Livent (LTHM, Financial) is a pure-play lithium producer. The lithium industry has been struggling with low prices for several years, causing some producers to cut back on planned production expansion. As the low-cost producer, Livent has continued its planned production increase (albeit at a slower rate). This market dynamic, as well as the expected higher demand for lithium for use in electric vehicles and energy storage, keeps us interested in maintaining a position in this name.
From the FPA Queens Road Small Cap Value Fund's fourth-quarter 2020 letter.
