Core Lithium Ltd (ASX: CXO) shares are charging higher in morning trade, up 5.9%.
The Core Lithium share price closed yesterday at $1.45 and currently stands at $1.53.
With shares in the ASX lithium producer already up a phenomenal 143% in 2022, could there be more growth ahead?
Judging by this new record out of China, that looks quite possible.
Own Core Lithium shares? China just reported record EV sales
The latest figures out from the China Passenger Car Association (CPCA), as reported by Technode, showed that the sales volume of passenger EVs in China hit a record monthly high in June.
The CPCA reported a total of 571,000 EV sales in June, up an eye-popping 141% year on year. For the full calendar year, CPCA is forecasting an 84% increase in EV sales in China, to 5.5 million vehicles.
For some context, that's about a million more than all the rest of the world's EV markets combined.
Lithium is a core element in the batteries that make EVs go. And rocketing sales growth in the world's most populous nation, and second largest economy, could offer some healthy longer-term tailwinds for Core Lithium shares.
Who are the primary producers?
While China is among the world's leading four lithium producers, Australia tops the list.
In 2020, Australia produced 40,000 tonnes of lithium out of total global production of 82,000 tonnes, according to Geoscience Australia. The government organisation also reported that Australia has a massive economic demonstrated resource of 6.17 million tonnes of lithium.
Those figures also give credence to the outlook for more growth potential ahead for Core Lithium shares.
And if you were wondering, Chile and Argentina round out the list of top producers of the lightweight, highly conductive battery metal.
How have Core Lithium shares been performing longer-term?
Not only has 2022 been a good year, but Core Lithium shares have seriously outperformed longer-term as well.
Over the past five years, the ASX lithium share has rocketed 2,086%. That compares to a 26% five-year gain posted by the All Ordinaries Index (ASX: XAO).
