Lens On 3 FTSE EV-Focused Stocks After Foxconn Shares Spike Up

4 min read | March 23, 2021 12:22 AM AEDT | By Suhita Poddar

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Lens On 3 FTSE EV-Focused Stocks After Foxconn Shares Spike Up

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Summary

Taiwan-based Foxconn’s shares jumped on Monday after news of early-stage partnership with Vietnam-based manufacturer Vinfast surfaced.

The company aims to capture 10% of the global EV market share between 2025 and 2027.

Taiwan-based iPhone assembly company Foxconn’s (TPE: 2354) shares jumped in early trading on Monday on the revelation that it is in early-stage talks with Vietnamese automotive manufacturer Vinfast to develop batteries and electric vehicle parts. Vinfast is the first Vietnam-based fully domestic carmaker.

Foxconn, also known as Hon Hai Precision Industry Co. Ltd, is planning to acquire Vinfast’s EV production lines. Later, Vinfast, a unit of the conglomerate Vingroup, said that it had received the proposal and aims to focus on the partnership to help develop EV parts and batteries.

Foxconn’s Chairman and CEO Young Liu said that EVs are the next big thing for the company. The company aims to acquire a 10 per cent share of the global EV market between 2025 and 2027.

Foxconn has several partnerships with automakers such as Stellantis N.V. (NYSE: STLA), EV automaker Fisker Inc. (NYSE: FSR), China’s Byton, among others, for manufacturing EVs at a commercial scale.

Foxconn’s shares closed at TW$74.00, up by 1.37 per cent as of 22 March, while the broader index Taiwan Capitalization Weighted Stock closed at 16,189.22, up by 0.74 per cent.

In this article, we will take a look at 3 EV-focused stocks listed on FTSE with a 12-month return of over 35 per cent:

Aston Martin Lagonda (LON: AML)

UK-based luxury carmaker Aston Martin Lagonda said its combustion engine powered cars will continue to be sold beyond 2030 but only for use on racetracks. The gas-powered cars will comprise of 5 per cent of its sales by 2030, while electric cars will account for 50 per cent and hybrid models for 45 per cent, respectively.

Earlier this month, the company had announced its plans to shift to an EV fleet at the earliest, with its first EV set to be launched in 2025.

Aston Martin’s shares were trading at GBX 2,021.00, up by 0.05 per cent as of 22 March at 09:05 AM GMT+1, while the broader index FTSE 250 stood at 21,375.66, down by 0.21 per cent for the same period.

The company’s market cap stood at £2.321 billion, and its 1-year return was at 105.26 per cent.

Also Read: How Aston Martin’s EV Push Can Boost Its Stock Performance

Scottish Mortgage Investment Trust (LON: SMT)

FTSE 100-listed investment fund Scottish Mortgage Investment Trust is a technology-based fund which holds growth stocks of EV giant Tesla (NASDAQ:TSLA) and Chinese EV maker Nio (NYSE:NIO) as part of their top five holdings.

One of SMT’s joint portfolio managers, James Anderson, announced his retirement on 19 March. Anderson is set to step down at the end of April.

SMT’s shares were trading at GBX 1,117.00, up by 0.18 per cent as of 22 March at 09:38 AM GMT+1, while the broader index FTSE 100 stood at 6,694.53, down by 0.21 per cent for the same period.

The company’s market cap stood at £15.96 billion, and its 1-year return was at 114.57 per cent.

Also Read: Scottish Mortgage Investment Trust PLC declares dividend

Royal Dutch Shell (LON: RDSA)

The FTSE 100-listed firm was reported as one of the important and key players in the EV fluids and lubricants market, according to a recently published report by Emergen Research on 19 March. The report also forecasts the EV fluids and lubricants global market is expected to reach up to US $4.606 billion in 2028 from US $1.1788 billion in 2020.

In January, the UK-based energy giant had announced its plans to acquire EV charging firm Ubitricity as part of the company’s plans to achieve its net zero emissions target by 2050.

Royal Dutch Shell’s shares were trading at GBX 1,481.60, down by 0.99 per cent as of 22 March at 09:48 AM GMT+1, while the UK fossil fuel producers sector index stood at 5,252.07, down by 1.19 per cent for the same period.

The company’s market cap stood at £61.370 billion, and its 1-year return was at 39.56 per cent.

Also Read: Why Has Royal Dutch Shell Plc Acquired A Little-Known German Company

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