ASX lithium shares are having a top run on the last trading day of 2022 in Australia.
Lithium shares charging higher include Pilbara Minerals Ltd (ASX: PLS), Core Lithium Ltd (ASX: CXO), Sayona Mining Ltd (ASX: SYA) and Allkem Ltd (ASX: AKE). For perspective, the S&P/ASX 200 Index (ASX: XJO) is lifting 0.53% today.
Let’s take a look at what is going on with ASX lithium shares.
What’s going on?
Core Lithium shares are surging 5.13% today while Sayona Mining shares are surging 6.94%. The Allkem share price is climbing 2.16%. while Pilbara shares are lifting 1.77%.
Lithium giants on Wall Street also leapt higher overnight. For example, the Sociedad Quimica y Minera de Chile (NYSE: SQM) share price jumped 2.9%, while Albemarle Corporation (NYSE: ALB) shares jumped 1.6%.
Investor sentiment on electric vehicle (EV) demand could be boosting lithium shares today. Lithium is an essential component of EV batteries.
In the USA on Thursday, the treasury department revealed EVs leased by consumers can qualify for $7,500 in tax credits. This will also apply to EVs assembled outside America, Reuters reported.
Meanwhile, big name electric vehicles are set to be launched in Australia in 2023, the Canberra Times reported. Toyota, Fiat, Subaru and Ford are among the big name car companies planning to sell EVs in Australia.
Core Lithium is targeting first spodumene concentrate production from the Finniss Lithium project in the first half of 2023.
Sayona Mining is planning to produce lithium concentrate at the North American Lithium project in Quebec in the first quarter of 2023.
Share price snapshot
The Pilbara Minerals share price has climbed 16% in the last year.
Core Lithium shares have lifted 78% in the last 52 weeks.
The Sayona Mining share price has soared 48% in the past year.
The Allkem share price has climbed 8% in the last year.
The post Why are ASX 200 lithium shares charging higher today? appeared first on The Motley Fool Australia.
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More reading
- Could the superprofits of ASX lithium shares be in danger next year?
- Could investing in the ASX 200 make me a millionare within a decade?
- 5 things to watch on the ASX 200 on Friday
- Here are the top 10 ASX 200 shares today
- The top five ASX 200 shares in Macquarie’s model portfolio
Motley Fool contributor Monica O’Shea has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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