Eye on Lithium: Used EVs are selling above their retail price, says Lloyds Auctions
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All your ASX lithium news for Friday, March 25.
Lloyds Auctions said that its now auctioning second-hand EVs for higher prices at than their original retail price.
“Right now, we have a 2022 Tesla Model 3 on offer with the current bid sitting at $71,000 where they actually retail for around $68,000 and the bidding is set to close in a few days time,” COO Lee Hames said.
“With the current fuel prices, people are realising how much they can save in fuel per year by owning an electric vehicle, where savings could be up to 70% on fuel alone.”
And Electric Vehicle Council chief executive Behyad Jafari said it’s a stunning reflection of how the Australian Government has allowed demand to totally outstrip supply on EVs, – leaving Australian consumers with the choice between a massive wait or paying above-retail for a used car.
“The Morrison Government seems to have confused its own myopic views about EVs with those of average Australians and has completely misjudged how demand would grow,” he said.
“Global carmakers are far more interested in selling cars in Europe or the US or even New Zealand, where fuel efficiency standards are established and governments offer unambiguous support to the transition,” he said.
“Every Australian who wants to buy an EV should have the same array of options as their counterparts in America or Europe. The fact that they do not is the fault of the federal government and its unique hostility to EVs.”
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A total of 50 stocks were in the green today, with 22 flatlining and 28 in the red.
The explorer has applied for three additional exploration licences to expand its Ravensthorpe project area within the Albany-Fraser Orogen in southern WA, to the east of Allkem’S (ASX:AKE) Mt Cattlin lithium mine.
“Following our recent acquisition of multi-element projects in the Ravensthorpe region, we identified highly prospective areas of open ground that we have proactively staked to increase our ground holding,” MD Lachlan Reynolds said.
“As the investigation of prospectivity of these areas has progressed, our technical team has recognised that these areas have excellent prospectivity for lithium-bearing pegmatites and ionic clay-hosted rare earth element deposits.”
While waiting for the granting of the exploration licence applications, MTM will compile historical exploration for the area.
The explorer has secured a drilling contractor for its Kibby Basin lithium project in Nevada, with a 3,000m campaign expected to kick off at the end of April.
The plan is to test the “highly conductive geophysical anomaly and potential lithium enriched aquifer,” at the project, the company says.
MQR reckons Kibby fits the criteria for a potentially large-scale project, and its within 50km of Ioneer’s (ASX:INR)Rhyolite Ridge Lithium-Boron Project which has recently been Joint Ventured with Sibanye Stillwater.
Plus, Kibby is 60kms north of Clayton Valley which hosts the sole North American producing Lithium mine (Silver Peak Lithium) owned by the world’s largest lithium producer Albemarle.
Stream sediment sampling from the recently acquired Pilgangoora North Lithium Project has returned up to 289ppm lithium in a catchment, with no reported pegmatite veining.
A second stream sediment sample returned up to 1768ppm tantalum.
“It is truly exciting to be exploring a project with extensive pegmatite outcrop only a few kilometres north of Pilbara Minerals’ (ASX:PLS) Pilgangoora mine at such a buoyant time in the lithium market,” technical director George Merhi said.
“Based on the positive results of this brief initial orientation program, we believe the lithium fertility of the area is established and our stream sediment sampling protocol will effectively highlight areas of lithium anomalism and help us systematically home in on drill targets.”
The company is planning an exploration program – subject to the grant of the tenement.
MD Stephen Biggins has stepped down from the company for personal reasons after almost 12 years with Core, who’s Finniss project in the NT is on track to produce first concentrate in Q4.
“Core is in perfect position to reach its next stage of growth as a lithium producer, and I feel it is the right time to step down as Managing Director and pass the torch on to the right person to lead Core in this next stage,” he said.
“Our transformation from explorer to producer is progressing to plan, the financial performance is strong, and at the Finniss Lithium Project, we have built a platform for sustainable growth for many years to come.”