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

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Source Fool.com