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High Voltage: Australia sees record EV sales as electric vehicle narrative charges into 2024

  • EV sales slowdown narrative? Pfft, yeah right. Australia just hit record yearly EV sales
  • Globally, EV sales are also encouraging with 27% growth predicted and yes, this is good for battery metals
  • ASX battery metal stocks led this week by: KM1, MTM, GSR

 

If the lithium supply glut keeping your battery metal stocks portfolio suppressed keeps you up at night, here’s something to potentially alleviate those concerns. If you take a long-term view, that is.

New data suggests the sales of electric vehicles (EVs) are still on the rise globally, not to mention here in Australia, too – which is, so far, a pretty tough market for the sector.

 

Australia’s record EV sales year

According to new statistics released by the Federal Chamber of Automotive Industries (FCAI), EV sales doubled to 7.2% of total new vehicle sales as Australia sold a record number of new vehicles in 2023.

In total, not just EVs, 1,216,780 vehicles were sold in Australia during the year, which eclipsed the previous highest sales result of 1,189,116 – achieved in 2017.

And when you add in plug-in hybrid, and hybrid vehicles, it actually brings the total for electrified vehicle sales to 16.2 per cent of new vehicle sales in Australia in 2023.

Tony Weber, chief executive of FCAI, said this extraordinary result is a testament to the adaptability and resilience of both industry players and consumers alike.

So when you consider that apparently only eight per cent of Australians would consider an electric vehicle as their next car purchase (according to CarExpert, citing a report from Savvy underpinned by stats from a global Deloitte survey), this fresh data is pretty encouraging.

 

Global EV sales keep growing, too

Globally the news is just as good.

The latest research from technology market analysis firm Canalys show that sales of global electric vehicles (EVs) grew 29% and reached 13.7 million units in 2023.

In 2024, Canalys predicts the growth to continue along a similar vein, with about 27% global EV sale growth, hitting 17.5 million units, with China still taking the lion’s share of the market, followed by Europe and North America.

Source: Canalys

“Appealing new EVs were launched at the end of 2023, setting the stage for 2024,” noted Alvin Liu, a Canalys analyst.

“EVs are the core growth driver for the vehicle market in Greater China. EVs from Chinese carmakers, which are expected to take up 78% of the market in 2024, are pulling ahead, widening the user experience gap compared to internal combustion engine (ICE) vehicles.”

And US clean energy news website CleanTechnica also reports positive EV results and outlook:

“In November, global plugin vehicle registrations broke their previous monthly sales record (1,291,000 units), which was just set in September 2023. They reached 1,385,000 units in November. In the end, plugins represented 19% share of the overall auto market (13% BEV share alone).”

 

Throwing some salt in the mix

Stockhead‘s Reuben Adams’ “Pass the Salt” article from late November delved into alternative battery tech, focusing on sodium ion.

That’s worth re-visiting as fresh headlines emerge this week regarding the world’s biggest electric car maker, BYD, “betting big” on its US$1.4bn sodium-ion battery factory, the world’s largest.

BYD has now officially begun construction of the plant halfway between Beijing and Shanghai and the planned annual output capacity is 30 GWh.

And this week, too, the first EVs with sodium-ion batteries rolled off the line in China, Battery News reported.

As Reubs wrote in November, “sodium ion is the only viable EV battery chemistry that doesn’t need lithium”.

“Sodium-ion is cheaper, safer, longer lasting, and better in cold temps than lithium-ion but, like LFP, ostensibly suffers from a slower charge rate and lower energy density.”

That said, LFP (lithium iron phosphate) and NCM (nickel cobalt manganese) battery tech is also still evolving at a rapid pace. And, just a reminder, too, lithium heads, of Benchmark Mineral Intelligence senior analyst Rory McNulty PhD’s words to Stockhead not so long ago, who noted that:

“The sodium-ion battery industry and supply chains have a long way to go to achieve mass market commercialisation, let alone secure 50% of the Chinese domestic EV market (something analyst George Heppel has said sodium-ion batteries could claim by the end of the decade).

“This is not to say that it can’t happen, but there are several technology, supply chain, and manufacturing challenges that need to be overcome to achieve mass market penetration.”

 

ASX battery metals form guide:

Scroll or swipe to reveal table. Click headings to sort. Best viewed on a laptop. (Note: figures accurate per ASX at 4pm Dec 19.) 

