Albemarle

The facility includes a preliminary investment of at the very least $1.3 billion to assist meet the surging need for domestic and also worldwide electrical vehicles and lithium-ion batteries. The building and construction of the project is expected to start late in 2024.

The gradual shift toward electrical vehicles (EV) has put battery stocks onto investors' radar. We've seen renewed passion in battery stocks complying with the speedy gains posted by Nio (NIO Stock Report) and also Tesla (TSLA Stock Report). Certainly, the EV trend has been around for time currently. According to Statista, the need for lithium will more than double over the next 5 years. And also where is that lithium going? You've got it right. Much of the lithium will certainly be for EV batteries.