Electric vehicle stocks are booming just as gas prices are ticking higher.

You’ve watched shares of Tesla (NASDAQ: TSLA) rocket from a low of $100 to $1,228 over the last year.

Even companies like Nio (NIO) ran from about $5 to $42 in recent months.

The move from fossil fuels to electric vehicles has accelerated.

Helping, governments all around the world want millions of EVs on the roads. Major auto companies, like General Motors (NYSE: GM) are investing $35 billion in EVs through 2035.  Even the latest infrastructure bill includes funding for electric vehicles.

In fact, according to UtilityDive.com, “The EV-related proposals include more than $100 billion in tax credits that could knock up to $12,500 off the sticker price of a new electric car or truck, depending on where and how it is produced.”

Unfortunately, there’s just a problem that could put the brakes on growth.

Lithium – a key material in lithium-ion batteries – is in short supply.

“There is the quadrupling of demand in just five years and probably a growth of six or seven times over 10 years. So, clearly, the industry is not prepared today for that level of demand – the amount of incremental capacity that the industry needs over the next 10 years is at least 1.5 million mt and in terms of capital investment, will probably require $45 billion-$50 billion of investment into new projects or expansions of existing operations,” said iLi Markets partner Daniel Jimenez, as quoted by S&P Global Platts.

With short supply and growing demand, lithium prices may only push higher.

Here’s a look at 3 lithium stocks that are benefiting.

Albemarle (NYSE: ALB)

Albemarle, one of the world’s biggest producers of lithium has been incredibly explosive. Since bottoming out around $48 in early 2020, the stock ran to a recent high of $272.51. However, the run may be far from over, with lithium demand outweighing supply.

There’s so much demand, Albemarle sees revenue of $6 billion to $7 billion by 2026, with $2 billion to $3 billion adjusted EBITDA. Better, the company has a massive lithium footprint all over the world, including hot spots in the U.S., Chile, Germany, Australia, and China.

Even more impressive, “Albemarle delivered another strong quarter, generating $195 million in adjusted EBITDA, driven by continued strength in demand for our Lithium and Bromine products,” said Albemarle CEO Kent Masters. “We are in the final stages of two lithium projects which are expected to double our nameplate capacity to about 175,000 metric tons, including La Negra III/IV where construction is complete and commissioning is progressing.”