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Highlights
- Petrol and diesel prices in the UK reached record-high levels on Monday as the government declared that it was removing the last few residual subsidies for electric vehicles (EVs).
- The Department for Transport (DfT) has announced that from Tuesday, new orders won’t be accepted under the £300m grant programme.
On Monday, petrol and diesel prices in the UK reached record-high levels as the government declared that it was removing the last few residual subsidies for electric vehicles (EVs). As per the latest RAC data, average pump prices for diesel surged to 191.21p per litre, while petrol hit 185.44p.
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Until now, up to £1,500 could be claimed by drivers under the electric vehicle grant, which was applicable for plug-in cars costing under £32,000. However, the Department for Transport (DfT) has announced that from Tuesday, new orders won’t be accepted under the £300m grant programme. Though, the applications which are already accepted will continue to receive the claims.
DfT believes that this move would help in increasing the overall sales of battery-powered vehicles while allowing more funds to go towards the expansion of the EV charging network. While DfT expects more people to switch to electric vehicles post the move, experts from the automotive industry believe the opposite.
Opposers of the move are saying that the ending of the grant would lead to shooting up of costs, which would demotivate users to buy EVs. To make EVs more accessible to people, prices should fall. Experts believe that the decision to scrap the EV subsidies has come at the wrong time as manufacturers would be pushed to sell more than what’s demanded, that too at higher prices.
EVs are the future and more of them on UK roads would help the country in reaching its decarbonisation goals in time. UK investors can thus keep an eye on EV-related stocks that might have bright prospects.
RELATED READ: Does your EV really keep environment carbon-free?
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Image description: UK Government removing the last few residual subsidies for electric vehicles.
- Ceres Power Holdings plc (LON: CWR)
The shares of the British company specialising in electrochemical and fuel cell technology for EVs, Ceres Power Holdings plc, were up by 0.95%, at 8:53 AM (GMT+1) on 15 June 2022, were trading at GBX 511.60. The company holds a market capitalisation of £970.35 million as of 15 June 2022. The performance of the FTSE AIM UK 50 Index constituent has deteriorated over the past year with a one-year return as of 15 June standing at -49.42.
- AFC Energy Plc (LON: AFC)
The shares of the developer of alkaline fuel cells deployable in EV chargers, AFC Energy plc, were up by 4.04% at 9:03 AM (GMT+1) on 15 June 2022, at GBX 22.64. The company holds a market capitalisation of £159.84 million as of 15 June 2022. The performance of the FTSE AIM 100 Index constituent has deteriorated over the past year with a one-year return as of 15 June standing at -63.75.
RELATED READ: How far have EVs come on 'S-Curve'?
- AMTE Power plc (LON: AMTE)
The shares of the developer of Lithium-ion and sodium-ion battery cells used in EVs, AMTE Power Plc, were trading at GBX 72.50 at 9:05 AM (GMT+1) on 15 June 2022. The company holds a market capitalisation of £25.55 million as of 15 June 2022. The performance of the AIM-listed company has deteriorated over the past year with a one-year return as of 15 June standing at -69.17.
