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China sets EV sales record; how are ASX lithium stocks getting impacted?

Stock Markets Aug 15, 2022 03:30
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© Reuters China sets EV sales record; how are ASX lithium stocks getting impacted?
 
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Highlights:

  • China is all set hit a 6 million Electronics Vehicle sale record this year, surpassing the expected 5.5 million count.
  • More consumers in China are now preferring cleaner cars. As a result, EV sales doubled in July.
  • In the same context, this article focuses on the performance of leading ASX-listed lithium stocks on the ASX today.

This year China is expecting to hit a record Electronic Vehicle sale record of around 6 million as consumers aim to own cleaner cars now. Initially, the country predicted the sales record to be 5.5 million in this year. However, the EV industry experienced high demand in July, which made the country raise its expected sales record.

Recently data revealed that the sale of passenger EVs almost doubled in the month of July and touched 486,000 units, summing up almost 26.7% of the new automobile market.

This year experienced overall growth of 20% in the sale of passenger EVs to 1.84 million units in China.

In this article, we have primarily aimed to see how ASX-listed lithium-producing companies are faring after the release of this update, as lithium is one of the most significant elements used to produce EV batteries.

Meanwhile, the S&P/ASX 200 Materials sector closed 0.736% lower at 15,985.9 points on the ASX (12 August).

Core Lithium Ltd (ASX:CXO)

Notable lithium miner Core Lithium Ltd (ASX:CXO) had ended 2.970% lower at AU$1.470 apiece on the ASX on 12 August.

In last 12 months, Core Lithium’s share price gained significantly by 308.33% on the ASX. On the other hand, Core Lithium’s YTD-based share price appreciated by 133.33% (as of 4:10 PM AEST, 12 August 2022).

Pilbara Minerals Ltd (ASX:PLS)

Lithium and tantalum producer Pilbara Minerals Limited (ASX:PLS) shares closed 0.321% higher on Friday. Pilbara Mineral’s share price stood at AU$3.120 per share.

Over the last 12 months, Pilbara Minerals’ share price surged by 33.91% on the ASX. On the contrary, Pilbara Minerals’ YTD-based share price declined by 11.36% (as of 4:10 PM AEST, 12 August 2022).

Sayona Mining Ltd (ASX:SYA)

Leading Australian lithium miner Sayona Mining Limited (ASX:SYA) shares fell 3.508% to end at AU$0.275 per share on Friday, 12 August 2022.

Sayona’s share price has gained 96.43% on the ASX over the last 12 months (as of 4:10 PM AEST on Friday).

Mineral Resources Ltd (ASX:MIN)

Renowned ASX-listed lithium explorer Mineral Resources Limited (ASX:MIN) shares closed 0.201% lower on the ASX on Friday. Mineral Resources’ share price stood at AU$59.350 per share.

In last one year, Mineral Resources’ share price has fallen by 3.53% on the ASX. Furthermore, Mineral Resources’ YTD-based share price has gained 1.14% (as of 4:10 PM AEST on the ASX on Friday).

Read more on Kalkine Media

China sets EV sales record; how are ASX lithium stocks getting impacted?
 

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