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Summary
- Volvo Cars launched its second electric model on 2 March
- Volkswagen invested €73 billion to ramp up the production of zero emission cars.
- Aston Martin plans to have 90% of its fleet electrified by 2030.
For every automobile manufacturer, electric vehicles are the future. Every car major worth their salt has already announced their plans to shift to cleaner forms of energy. Countries globally have extended policy support to the sector to move to lower emission models.
Also read: A Walk Through European EV market: How Government Subsidies & Cost-Effective Models Pushing Demand?
Not just players from the automobile sector, oil & gas behemoths, who have been traditionally involved in the business of crude oil, have increased their footprint in cleaner energy spaces.
Here is a look at four stocks that can help you be a part of the cleaner future.
Volvo AB
Volvo Cars (STO: VOLV-B) launched its second electric variant, the entry-level C40 Recharge electric hatchback car, in Europe on 2 March. C40 Recharge would be available for bookings from May onwards.
Besides the launch, the company also announced that it would shift its entire line up to electric by 2030 and phase out its combustion engine cars. All its EV models would be sold online.
Hakan Samuelsson, CEO of the company, said that to be successful, it is necessary to have profitable growth and hence the company has chosen to invest in the future, electric and online. He said that the company was focused to become the market leaders in the premium electric range.
Volvo’s first electric variant, XC40 Recharge P8, was unveiled in 2019, and deliveries have just begun in the UK.
Volkswagen Group
Volkswagen’s 2021 ID.4 is an electric crossover constructed on company’s new modular EV platform. In November, the company’s CEO had said that to keep pace with competitor Tesla Inc, VW (ETR: VOW3) is redoing most of its factories with the necessary equipment required to make EVs.
Also read: How is EV battle going; Is Volkswagen catching up with Tesla (NASDAQ:TSLA)?
The company has a €73-billion investment plan to increase the production of zero emission self-driven cars. As part of the project, it has its German plants in Emden and Hanover would be equipped to build electric variants.
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Tesla Inc
Tesla Inc (NASDAQ:TSLA) Undoubtedly the biggest name in the EV business, the company’s market capitalisation increased by more than $550 billion in 2020 alone.
Also read: Tesla in the fast lane: How the automaker drove its way into a stellar 2020
The company is also in talks with the UK government for the construction of a gigafactory in south-west England to manufacture batteries and electric cars.
UK business secretary Kwasi Kwarteng said that Somerset had the manufacturing skills required to build and run a gigafactory.
Also read: Tesla's EV strategy to churn out quality automobile amid global competition
The Brexit uncertainty made Tesla choose a site near Berlin for its first factory, instead of one in England. It is perhaps a testament to Tesla’s huge popularity that not just England, even India, has promised low production costs through incentives if Elon Musk needed a site for his second plant.
Aston Martin (LON: AML)
The company plans to turn 90 per cent of its fleet into electric variants by 2030. But it has also said that it would continue selling ICE-cars beyond the UK.
The company does not plan to directly manufacture electric variants but would first bring out plug-in hybrid cars and launch its fully electric model around 2025.
DBX plug-in hybrid SUV, AM’s first electric model, is expected to hit the markets in 2023. The company has also announced a partnership with Mercedes Benz, which holds a 20 per cent stake in AM, for technical knowhow.
