Event: living announced its production and operation in the fourth quarter of the 21st century. Its revenue in the quarter was US $123 million, and its adjusted EBITDA was US $28 million. In the fourth quarter, the adjusted EBITDA increased nearly fourfold compared with the same period of the previous year, with a month on month increase of 85%. Adjusted diluted EPS was US $0.08, compared with us $0.01 in the same period last year. Based on lithium carbonate, the total sales volume in 2021 increased by more than 7000 tons over the previous year (16000 tons in 2020). It is expected that the total sales volume in 2022 will be the same as that in 2021.
In 2021, the net income turned from loss to profit, and the Q4 performance was strong. In 2021, the company's revenue was US $420 million, a year-on-year increase of 46%. The net income was US $600000, up from US $16.3 million in the same period last year, turning losses into profits. Adjusted EBITDA was US $70 million, a year-on-year increase of 212%. In the fourth quarter, the company had a revenue of 123 million and a net income of 7.5 million US dollars, making up for the losses in the first three quarters. The strong performance in the fourth quarter was mainly due to the increase in sales and price of lithium salt products.
The company's pricing will be significantly improved in 2022. The company's products are mainly lithium hydroxide, of which about three-quarters are sold at fixed prices for many years. This part of the contract company expects the price to rise by about 50% compared with the previous agreement. For the remaining quarter, the company will conduct regular price review to be closer to the market price. The company also sells a small amount of lithium carbonate, which will be sold in small quantities on a monthly basis to benefit from short-term price increases. The company expects the selling price of these parts to be more than twice that of 2021. Overall, the company expects the average selling price of all products to at least double.
Live 2022 will add 15000 tons of capacity, and the long-term plan is 60000 tons of lithium carbonate and 30000 tons of lithium hydroxide: live has 20000 tons of lithium carbonate and 25000 tons of lithium hydroxide. In terms of lithium carbonate, the company expects to expand its production capacity to 40000 tons by the end of 2023 and 60000 tons by 2025. In terms of lithium hydroxide, the company plans to increase the production capacity to 30000 tons in 2022q3.
20000 ton lithium carbonate expansion project in Argentina: the 20000 ton expansion project currently under construction by the company, of which 10000 tons is expected to be completed by the end of 2022 and mass production will be realized in 2023q1. Another 10000 tons is expected to be put into operation in 2023q4.
Bessemer City 5000t lithium hydroxide project: in the next 12 months, live will increase the production capacity of 5000t lithium hydroxide in Bessemer city. The project is expected to be completed and put into operation in 2022q3.
Argentina's second 20000 ton lithium carbonate expansion project: in addition to the 20000 ton expansion project currently under way, Livent will start the second capacity expansion in Argentina, hoping to add another 20000 tons of lithium carbonate capacity. The expansion is expected to be completed by the end of 2025. Livent's Argentine business will have a total lithium carbonate capacity of 60000 tons.
Nemaska integrated lithium hydroxide project: nemaska is an integrated lithium hydroxide project located in Quebec, Canada. Livent currently holds 25% of the equity of the project. The project is about to complete its business development plan to be optimized. The research time of this project exceeds the market expectation. The company expects that nemaska will have the capacity to produce lithium hydroxide before 2025.
