Electric vehicle (EV) sales are continuing to accelerate. According to some research, EVs could represent upwards of 20% of total new vehicle sales in 2023, up from 14% in 2022 and just 5% in 2020.

This is highly relevant for the lithium mining industry. A ton of new supply has come online in the last year, knocking basic lithium prices off of unsustainable all-time highs reached in late 2022. But demand still exceeds supply, and is expected to remain that way through 2030. This is great news for top lithium miner Albemarle (NYSE: ALB), which once again posted new record revenue -- and more important, profitability. Here's what investors need to know.

Lithium is, of course, a top ingredient that makes EVs tick. It's a prevalent element, in prolific use already and probably riding around in your pocket or powering your laptop. But the lithium ion batteries in an EV are exponentially larger than those in mobile devices, which means lots more lithium is needed.

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Source Fool.com