What's Going On With Exxon Mobil (XOM) Stock?
Portfolio Pulse from Adam Eckert
Exxon Mobil Corp (XOM) shares are trading higher after the company announced plans to become a leading lithium supplier for electric vehicles by 2030. The first phase of lithium production in Arkansas has begun, with the goal to supply the manufacturing needs of over a million EVs per year by 2030. Exxon Mobil acquired rights to the Smackover formation in southern Arkansas and expects lithium demand to quadruple by 2030.
November 13, 2023 | 5:29 pm
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Exxon Mobil's stock is experiencing an uptick following the announcement of its entry into the lithium market, aiming to supply over a million EVs per year by 2030.
The positive stock movement is likely due to investor optimism about Exxon Mobil's strategic expansion into the lithium market, which is expected to see significant growth due to the rise in EV production. The company's plan to start lithium production and its projection of the demand quadrupling by 2030 suggest a strong future revenue stream, which is typically well-received by the market.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100