Japanese auto giant Honda Motor Co., Ltd. HMC is mulling over developing all solid-state batteries for electric vehicles (EVs), per a Reuters report. This latest move by Honda is in sync with the global automakers’ heightened activities in the EV front. In fact, a large number of automakers across the globe are coming up with next-generation car batteries in order to lower vehicle emissions.
Notably, Honda has relatively been a late starter to the sale of hybrid and electric vehicles. That said, the company has changed its stance and has set big plans to transition to electric vehicles by 2030 (read more: Honda Set to Unveil New Gas-Electric Hybrid Sedan).
Strict emissions standards imposed by a number of Asian and European countries are compelling automakers to consider transition to EVs, including all-solid-state batteries which offer higher capacity and improved safety than traditional lithium-ion batteries.
Over the past six months, shares of Honda have outperformed the industry it belongs to. During this time period, shares of the company have increased 25.9% compared with the industry’s rally of 23.8%.
Honda currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other top-ranked automobile stocks in the same space are Allison Transmission Holdings, Inc. ALSN, American Axle & Manufacturing Holdings, Inc. AXL and Oshkosh Corporation OSK, each sporting a Zacks Rank #1.
Allison Transmission has a long-term growth rate of 10%. The company’s shares have gained 28.1% year to date.
American Axle & Manufacturing has a long-term growth rate of 8.1%. The company’s shares have gained 17.6% over the past six months.
Oshkosh Corporation has a long-term growth rate of 16.5%. Its shares have rallied 41.5% on a year-to-date basis.
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