Why Lithium Americas Is Up 8% Today
Shares of Lithium Americas (NYSE: LAC) were up 8% as of midday Monday, in response to a ruling that the mining outfit can move forward with plans to excavate its Thacker Pass site in Nevada.
Just as the name suggests, Lithium Americas is a key producer of lithium, the key component of batteries used to power electric vehicles. The industry continues to expand, with worldwide sales of electrified automobiles growing 41% last year even with the pandemic in place, according to numbers from the International Energy Agency.
This ongoing growth is of course spurring new demand for lithium. In fact, Fitch Solutions estimates lithium production will triple between 2020 and 2030.
Source Fool.com