Stocks missing from this list? Email [email protected] 

Code Company Price % Week % Month % Year Market Cap
PVW PVW Res Ltd 0.044 -8% -17% -56% $4,461,810
A8G Australasian Metals 0.15 -12% -6% -29% $7,818,074
INF Infinity Lithium 0.095 -5% -1% -17% $44,871,433
LPI Lithium Pwr Int Ltd 0.555 1% 3% 25% $357,040,128
PSC Prospect Res Ltd 0.089 0% 5% -23% $40,773,213
PAM Pan Asia Metals 0.16 28% 14% -59% $26,850,684
CXO Core Lithium 0.1925 -23% -27% -84% $406,017,753
LOT Lotus Resources Ltd 0.3025 6% 8% 51% $508,736,615
AGY Argosy Minerals Ltd 0.125 -7% -14% -80% $182,572,975
AZS Azure Minerals 3.68 -1% 3% 1536% $1,687,940,836
NWC New World Resources 0.045 15% 25% 32% $99,813,650
QXR Qx Resources Limited 0.023 0% -8% -52% $24,421,713
GSR Greenstone Resources 0.01 43% 25% -69% $13,681,135
CAE Cannindah Resources 0.093 -7% 0% -59% $53,761,436
AZL Arizona Lithium Ltd 0.028 -10% -33% -58% $112,706,126
RIL Redivium Limited 0.006 -14% -14% -68% $16,385,129
COB Cobalt Blue Ltd 0.225 -4% -12% -64% $82,636,671
ESS Essential Metals Ltd 0 -100% -100% -100% $135,278,382
LPD Lepidico Ltd 0.008 0% 0% -47% $61,106,464
MRD Mount Ridley Mines 0.002 0% 33% -60% $15,569,766
CZN Corazon Ltd 0.016 7% -11% -20% $9,849,566
LKE Lake Resources 0.12 -8% -8% -86% $170,693,365
DEV Devex Resources Ltd 0.27 13% 4% -8% $123,533,388
INR Ioneer Ltd 0.1325 -12% -17% -68% $295,597,701
AVZ AVZ Minerals Ltd 0.78 0% 0% 0% $2,752,409,203
MAN Mandrake Res Ltd 0.04 -7% 3% 3% $24,014,637
RLC Reedy Lagoon Corp. 0.005 0% 0% -48% $3,097,704
GBR Greatbould Resources 0.066 2% -1% -27% $40,112,043
FRS Forrestaniaresources 0.03 7% 3% -79% $4,853,572
STK Strickland Metals 0.12 26% -25% 173% $195,886,577
MLX Metals X Limited 0.2675 -8% -1% -33% $249,498,168
CLA Celsius Resource Ltd 0.012 0% 0% -25% $26,952,620
FGR First Graphene Ltd 0.067 -6% 0% -36% $44,672,717
HXG Hexagon Energy 0.012 0% 20% -25% $6,154,991
TLG Talga Group Ltd 0.73 -7% -13% -52% $265,827,920
MNS Magnis Energy Tech 0.042 0% 0% -89% $50,378,922
OZL OZ Minerals 0 -100% -100% -100% $8,918,404,433
PLL Piedmont Lithium Inc 0.385 -10% 1% -47% $137,863,800
EUR European Lithium Ltd 0.086 -18% 21% 10% $119,904,569
BKT Black Rock Mining 0.08 -5% -1% -43% $88,882,891
QEM QEM Limited 0.195 8% 8% 8% $28,764,425
LYC Lynas Rare Earths 6.54 -9% 2% -21% $6,150,288,731
ESR Estrella Res Ltd 0.006 20% 20% -65% $10,556,231
ARL Ardea Resources Ltd 0.465 -2% 2% -43% $93,583,035
GLN Galan Lithium Ltd 0.665 -4% 14% -41% $238,593,789
JLL Jindalee Lithium Ltd 0.9575 -8% 1% -47% $58,372,963
VUL Vulcan Energy 2.35 -18% 5% -65% $416,416,679
SBR Sabre Resources 0.03 -9% 7% -29% $10,862,663
CHN Chalice Mining Ltd 1.3125 -23% -23% -81% $507,597,112
VRC Volt Resources Ltd 0.006 -8% 0% -57% $24,780,640
NMT Neometals Ltd 0.175 -17% -5% -79% $112,084,257
AXN Alliance Nickel Ltd 0.04 -7% -20% -55% $31,211,103
PNN Power Minerals Ltd 0.205 -2% -9% -64% $17,912,101
