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Highlights
- Australia is currently positioned as a laggard in the global electric car race.
- Governments worldwide are now offering various incentives to encourage automakers and customers to transition to electric vehicles.
Australia is considered a laggard when it comes to the use of electric vehicles (EVs) but it is expected that the number of EVs would increase in the country as the recently elected Labor government is committed to support cleaner mode of transportation.
The election of PM Anthony Albanese's government last month has heightened optimism that the uptake of electric vehicles (EVs) in Australia will accelerate in the coming months.
It is to be noted that governments across the world are now offering various incentives like purchase rebates and tax exemptions to encourage automakers and customers to transition to electric vehicles.
Most ASX-listed EV stocks were spotted trading in the green today (June 21). On the sectoral front, eight out of 11 sectors were trading higher along with the S&P/ASX 200 Index. These sectors include materials, financial, energy, consumer staples and others.
On this note, let's look at the (YTD) performance of the below mentioned EV stocks.
Novonix Limited
Novonix Limited (ASX:NVX) is a North American firm that manufactures and sells lithium-ion battery materials, equipment, and services. Its three segments are battery technology, graphite exploration and mining, and battery materials.
Graphitecorp Limited was the previous name of the corporation. It changed its name to Novonix Limited on 7 July 2017. Novonix Limited, based in Brisbane, was founded in 2012.
Shares of Novonix were trading 3.42% higher today (21 June 2022) at AU$2.42 each on ASX at 3.36 PM AEST. The company has provided its shareholders a negative YTD return of more than 73%.
Source: © Ptlee | Megapixl.com
Ampol Limited
Ampol Limited (ASX:ALD) purchases, distributes, refines, and markets petroleum products in Australia, Singapore, New Zealand, and the United States. Convenience retail and gasoline and infrastructure are the company's two segments.
Last year, the firm teamed up with the Australian Renewable Energy Agency (ARENA) to establish a countrywide network of fast-charging stations for electric vehicles.
Ampol's shares were trading at AU$32.78 apiece, up 2.39% on ASX at 3.36 PM AEST today. The company's shares have grown more than 11% on a YTD basis.
Liontown Resources Ltd
Liontown Resources Limited (ASX:LTR) is a battery metal exploring and development company. The company's shares have fallen almost 40% YTD.
Also Read: NVX, ALD, MNS: How are these EV stocks faring on ASX?
