Oil Giant Targets Lithium Opportunity: What's Going On With Exxon Mobil Stock?
Portfolio Pulse from Adam Eckert
Exxon Mobil Corp (NYSE:XOM) is reportedly planning to enter the lithium market, with plans to build one of the world's largest lithium processing facilities in Arkansas. The company has already purchased 120,000 acres in southern Arkansas for over $100 million, which could contain enough lithium to power around 50 million electric vehicles. Exxon Mobil believes it has the expertise to become a low-cost lithium supplier and has held talks with battery manufacturers and EV companies.
July 20, 2023 | 2:53 pm
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Exxon Mobil's entry into the lithium market could diversify its revenue streams and potentially boost its stock price in the short term.
Exxon Mobil's entry into the lithium market represents a significant diversification of its business model. This could potentially attract new investors interested in the EV and renewable energy sectors, thereby driving up the stock price in the short term.
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