IGO IGO Limited 8.5 -6% 4% -39% $6,459,494,445
GED Golden Deeps 0.045 -2% -4% -59% $5,198,506
ADV Ardiden Ltd 0.18 3% -3% -51% $11,565,739
SRI Sipa Resources Ltd 0.025 0% -11% -22% $5,932,112
NTU Northern Min Ltd 0.03 0% -12% -30% $177,329,377
AXE Archer Materials 0.39 3% 1% -36% $101,938,805
PGM Platina Resources 0.019 -10% -21% 0% $12,463,607
AAJ Aruma Resources Ltd 0.026 -4% -13% -51% $5,119,179
IXR Ionic Rare Earths 0.022 -15% 0% -37% $94,171,211
NIC Nickel Industries 0.6575 -5% -8% -37% $2,850,063,570
EVG Evion Group NL 0.034 0% 10% -43% $10,724,735
CWX Carawine Resources 0.105 -5% -13% -3% $24,793,172
PLS Pilbara Min Ltd 3.875 -2% 4% -2% $11,435,978,191
HAS Hastings Tech Met 0.735 0% 9% -79% $93,790,823
BUX Buxton Resources Ltd 0.16 -6% -18% 63% $28,585,737
ARR American Rare Earths 0.155 -6% -3% -24% $66,963,495
SGQ St George Min Ltd 0.036 6% 6% -51% $34,444,503
TKL Traka Resources 0.002 -33% -36% -68% $1,750,659
PAN Panoramic Resources 0.035 0% 0% -81% $103,937,992
PRL Province Resources 0.041 0% 0% -41% $48,441,219
IPT Impact Minerals 0.013 18% 44% 63% $34,376,447
LIT Lithium Australia 0.0295 -2% -2% -40% $35,443,558
AKE Allkem Limited 9.83 0% 18% -13% $6,304,350,967
ARN Aldoro Resources 0.097 -22% 17% -64% $13,462,374
JRV Jervois Global Ltd 0.039 -11% -11% -88% $99,993,265
MCR Mincor Resources NL 0 -100% -100% -100% $751,215,521
SYR Syrah Resources 0.55 -15% -17% -73% $381,882,217
FBM Future Battery 0.068 -7% -8% 33% $35,761,651
ADD Adavale Resource Ltd 0.007 0% -22% -63% $5,599,414
LTR Liontown Resources 1.535 -7% 11% 7% $3,729,856,523
CTM Centaurus Metals Ltd 0.495 -7% 5% -57% $247,428,817
VML Vital Metals Limited 0.006 -8% -40% -71% $35,370,402
BSX Blackstone Ltd 0.07 0% -3% -49% $35,606,645
POS Poseidon Nick Ltd 0.011 -8% -31% -71% $37,135,348
CHR Charger Metals 0.16 -3% -27% -65% $11,997,871
AVL Aust Vanadium Ltd 0.02 -5% -9% -31% $114,277,956
AUZ Australian Mines Ltd 0.009 -10% -25% -82% $8,505,444
TMT Technology Metals 0.26 8% 21% -24% $62,300,066
RXL Rox Resources 0.18 -3% -5% -10% $66,483,767
RNU Renascor Res Ltd 0.11 -15% -15% -55% $292,031,862
GL1 Globallith 0.925 -23% -28% -54% $243,348,055
BRB Breaker Res NL 0 -100% -100% -100% $158,126,031
ASN Anson Resources Ltd 0.1125 -20% -27% -48% $147,860,004
SYA Sayona Mining Ltd 0.055 -23% -10% -76% $586,717,873
FFX Firefinch Ltd 0.2 0% 0% 0% $236,569,315
EGR Ecograf Limited 0.145 4% -3% -41% $65,834,614
ATM Aneka Tambang 1.18 0% 0% 31% $1,538,306
TVN Tivan Limited 0.061 2% -19% -18% $100,821,210
ALY Alchemy Resource Ltd 0.01 0% 0% -58% $11,780,763
GAL Galileo Mining Ltd 0.265 -7% 0% -70% $50,394,356
BHP BHP Group Limited 48.96 -3% 3% 3% $246,644,878,035
LEL Lithenergy 0.55 -4% -4% -29% $56,655,500
MMC Mitremining 0.24 -11% -13% -11% $13,605,030
RMX Red Mount Min Ltd 0.003 0% 0% -25% $8,020,728
GW1 Greenwing Resources 0.12 -11% 20% -58% $22,652,693
