12 Most Promising EV Battery Stocks According to Wall Street Analysts

7. Piedmont Lithium Inc. (NASDAQ:PLL)

Analysts’ Upside Potential as of April 29: 49.00%

Renowned in the lithium industry, Piedmont Lithium Inc. (NASDAQ:PLL) focuses on the expanding EV battery market. About 3,706 acres make up the company’s Carolina Lithium Project, which is located in the Carolina Tin-Spodumene Belt of North Carolina. The region, located northwest of Charlotte, is important for its spodumene ore, which is a major supplier of lithium. Its development objectives are furthered by its ownership of assets in Bessemer City and Kings Mountain, North Carolina, in addition to this significant project. The company is concentrating on producing lithium hydroxide to take advantage of the rising demand for EVs. The compound is critically important for the lithium-ion batteries that power electric vehicles.

Piedmont Lithium Inc. (NASDAQ:PLL) reached a full-year record with 117,000 dry metric tons transported and recorded record shipments in Q4 2024, delivering over 55,700 dry metric tons. Revenue for the quarter rose from $27.7 million to $45.6 million. The firm’s annual run-rate savings of $14 million, as opposed to the initial aim of $10 million, exceeded its 2024 cost reduction goal. While unit prices decreased by over 20%, North American Lithium produced around 51,000 tons in Q4 and over 190,000 tons for the year.

Piedmont Lithium Inc. (NASDAQ:PLL) accelerated permitting, obtaining a state mining permit for Carolina Lithium and a mine operating permit for Ewoyaa in Ghana. The business also revealed that it would merge with Sayona Mining to create the biggest lithium producer in North America currently, with projected yearly synergies of $15-20 million. With an analyst’s upside potential of 49.00%, it is ranked seventh on our list of the Most Promising Stocks.