Electric car stocks record upsurge on subsidy news

Shares of electric vehicle (EV) businesses rose yesterday as investors expect the government to launch an array of subsidies and support measures to promote the use of EVs.

Gainers included Global Power Synergy (GPSC), which closed at 75.50 baht, up 2.03% in trade yesterday, Energy Absolute (EA), which closed at 95.50 baht, up 4.37%, and Nex Point (NEX), which closed at 19.20 baht, up 6.67%.

Kitpon Praipaisarnkit, vice-president at UOB Kay Hian Securities, said stocks related to EVs and electric batteries rose following news from the cabinet meeting yesterday suggesting the government is considering launching measures to promote the use of EVs after Energy Minister Supattanapong Punmeechaow submitted the measures to promote EV production for the cabinet’s consideration.

“Regardless of whether the cabinet passes the proposal, these EV stocks will certainly be sold…