Goliath lithium miner and refiner Sociedad Quimica y Minera de Chile (NYSE: SQM), or SQM, reported its second-quarter 2023 results last week; rival Albemarle (NYSE: ALB) did the same earlier this month. So, investors can now compare their results in their lithium businesses.

Demand for lithium has been soaring, driven largely by the robust current and expected future growth of the electric vehicle (EV) market. The metal is needed to make the lithium-ion batteries that power EVs.

Before we dig in, keep in mind these caveats: Long-term investors should not place too much weight on a single quarter's performance, and neither company is a pure play on lithium, so their overall results will also be affected by the performances of their non-lithium businesses. That said, the data in this article should help you make investing decisions in the lithium space.

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Source Fool.com