AQD Ausquest Limited 0.01 -9% -9% -38% $8,251,492
LML Lincoln Minerals 0.006 0% 0% -12% $10,224,272
1MC Morella Corporation 0.005 -9% 0% -64% $30,893,997
REE Rarex Limited 0.027 -4% -4% -48% $18,109,744
MRC Mineral Commodities 0.033 3% 18% -47% $32,487,596
PUR Pursuit Minerals 0.008 0% -11% -50% $25,023,757
QPM Queensland Pacific 0.051 -7% 2% -54% $102,639,556
EMH European Metals Hldg 0.38 -11% -30% -41% $44,218,220
BMM Balkanminingandmin 0.1 -9% -33% -69% $7,104,051
PEK Peak Rare Earths Ltd 0.365 4% 7% -11% $96,639,867
LEG Legend Mining 0.014 0% -22% -70% $40,662,681
MOH Moho Resources 0.011 10% 38% -48% $5,359,412
AML Aeon Metals Ltd. 0.009 -18% -10% -68% $9,867,606
G88 Golden Mile Res Ltd 0.019 0% -5% -11% $6,587,790
WKT Walkabout Resources 0.135 -4% -4% 8% $90,620,296
TON Triton Min Ltd 0.024 4% 9% -35% $34,349,911
AR3 Austrare 0.145 -3% 0% -61% $22,354,064
ARU Arafura Rare Earths 0.155 -6% -23% -70% $351,790,277
MIN Mineral Resources. 67.51 -4% 8% -19% $13,093,105,590
VMC Venus Metals Cor Ltd 0.105 5% 5% 39% $18,972,868
S2R S2 Resources 0.16 -3% -22% -3% $70,037,989
CNJ Conico Ltd 0.005 0% -17% -44% $7,850,475
VR8 Vanadium Resources 0.051 -6% 9% -18% $28,015,010
PVT Pivotal Metals Ltd 0.022 -12% 47% -46% $14,961,227
BOA Boadicea Resources 0.033 -8% -11% -71% $4,185,070
IPX Iperionx Limited 1.385 0% 4% 101% $316,259,546
SLZ Sultan Resources Ltd 0.019 -17% 46% -78% $2,815,611
NKL Nickelxltd 0.044 19% -25% -45% $3,863,867
NVA Nova Minerals Ltd 0.34 -6% 19% -51% $74,865,936
MLS Metals Australia 0.034 -8% -3% -31% $21,217,230
MQR Marquee Resource Ltd 0.028 8% -3% -15% $11,574,763
MRR Minrex Resources Ltd 0.015 -12% -17% -61% $15,188,145
EVR Ev Resources Ltd 0.013 18% 30% -13% $14,294,648
EFE Eastern Resources 0.009 13% 0% -68% $11,177,518
CNB Carnaby Resource Ltd 0.765 -4% 1% -19% $117,249,363
BNR Bulletin Res Ltd 0.14 0% 27% 40% $41,105,865
AX8 Accelerate Resources 0.035 -17% -8% 46% $22,924,070
AM7 Arcadia Minerals 0.069 -5% -9% -67% $7,524,457
AS2 Askarimetalslimited 0.17 -3% 0% -70% $13,217,536
BYH Bryah Resources Ltd 0.014 8% 8% -43% $6,504,109
DTM Dart Mining NL 0.016 -6% 0% -75% $3,641,274
EMS Eastern Metals 0.036 3% 29% -52% $2,967,345
FG1 Flynngold 0.053 2% -17% -47% $7,723,385
GSM Golden State Mining 0.013 -13% -24% -74% $3,631,818
IMI Infinitymining 0.12 -14% -14% -54% $14,250,407
LRV Larvottoresources 0.068 -3% -9% -50% $14,662,441
LSR Lodestar Minerals 0.0035 -13% -13% -30% $7,081,891
RAG Ragnar Metals Ltd 0.024 0% 9% 94% $10,901,562
CTN Catalina Resources 0.004 -11% 33% -56% $4,953,948
TMB Tambourahmetals 0.115 0% -12% 15% $9,123,439
TEM Tempest Minerals 0.008 0% -11% -69% $4,091,068
EMC Everest Metals Corp 0.085 6% -11% 8% $13,225,932
WML Woomera Mining Ltd 0.024 -17% -23% 41% $32,889,753
KZR Kalamazoo Resources 0.135 13% 13% -36% $20,564,337
LMG Latrobe Magnesium 0.057 -11% 0% -27% $109,077,548
KOR Korab Resources 0.016