5 best lithium stocks to buy for Q1 2024

Lithium demand has more than doubled in the past decade and the lithium market is set to keep growing as electric vehicles become more popular. This guide picks five of the best lithium stocks for the year ahead.
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Updated: Nov 30, 2023
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Lithium has a wide range of uses and is a key component in battery production, especially in the growing electric vehicle market. Lithium companies are some of the top stocks to invest in this year, so our experts have selected five of the best lithium stocks for 2024.

What are the top lithium stocks to buy?

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In the table below, you can find our experts’ five best lithium stock picks. Click on the links to sign up with a broker and start investing, or continue reading to learn more about each lithium company.

#Stock tickerCompany nameWhere to trade
1ALBAlbemarle
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2002460Ganfeng Lithium
3SQMSociedad Quimica y Minera de Chile
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4LTHMLivent Corporation
5LACLithium Americas
List selected by our team of analysts, updated February 2024.

1. Albemarle (NYSE: ALB)

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Albermarle corporation is one of the worlds largest lithium producers. Headquartered in North Carolina, the company has lithium mining operations in the United States, Chile, and Australia. Additionally, it operates several battery-grade lithium manufacturing plants in China, Europe, and Australia. 

ALB produces many speciality chemicals alongside lithium, including Bromine and Catalysts. While its business is diverse, the rising demand for lithium has helped its stock price reach new highs in recent years. In 2022 the company’s shares traded for over $300 each, a considerable rise from $50 at the start of 2020. 

Albermarle corporation is our experts’ top pick for the lithium industry. The rising demand for electric vehicles has helped ALB over the years; however, the company isn’t solely dependent on a single industry and produces over 100 lithium-based products for many global markets. ALB also heavily features in a number of the best lithium ETFs.      

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2. Ganfeng Lithium (SZSE: 002460)

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Gangfeng is China’s largest lithium company and offers the broadest exposure to the base metal of any company on our list. It has multiple lithium mining projects in the Chinese mainland and Australia, and has recently partnered with other miners in Ireland, Argentina, Mali, and Mexico.  

In addition to its role as a lithium mining company, Ganfeng produces lithium batteries and provides a recycling facility that gives it wide exposure to the whole lithium supply chain. It sells its products in China and internationally, counting companies like BYD and Tesla as customers. 

Investors looking to invest in a lithium stock will struggle to find another company offering the level of exposure Ganfeng does. Its international presence in lithium production and dominance in the ever-growing Chinese market put it in a great position to capitalise on the expected continuation of rising lithium prices. 

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3. Sociedad Quimica y Minera de Chile (NYSE: SQM)

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Based in Chile, Sociedad Quimica y Minera produces a wide range of commodities such as iodine, nitrate, potassium, and lithium. Although located in South America, the company trades on the New York Stock Exchange and operates globally, with lithium sales in more than 110 countries. 

Lithium makes up a small part of SQM’s business, but it claims to have the world’s highest concentration of the base metal. It supplies battery and industrial grade lithium and has grown lithium production to over 100,000 tons in 2021. Its share price has reflected its commitment to the lithium industry and has risen nearly 500% from 2020. 

Sociedad Quimica y Minera de Chile isn’t a pure-play lithium stock and has a diversified business model. However, it appears to have taken steps to increase its share of the lithium market and has already joined forces with lithium miners in Australia, such as Kidman Resources. SQM offers a way to invest in lithium without risking it all on one specific chemical, making it one of the top lithium stocks for 2024.

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4. Livent Corporation (NYSE: LTHM)

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Livent Corp is one of the largest pure-play lithium stocks and, until 2018, was part of the chemical manufacturing firm FMC. FMC separated from LTHM to focus on its agricultural chemical production. This made Livent the largest fully integrated lithium company outside of China. 

The company has lithium projects in many locations, but its primary lithium mining activities occur in Argentina, where its been operating for over two decades. It extracts lithium carbonate, which is sent to manufacturing plants in Europe, the USA, and Asia. Its lithium carbonate is turned into lithium hydroxide and supplied to the electric vehicle market. 

