With the release of more affordable models and the expansion of charging infrastructure, it is anticipated that the number of electric vehicles will rise.
The International Energy Agency (IEA) projects that by 2040, the demand for lithium will have increased by more than 40 times, with China leading the way with the largest EV market and an expected 180,000 metric tonnes of lithium uptake by 2030.
The Australian government has revised its target to increase the percentage share of sales of electric vehicles to approximately 31% by 2030, which could lead to a greater emphasis on the electric vehicle theme in the country.
Here we present some of the EV Companies Stocks with strong, unwavering dedication that align with the government’s strategic pursuit of a zero carbon emission target. These stocks might have potential and be worth keeping an eye on.
[Note]: The market cap and the share price of the selected ASX companies mentioned are based on 14 March 2024.
1. Pilbara Minerals Limited (ASX: PLS)
Market capitalization: $12.34 billion
CMP: $4.10
PLS is a new lithium and tantalum producer focused on developing its 100%-owned Pilgangoora Lithium-Tantalum Project. PLS has set P680 and P1000 project production expansions as its top strategic priorities. This will improve the operation's profitability by increasing production capacity and bringing about scale benefits like lower unit costs. PLS is well-positioned in the industry due to its robust balance sheet, which includes $2.1 billion in cash.
2. Eagers Automotive Limited (ASX: APE)
Market capitalization: $3.66 billion
CMP: $14.16
APE is involved in the sale of both new and used automobiles, as well as the distribution and retailing of parts, accessories, and car care products. It also performs vehicle maintenance and repairs, offers extended warranties, arrange financing and leasing for automobiles, and own real estate and investments.
3. Novonix Limited (ASX: NVX)
Market capitalization: $498.64 million
CMP: $1.02
NOVONIX has established a strong presence in the battery technology sector, with a primary focus on anode materials and battery technology solutions. The company's strategic vertical integration positions it well for substantial growth and commercial opportunities in the foreseeable future. Notably, NOVONIX excels in delivering anode materials that exceed industry standards and outperform competitors in head-to-head testing. Its anode material exhibits exceptional capacity retention, outperforming even the industry-leading Tesla Model S cell that was employed as a standard. Because of its exceptional performance, which minimizes range loss over time, NOVONIX is now the preferred supplier for electric vehicle (EV) manufacturers.
4. Li-S Energy Limited (ASX: LIS)
Market capitalization: $92.83 million
CMP: $0.145
LIS is developing and commercializing a new type of battery and related products based on lithium sulphur with boron nitride nanotubes serving as both an integrated protective insulation layer and a protective component in lithium anodes, allowing for faster charging rates and a longer battery life cycle.
5. Ipd Group Limited (ASX: IPG)
Market capitalization: $453.84 million
CMP: $4.39
IPG distributes cutting-edge, compliant electrical infrastructure products that are locally designed, engineered, and produced with value-added custom solutions.
Reference: *All Data has been sourced from Company announcements and Refinitiv, Thomson Reuters
Frequently Asked Questions (F.A.Q.)
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Pilbara Minerals Limited (ASX: PLS)
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Novonix Limited (ASX: NVX)
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Li-S Energy Limited (ASX: LIS)
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Ipd Group Limited (ASX: IPG)
Eagers Automotive Limited (ASX: APE) has market cap of $3.66 billion and a current market price $14.16 (as of 14 March 2024) may have the potential for a game changer. APE has been implementing the Next 100 strategy to enhance its operating model in order to provide better customer outcomes at a cost base that is both significantly lower and more sustainable. It will continuously look for strategic growth opportunities in the Australian and New Zealand markets to support its main line of business.
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