SMMT News & Analysis
5 articles
Market Mood
UK Considers EV Sales Target Cut to 50% by 2030 Amid Industry Pressure
The UK government is reviewing its electric vehicle (EV) sales target, which could be reduced from 80% to 50% by 2030. This comes after pressure from car manufacturers who argue that the current targets are too demanding and costly, as EVs made up 25% of total UK sales in the first seven months of the year. The consultation period will last until late October, with alternatives also being considered, such as maintaining the 80% target but offering flexibility until 2034. Changes to EV sales targets may affect the market dynamics for both EVs and hybrids.
Read More: UK Considers EV Sales Target Cut to 50% by 2030 Amid Industry Pressure
Summit Therapeutics (SMMT) Receives Neutral Rating from H.C. Wainwright
H.C. Wainwright has reiterated a Neutral stock rating on Summit Therapeutics (SMMT). The firm did not provide specific price targets or other concrete financial metrics in their assessment. This rating reflects the firm's cautious outlook regarding the stock's performance in the current market environment. Investors should note that a Neutral rating suggests a lack of clear direction, which may impact trading decisions.
Read More: Summit Therapeutics (SMMT) Receives Neutral Rating from H.C. Wainwright
Summit Therapeutics (SMMT) Neutral Rating Reaffirmed by H.C. Wainwright
H.C. Wainwright has maintained a Neutral rating on Summit Therapeutics (SMMT). This rating indicates an expectation of limited near-term price movement for the stock. Analysts do not project significant changes in the company's performance based on current market conditions. Investors may want to keep track of any further updates or changes in analysts' assessments that could affect stock performance.
Read More: Summit Therapeutics (SMMT) Neutral Rating Reaffirmed by H.C. Wainwright
Electric Vehicles Cost 30% More to Repair Than Gas Models
Electric vehicles (EVs) cost an average of 30% more to repair compared to petrol or diesel cars. Repair times for EVs are also 14% longer. Consequently, insuring an EV can be 10-25% more expensive, depending on the model. These increased costs can deter potential buyers, particularly amid the rising demand for EVs, which constituted nearly one-third of new car sales in the UK as of June. For ordinary investors, understanding these dynamics is crucial as they affect consumer adoption and market growth in the EV sector.
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Convertible Sales Drop 90% in UK Over 20 Years
Sales of new convertible cars in the UK have decreased by 90% over the past two decades, falling from 109,171 units in 2005 to just 11,484 in 2022, according to the Society of Motor Manufacturers and Traders. This decline corresponds with the significant rise in popularity of SUVs, which represented 59% of car sales across Europe last year, according to Dataforce GmbH. The shift in consumer preferences towards practicality over style has contributed to the dwindling demand for convertibles. As a result, manufacturers are increasingly hesitant to produce new models given the costs associated with development and safety regulations.
Read More: Convertible Sales Drop 90% in UK Over 20 Years