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With lithium prices starting to bottom out and electric vehicle sales accelerating, it’s time to look at some of the top lithium stocks to buy now.

Remember, “Six of the 10 biggest EV makers in the US saw sales grow at a scorching pace compared to a year ago,” says Bloomberg. “For the rest of 2024, GM appears to be on the brink of becoming the biggest driver of EV growth in the US. The Detroit automaker has committed to electrifying some of its biggest brands, which are finally reaching production.”

With accelerating demand for electric vehicles, comes accelerating demand for lithium.

In addition, “Canaccord says it’s more confident in its current view that lithium has bottomed than it was last May due to production prices for lithium carbonate equivalent recently falling across several producers,” they added, according to NorthernMiner.com.

With that, it just makes sense to start considering some of the top lithium stocks to buy now.

Albemarle (ALB)

Every time I mention lithium, I mention Albemarle (NYSE:ALB).

For one, the industry’s 800 lb. gorilla is ridiculously undervalued at $104. It’s also technically oversold on RSI, MACD and Williams’ %R and typically bounces back after become this technically stretched. Two, while investors wait for ALB to push higher, they can collect its current 40-cent dividend, which is payable on July 1 to shareholders of record as of June 14.

Two, earnings haven’t been anything to write home about. In its most recent quarter, the company’s earnings per share of 26 cents beat by three cents. Revenue of $1.36 billion slipped 47.3% year over year but was in line with expectations.

Again, that’s nothing to write home about, especially when lithium prices slipped. But that will change with EV demand gaining momentum and with lithium prices bottoming out.

Last trading at $103.51, I’d use recent weakness as an opportunity to buy.

Sociedad Quimica Y Minera (SQM)

I’d also use weakness in Sociedad Quimica Y Minera (NYSE:SQM) as an opportunity.

For one, it’s also technically oversold, attempting to hold support dating back to late April. Two, while we wait for its eventual recovery, we can collect its current yield of 4.95%.

Three, Chief Executive Officer Ricardo Ramos is still bullish on the future. 

In a recent earnings report, he noted, “We are pleased with the positive year-on-year growth in sales volumes across all of our major businesses. We believe that the strong demand growth in the lithium market seen since the beginning of the year could continue for the remainder of the year, with total lithium demand surpassing 1.1 million metric tons during 2024.”

Granted, recent earnings weren’t so hot. Its earnings per share loss of $3.04 missed by $1.46. Revenue of $1.08 billion, down 55.2% year over year missed by $60 million. But that’s to be expected when lithium prices plunge as they have. However, the company did revise and increased its lithium sales volume guidance.

But again, with electric vehicle sales improving and lithium prices bottoming, SQM could take off. Plus, remember, as we wait, we can collect its yield. It’s another one of the top lithium stocks to buy now.

American Lithium (AMLI)

After testing a high of about 85 cents, American Lithium (NASDAQ:AMLI) appears to have caught strong support at 62 cents. If it can hold this price, I’d like to see it retest its prior high.

Helping, AMLI recently tripled the estimated value of its Falchani lithium projects in Peru. “The company said Falchani’s estimated value has tripled from the previous forecast to $5.11B and that the project would have a potential operating life of 32 years,” as noted by Seeking Alpha.

In addition, the company is still optimistic about its future with lithium prices bottoming. Some of its key catalysts include the filing of a Preliminary Economic Assessment (PEA) for its Tonopah, Nevada project and its lithium discoveries in Peru. 

Plus, as noted by the company, “The filing of the maiden PEA for TLC [TLC Lithium Project] and an updated PEA on Falchani demonstrated robust economics for both projects and led to a combined after-tax net present value of approximately US$8.37 billion.”

On the date of publication, Ian Cooper did not hold (either directly or indirectly) any positions in the securities mentioned. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.