Why Lithium Americas Stock Plunged 12% Today
Shares of Lithium Americas (NYSE: LAC) plunged today and traded as much as 12.5% lower by 1 p.m. ET on Thursday.
Lithium prices eased off highs after China reported a 41% sequential jump in lithium carbonate production for the month of March. That, however, isn't the real reason Lithium Americas stock tanked today. Tesla (NASDAQ: TSLA) is.
Tesla reported stellar numbers for its first quarter, with its deliveries surging 68% year over year. That reflects how strong demand is for electric vehicles (EVs), and that's great news for lithium mining companies as they supply a key raw material for EV batteries
Source Fool.com
