Tesla to supply the latter with its lithium products through the end of 2021, which might likely extend into 2024 considering the burgeoning EV industry’s growth.
4. Sociedad Química y Minera (SQM)
The Chile-based company is one of the world’s largest and most cost-effective lithium producers. In 2024, Sociedad Química y Minera is expected to increase production volume considerably. Furthermore, SQM has development projects in Australia geared towards lithium hydroxide production, a vital component of lithium-ion batteries. Its future value definition makes it one of the top lithium stocks.
5. Lithium Americas Corp. (LAC)
Lithium Americas Corp. is a Canada-based company involved in the mining, exploration, and development of mineral properties. The company has substantial assets in Nevada, USA, and Jujuy, Argentina, both abundant in lithium. In 2024, the expected rise in EV production and adoption across the world will create a favorable market environment for Lithium Americas Corp. as the need for lithium will increase, making it one of the top lithium stocks of 2024.
6. Galaxy Resources Limited (GALXF)
Galaxy Resources, an Australia-based lithium producer, specializes in the mining of hard rock and brine-based lithium deposits. It holds lithium production interests in Canada, Australia, and Argentina. In a bid to increase overall output in 2024, the company plans to capitalize on its diversified asset base, making it a prominent lithium stock.
7. Power Metals Corp. (PWM)
Power Metals Corp. is a hard-rock lithium driller based in Canada. The company has several drilling projects across the country. Its potential growth is driven by the fact that lithium demand is outpacing supply, with this trend expected to persist up until 2024. This fact, coupled with the increase in electric vehicles and renewable energy storage systems, positions this company as one of the promising lithium stocks to watch in 2024.
In conclusion, these top 7 lithium stocks are expected to perform exceptionally well throughout 2024. Their value proposition stems from the uptick in demand for the metal due to the rapid rise in renewable energy and electric vehicle production. However, as with all investments, thorough research and consulting a financial advisor before making a choice is advised.
