What Happened: Exxon Mobil announced plans to be a leading lithium supplier by 2030. The company said work has begun on its first phase of North America lithium production in Arkansas. 

Earlier this year, Exxon Mobil acquired the rights to 120,000 gross acres of the Smackover formation in southern Arkansas. The company plans to start producing lithium in 2027 and aims to be able to supply the manufacturing needs for over 1 million EVs per year by 2030. 

Exxon Mobil will brand its new lithium offering as "Mobil Lithium." The company expects lithium demand to quadruple by 2030. 

Albemarle and Livent are large lithium producers. Both stocks are facing selling pressure Monday, while Exxon Mobil shares get a boost from the announcement.

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LTHM, ALB Price Action: At publication time, Livent shares were down 6.26% at $12.89 and Albemarle shares were down 0.86% at $115.97, according to Benzinga Pro.

Photo: Dean Simone from Pixabay.