It's been a tough year for electric vehicle (EV) makers, and that includes related plays - like lithium heavyweight Albemarle Corporation (ALB). As the EV industry battles with higher interest rates, a stretched consumer, and the ongoing price war that's pressuring margins, many EV stocks have suffered heavy losses so far this year - and even raised alarms about their future viability.
Since lithium is a key component of EV batteries, perhaps it's no surprise to see ALB shares underperforming in 2023, as well. On a year-to-date basis, Albemarle stock is off more than 40%, while the broader S&P 500 Index ($SPX) has advanced more than 17%.
