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Highlights
- As per June figures released by the Society of Motor Manufacturers and Traders (SMMT), UK's car production witnessed a growth of 5.6% in June from a year earlier.
- The SMMT highlighted that there were approximately 72,946 units built in June.
UK's car production witnessed a growth of 5.6% in June from a year earlier, according to the June figures released by the Society of Motor Manufacturers and Traders (SMMT). The auto body highlighted that there were approximately 72,946 units built in June. This figure was up from last year, which saw 69,097 units being built.
The increase in production, according to SMMT, is the result of the easing of the supply chain snags and the growth in zero-emission vehicles. The production of battery electric vehicles saw a jump of 44.2% in June.
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Having said that, the SMMT has downgraded this year's production forecast to 866,000 units after supply chain snags, coupled with the rising inflation and energy costs. However, the SMMT believes that this figure will improve next year, with the industry body predicting 956,575 units to be built. It further added this is expected to exceed one million units by 2025 with the possible improvement of issues like supply chain.
SMMT chief executive Mike Hawes said that the Russia-Ukraine crisis and the lockdowns in China have hurt the overall car production in Britain for much of 2022. Despite the gains made in May and June, the UK's overall car production is down by 19%, with the factories building 403,000 cars in the first half of the year.
With the positive sentiments in car production, let us explore 3 EV-related stocks you may consider.
AMTE Power Plc (LON: AMTE)
AMTE Power is the only battery cell manufacturer operating in Britain. The AMTE boasts a market cap of £22.91 million as of 28 July. AMTE's shares were trading at GBX 72.00 and were up by 10.77% as of 08:20 AM (GMT+1) on Thursday. Its 12-month return hasn't been particularly good at -63.08%, and its YTD share value has fallen by -50.62%.
Ceres Power Holdings Plc (LON: CWR)
Ceres Power is an FTSE AIM UK 50 Index constituent engaged in developing power generation and hydrogen technology. With a market cap of £1,085.45 million as of 28 July, its shares were trading up by 4.31% at GBX 590.00 as of 08:20 AM (GMT+1). CWR's one-year returns have been rather disheartening and stand at -35.76%.
AFC Energy Plc (LON: AFC)
The FTSE AIM All-Share constituent, which engages in fuel cell technology, enjoyed a market cap of £175.41 million as of Thursday. Its shares were up by 2.60% at GBX 24.50 as of 08:18 AM (GMT+1) on 28 July.
Note: The above content constitutes a very preliminary observation or view based on market trends and is of limited scope without any in-depth fundamental valuation or technical analysis. Any interest in stocks or sectors should be thoroughly evaluated taking into consideration the associated risks.
