Millionaire-maker lithium stocks are still in demand because of the growing need for lithium. This is illustrated by its market size, valued at $26.88 billion in 2023 and projected to grow by 22.1% to $134 billion by 2032.

Lithium is also necessary for lithium-ion batteries, which run electric automobiles, even if you disregard the material’s economic potential on its own. ⁤⁤Assuming a 20% worldwide market penetration rate and 17.5 million electric vehicle sales this year, the battery business will grow by 20.3% from $60.3 billion in 2024 to $182.5 billion by 2030.

In keeping with lithium’s strategic significance, the U.S. Department of Energy is also providing $2.26 billion to the biggest lithium mine in North America, Nevada’s Thacker Pass, to supply 800,000 electric vehicles with lithium.

With the industry expanding, now is the time to buy millionaire-making lithium stocks. Remember Tesla (NASDAQ:TSLA), a $5,000 investment at its IPO produced a million-dollar return. ⁤⁤Investing in lithium pick-and-shovel plays that are primed to accomplish what Tesla did is the right move in the current market.

Sigma Lithium (SGML)

Sigma Lithium (NASDAQ:SGML) has the most upside of all the lithium millionaire-maker stocks at 118%. SGML’s main emphasis is on the Brazilian lithium project, Grota do Cirilo, but the stock is down 55% so far this year.

Sigma Lithium’s Grota do Cirilo project has increased its certified mineral resource by 27%. This makes it the world’s fourth-largest industrial pre-chemical lithium extraction project. SGML has set a goal for the project of 150 million tons. Further, Sigma Lithium hopes to double output by the end of this year. For Q1 2025, SGML expects to increase its mineral reserves by 40% and produce 520,000 metric tons of commodities.

Sigma Lithium demonstrated its expansion in Q1 2024 by increasing its May shipping price by 25%. Sales of high-purity lithium concentrate brought in $49.1 million in revenue. In Q4 2023, the company reduced its cash expenses by 16%. At Grota do Cirilo, Sigma Lithium extended the project’s life to 25 years and raised its proved and probable reserves to 77 million tons.

Lithium Americas (LAC)

Lithium Americas (NYSE:LAC) is one of the more risky millionaire-maker lithium stocks because its fortunes are so heavily tied to the Thacker Pass project in Nevada. But, a potential upside of over 142% is hard to ignore.

Due to its strategic nature, the U.S. Department of Energy has promised a $2.26 billion loan to build a lithium carbonate manufacturing plant. This cash infusion is part of the Advanced Technology Vehicles Manufacturing Loan Program to support the national EV supply line. The factory will eventually generate up to 40,000 tons of lithium carbonate yearly, with the ultimate aim of 80,000 tons.

However, LAC is pre-revenue, so from a financial standpoint, the only thing investors need to look into is progress with the mine. In its Q1 2024 earnings report, the business noted risks and the need for extra finance for Thacker Pass. However, progress on the Thacker Pass lithium project and other lithium activities is noteworthy.

Major construction on the Thacker Pass project will start in the second half of 2024 after regulatory approval and the DOE loan closure. After a six to twelve-month commissioning and ramp-up phase, the full-fledged opening will take place in 2028.

Sociedad Química y Minera (SQM)

Sociedad Química y Minera (NYSE:SQM) recently signed a deal with Codelco, Chile’s state-owned copper company, under which the state enterprise will take over running the Salar de Atacama lithium mine. However, SQM will retain its position as the supplier until 2060. Additionally, SQM will grow its lithium carbonate equivalent mining by 300,000 metric tons.

Meanwhile, LG Energy Solution and SQM are also partnering up under a long-term arrangement to sell over 100,000 metric tons of lithium carbonate and hydroxide for batteries.

SQM’s recent financial results balance the bullish thesis powered by these two deals. The Chilean chemical company did see revenue growth in Q1 2024 across its lithium, iodine, specialist nutrition and potassium divisions. Yet, the business still ended up losing $869.5 million as overall sales fell 52.1%.

On the bright side, SQM sold a record 43,000 metric tons of lithium, up 30% from 2023, and over 3,700 metric tons of iodine. The business bought the Andover lithium deposit in Western Australia and enlarged its Sichuan, China, Dixin lithium hydroxide conversion facility to 20,000 metric tons.

Regarding the future, lithium demand will go over 1.1 million metric tons in 2024, according to CEO Ricardo Ramos, helping justify a potential upside of 25% per the analyst estimates.

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