TECH - NVX: Positive Takeaways Recent EV Sales Trends | Benzinga
By M. Marin
EV + hybrids 12.7% of Ford's ‘24 vehicle sales to-date vs 8.3% in same period of ‘23…
We view strong 2024 electric vehicle (EV) sales as positive for Novonix (NASDAQ: NVX). Last week, Ford Motor Company (NYSE: F) provided statistics on vehicle sales to-date in 2024. Through the end of May, Ford had sold 37,208 EVs, up 87.8% year-over-year compared to 19,809 units during the same period of 2023. Sales of hybrid vehicles reached 74,049 units compared to 49,061 in 2023. That represents a 50.9% increase. EV sales are still relatively small as a percentage of total sales, but based on the 2024 data are gaining share versus traditional ICE (internal combustion engine) vehicles. For example, EVs have thus far represented 4.2% of Ford's total vehicle sales in 2024 compared to 2.4% during the same period of 2023. EV and hybrids combined represented 12.7% of Ford's total vehicle sales in 2024 compared to 8.3% during the same period of 2023.
Similarly, the CEO of General Motors Company (NYSE: GM) indicated that May 2024 was its best month ever for EV sales in North America, according to Investor's Business Daily, despite recent fluctuations reflecting, among other factors, Bolt. In July 2021, GM recalled certain 2017–2019 models of its Chevrolet Bolt EV. GM continues to reaffirm its stated "commitment to an all-electric future and meeting required fuel efficiency standards."
EVs and hybrids comprise a small but growing fraction of the total number of cars sold in the world. According to the International Energy Agency (IEA), EV "sales neared 14 million in 2023. The share of electric cars in total sales has increased from around 4% in 2020 to 18% in 2018." According to IEA data, the U.S. generally ranks among the largest markets in terms of new EV sales per annum.
Numerous agreements to secure demand
Reflecting rising consumer adoption of electric vehicles (EVs) and installations of electric storage systems (ESS), among other factors, demand for lithium-ion batteries is expected to grow significantly. To benefit from the anticipated surge in battery sales to power a variety of products, including EVs, consumer electronics and ESS, among others, Novonix's strategy is to become a tier-one global supplier in the rapidly growing advanced materials market and lithium-ion battery space.
NVX has signed numerous agreements to secure demand for its advanced materials. For example, NVX recently signed a binding off-take agreement to supply high-performance synthetic graphite ...