Global EV penetration is expected to rise to 40% by 2030, and the number of EVs will reach 26 million units by 2026. According to Delta Electronics founder Bruce Cheng, global EV penetration will reach 17% by 2023, 24% by 2024, and nearly 33% by 2025. EV sales volume is likely to reach 14 million units in 2023 and 28.5 million units in 2025.
As the world continues to adopt electric vehicles and other high-intensity battery applications, the demand for today’s featured company’s offering should skyrocket. What’s more, this high-growth potential name with global exposure is currently trading at a discount.
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Sociedad Química y Minera de Chile (SQM)
Global demand for lithium is expected to surge more than 500% by 2030, according to the public-private alliance Li-Bridge. Sociedad Química y Minera de Chile has tremendous lithium production capabilities and current reserves. Operating in one of the world’s more stable and reliable low-cost mining countries, Chile, SQM is also highly profitable.
Shares have dipped 10% in the past six months thanks to fears of an economic slowdown. While that is a legitimate risk for 2023, lithium should remain in high demand over the longer haul. SQM shares are changing hands for less than seven times forward earnings while offering an excellent 9% dividend yield.
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