12 Cheap EV Stocks to Buy According to Hedge Funds

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5. Albemarle Corporation (NYSE:ALB)

Forward P/E: 18.45

Number of Hedge Fund Holders: 36

Albemarle Corporation (NYSE:ALB) is an American specialty chemicals company that ranks among the best cheap EV stocks to buy according to hedge funds. The company provides lithium and bromine to customers in about 70 countries around the world. Albemarle Corporation (NYSE:ALB) is one of the world’s biggest suppliers of lithium for EV batteries.

The company is strategically leveraging the growing demand for lithium to support the global energy transition. Albemarle Corporation (NYSE:ALB) highlighted that in 2024, EV registrations were up 25% compared to the previous year. This increase was primarily driven by China, where demand surged by 37% thanks to balanced subsidies for battery EVs and plug-in hybrids. The Chinese market now accounts for 65% of the global market demand. Albemarle Corporation (NYSE:ALB) also pointed out that global battery costs have fallen below $100 per kilowatt hour. This makes EVs more affordable and enhances the industry’s long-term growth potential. To capitalize on these opportunities, Albemarle Corporation (NYSE:ALB) is optimizing its lithium conversion network and improving production efficiency to meet market demands. The company achieved record production at its La Negra lithium carbonate plant in Chile and Meishan lithium hydroxide plant in China during Q4 2024.

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