EV Supplier Livent Holds Up Amid Lithium Price Declines -- Is It a Buy?
It's no secret that fast and steady uptake of electric vehicles (EVs) has created insatiable global demand for lithium. Lithium-ion batteries aren't new, but the battery in a car is much larger than one powering a phone or laptop -- and lithium miners are racing to ramp up supply.
But it's also no secret that lithium prices reached unsustainable levels late in 2022, and have fallen back toward earth in 2023. That has created a revenue and profit growth headwind for top companies in this mining and base materials niche like Livent (NYSE: LTHM), which I recently took a small starter position in to complement my larger holding in top lithium producer Albemarle. Here's how Livent is managing the bumpy road that has been 2023 so far.
Livent is a small company among its mining and base material peers, but it isn't exactly a fresh start-up. It was spun off from agricultural chemicals company in 2019. Livent retains some traits of its former parent, focusing on the manufacture of refined products with a smaller focus on raw lithium mining. But the company has done well during its first few years as a stand-alone business as it has geared up to meet demand for its battery and automaker customers.
Source Fool.com
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