Leading ASX-listed EV stocks in focus today

Highlights: 

• The benchmark S&P/ASX 200 opened up today, gaining 27 points or 0.39% to 6,870.20 points.
• Six out of eleven sectors have opened in green, with materials sector being one of the best performers.

Electric Vehicles are the newest and coolest entry to the world of emerging industries across the world. While there are automobile companies who have started manufacturing EVs, there are a few others that have stopped producing regular petrol/ diesel vehicles and have opted to go green. Besides the automobile companies, mining sector is another industry that gets the advantage out of the EV industry as mining companies are engaged in producing the raw materials required to produce electronic vehicles. 

One of the most significant components of an Electric Vehicle is its battery which is made up of lithium. As a result, lithium industries are seen to be flourishing these days due to the heavy demand for the battery material-producing element worldwide. As the demand keeps rising, prices of lithium are also touching new highs with each passing day. Therefore, a hike in the cost of raw materials signifies more profit for a lithium-producing company. 

Some other important elements required for the manufacturing of an electric vehicle are nickel, copper, etc.

Why are EVs significant? 

There are several factors which have proven electric vehicles to be a ‘game changer’ in the global automobile scenario. 

• Cost-effectiveness

EVs are expected to be much more cost-effective compared to otherwise. These vehicles will help a person save a hefty amount on car maintenance. More significantly, electric vehicles will completely cut down fuel expenses for a person’s car. 

• Environment-friendly cars

Electric vehicles are considered eco-friendly in nature and help in reducing the harmful emission of Carbon dioxide in the environment. Eventually, electronic vehicles are capable of bringing down air pollution. 

• Reduces driving stress

Electric vehicles can be a blessing to those who love to hit the road more often. It is believed that these vehicles give a much better driving experience to consumers and help in reducing driving stress and fatigue. 

• Convenience in charging

Electric vehicles can be easily charged now as more and more charging stations are being installed. 

Here, in this article, we have talked about five leading ASX-listed companies that are linked with the manufacturing of electronic vehicles. These companies are: 

• Novonix Limited (ASX:NVX) with a market capitalisation of AU$987.96 million.
• Ampol Limited (ASX:ALD) with a market capitalisation of AU$7.85 billion.
• Magnis Energy Technologies Ltd (ASX:MNS) with a market capitalisation of AU$494.86 million.
• Piedmont Lithium Inc. (ASX:PLL) with a market capitalisation of AU$1.36 billion.
• Liontown Resources Limited (ASX:LTR) with a market capitalisation of AU$3.66 billion. 

Meanwhile, the S&P/ASX 200 Materials sector (INDEXASX:XMJ) started off Tuesday’s session on a positive note, up 1.11% at 15,576.4 points on ASX. 

Image source: © Malpetr | Megapixl.com

Novonix Limited (ASX:NVX) 

Battery materials and technology company Novonix Limited (ASX:NVX) shares were spotted trading 1.97% higher at AU$2.07 per share at 10:19 AM AEST today. 

Novonix’s share price declined by more than 57% on ASX over past 12 months. On the other hand, the battery material producer’s YTD-based share price declined significantly by more than 80% (as of 10:20 AM AEST on ASX today). 

Ampol Limited (ASX:ALD) 

Leading petroleum business Ampol Limited (ASX:ALD) shares were spotted trading in the green zone on Tuesday. ALD shares were quoted at AU$33.120 apiece, up 0.424% at 10:06 AM AEST.

Ampol collaborated with the Australian Renewable Energy Agency (ARENA) in 2021 to establish a network of fast-charging stations for electric vehicles throughout Australia. 

Ampol’s share price appreciated by almost 20% on ASX over the last 12 months. On the other hand, the petroleum business’s YTD-based share price marked a gain of 11.09% (as of 10:06 AM AEST on ASX today).

Magnis Energy Technologies Ltd (ASX:MNS) 

Graphite and battery development firm Magnis Energy Technologies Ltd (ASX:MNS) shares opened 0.980% down at AU$0.505 per share at 10:09 AM AEST on ASX today. 

The share price of Magnis has gained 40.28% in last 12 months. On the contrary, Magnis’ YTD-based share price declined by almost 12% (as of 10:09 AM AEST on ASX today). 

Piedmont Lithium Inc. (ASX:PLL)

Australian Lithium producer Piedmont Lithium Inc. (ASX:PLL) shares opened up tad higher at AU$0.86 per share at 10:17 AM AEST on the ASX today. 

Piedmont has announced that it will be producing around 30,000 tonnes of lithium hydroxide from an AU$600 million project in the US at the Etowah in McMinn County, Tennessee. The company believes that its project in Tennessee will become a game changer in mitigating the supply crunch in the US Electric Vehicle industry. 

In last one year, the share price of Piedmont has recorded a gain of 10.90% on ASX. Furthermore, the lithium producer’s YTD-based share price marked a gain of almost 13% (as of 10:17 AM AEST on ASX today).  

Liontown Resources Limited (ASX:LTR) 

Metal exploration company Liontown Resources Limited (ASX:LTR) shares were spotted trading 1.796% higher at AU$1.700 per share at 10:10 AM AEST on the ASX today. 

Recently, company’s long-serving Independent Non-Executive Director Craig Williams announced that he will retire from the board of Liontown at the upcoming Annual General Meeting (AGM) in November 2022. Williams has determined to retire from all public company boards to let him spend more time with his family and to pursue his personal interests. 

Liontown’s share price has gained 57.80% on ASX in last one year. On year-to-date basis, the shares of the metal explorer have shed 1.71% (as of 10:16 AM AEST on ASX today).