High Voltage: Australia, your electric ute will happen – but it won’t be a Tesla
Link copied to
Our High Voltage column wraps all the news driving ASX stocks with exposure to lithium, cobalt, graphite, nickel, rare earths, and vanadium.
Earlier this week Tesla inked two long-term deals with two of its current battery materials suppliers in China, Huayou and CNGR.
Huayou will supply Tesla to the end of 2025, with prices subject to market prices as well as refining fees.
CNGR will supply the automaker between 2023 and 2025.
Both these companies need feed. Huayou, in particular, has strong ties to ASX mining and exploration stocks.
It recently bought the very advanced Arcadia lithium project from Prospect Resources (ASX:PSC) for US$377.8m, which equates to around A$1.23 per ordinary PSC share.
But both CNGR and Huayou have also played the bogeyman to ASX battery metals players.
In March last year, Chinese nickel giant Tsingshan announced plans to supply 100,000 tonnes of nickel ‘matte’ converted from lower quality nickel pig iron (NPI) to CNGR and Huayou.
News that Tsingshan was about to supply a big chunk of the current and predicted battery nickel shortfall with converted ‘class 2’ nickel — largely avoided due to higher conversion costs and an elevated carbon footprint – was enough to send shockwaves through the red-hot nickel market at the time.
Sedans are objectively useless. Australia is a nation of ute and 4WD enthusiasts, and this is the market EV makers need to focus on if they want to win us over.
Chinese electric car maker BYD says it plans to introduce five models in Australia within the next two years, including an electric dual-cab ute.
“We love the ute. We have a product that’s been in development for some time,” EVDirect managing director Luke Todd told Drive.
“We will hold back on announcing actual timing, but what I can say is when the BYD electric ute does come to the country, it will be a game-changer.
“It’s coming. I know it’s coming. There’s a whole factory prepping to build this thing.
But the first electric ute to be sold in Australia will probs be the Chinese LDV eT60, which is already being sold in NZ.
Drive says the same model with a slightly different name is due in Australian showrooms within the next six months or so at an estimated cost of $60,000.
And yet these pioneering EV utes have nothing on the tried-and-true diesel models.
“Maximum towing capacity for the LDV eT60 electric ute is rated at 1500kg (versus 3000kg for the diesel variant),” Drive says.
“However, LDV advises driving range is cut in half when towing at the maximum 1500kg capacity.”
Here’s how a basket of ASX stocks with exposure to lithium, cobalt, graphite, nickel, rare earths, magnesium, manganese, and vanadium is performing>>>
Battery metals stocks missing from our list? Shoot a friendly mail to [email protected]
Scroll or swipe to reveal table. Click headings to sort. Best viewed on a laptop: