The Core Lithium Ltd (ASX: CXO) share price is in the green today.
Core Lithium shares are soaring 6.15% to $1.035. For perspective, the S&P/ASX 200 Index (ASX: XJO) is climbing 0.46% today.
Let's take a look at what could be impacting the Core Lithium share price.
What's going on?
Core Lithium is not the only ASX lithium share in the green today. Sayona Mining Ltd (ASX: SYA) shares are soaring nearly 10%, while Pilbara Minerals Ltd (ASX: PLS) shares are jumping 2.85%.
Multiple US lithium giants also jumped higher overnight. The Sociedad Quimica y Minera de Chile (NYSE: SQM) shares leapt 2.9%, while Livent Corp (NYSE: LTHM) shares climbed 1.43%.
This follows news from the US Treasury Department that electric vehicles leased by consumers will qualify for a $7,500 commercial clean vehicle tax credit. This will also apply to EVs made outside of North America. Lithium is an essential component of EV batteries.
Meanwhile, multiple big brands including Toyota, Fiat, Subaru and Ford are planning to launch EVs in Australia for the first time in 2023, the Sydney Morning Herald reported.
Core Lithium is aiming to produce first spodumene concentrate from its Finniss Lithium Project in the first half of 2023.
A recent Industry Department report is predicting spodumene prices to soar from US$2,700 a tonne in 2022 to US$4,010 a tonne in 2023. The lithium price is then predicted to fall to US$3,130 in 2024. The report stated:
The strong growth in spodumene prices that saw Australia's export revenue reach a record $4.9 billion in 2021–22 — up from $1.1 billion in 2020–21 — is expected to drive a further tripling in annual export earnings over the outlook period.
Core Lithium share price snapshot
The Core Lithium share price has exploded 80% in the last year.
In comparison, the ASX 200 has lost 6% in the last 12 month.