Livent Corporation is a relatively new company, so there isn’t much historical information on its stock. Since becoming a single entity in 2018, its share price has doubled. FMC still has an equity interest in LTHM and the company has been growing rapidly in Asia, where much of its revenue comes from.  

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5. Lithium Americas (NYSE: LAC)

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As lithium prices have skyrocketed in recent years, several smaller companies have entered the market. The final place on our best lithium stock for 2024 list goes to Lithium Americas. Headquartered in Canada, the company trades on the Toronto and New York stock exchanges and is the most speculative business on our list. 

The company has two lithium mining projects underway; the Cauchari-Olaroz brine in Argentina and the Thacker Pass hard-rock in the United States. Experts believe its site in Nevada holds the largest lithium reserve in the US. Its work in Argentina is part of a joint venture with Ganfeng Lithium (number 2 on our list). 

Lithium Americas is a small lithium exploration and development company focused on finding new lithium reserves, so investing in its stock is highly speculative. However, its Nevada mining activity could produce significant amounts of lithium, which would likely cause its stock to soar.  

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Where to buy the best lithium stocks

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If you want to invest in any of the companies we’ve discussed above, you’ll need to register with an online broker that offers their shares. Below you can find a selection of our expertly selected platforms. Click on any of the links to register an account and buy the best rated lithium stocks. 

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What is a lithium stock?

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Lithium stocks are shares in companies involved in the lithium industry, including mining, producing, and supplying lithium materials. Lithium is a soft, alkali metal crucial for manufacturing lithium-ion batteries used in electric vehicles (EVs), consumer electronics, and energy storage technologies.

Lithium producers are at the forefront of this industry, extracting lithium from various sources, including hard rock lithium deposits and lithium brine reservoirs. Australia and Chile are among the world’s largest lithium producers, contributing significantly to global lithium production.

Demand for lithium is expected to surge in the coming years, driven primarily by the growth of the EV market. Lithium-ion batteries power most EVs, and as EV sales continue to rise, so does the need for lithium.

Lithium is also used in other applications, including energy storage for renewable sources like solar and wind. As green energy becomes increasingly prevalent, the demand for lithium compounds, such as lithium carbonate and lithium hydroxide, is likely to remain high.

Given the anticipated growth in the EV and green energy sectors, investing in lithium stocks can be a long-term play. However, it’s important to note that this market can be volatile, and individual stocks may experience fluctuations in value, especially as lithium prices fall or supply chain disruptions occur.

Diversifying your portfolio through lithium ETFs like the Global X Lithium Battery Tech ETF that invests in a basket of global lithium stocks across the supply chain could be an easier option. .

Are lithium stocks a good investment?

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You should buy lithium stocks if you believe that the demand for lithium batteries and the EV market is going to continue to rise. While lithium has a broad range of uses, its most valuable in the production of batteries and, more specifically, in the electric vehicle sector. 

As the world shifts away from traditional vehicles powered by petrol, EVs are expected to make up an increasing number of the total vehicles. The International Energy Agency predicts that by 2030 there may be as many as 125 million electric vehicles on the road. Such an increase would require significant growth in lithium production capacity, battery production, and other related lithium projects.

The lithium market remains volatile, however. There’s still a lot of uncertainty, and it’s difficult to predict which of the many lithium companies will be the ultimate winner from growth in the industry. One safer option is to invest in a lithium stock ETFs, such as the global x lithium & battery tech ETF, where you gain exposure to lots of lithium companies all at once.

Ultimately, whether lithium stocks are a good investment will depend on how big, and how quickly, the electric vehicle market grows. If you decide to invest, you should keep up to date with the latest lithium news and market analysis, which you can do on any of the links below.

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Prash Raval
Financial Writer
Prash is a financial writer for Invezz covering FX, the stock market and investing. For over a decade he has traded spot FX full time while... read more.