Rising Demand for Electric Vehicles (EV) Resulting in Lucrative Opportunities for Growing Number of Manufacturers
FinancialNewsMedia.com News Commentary
PALM BEACH, Fla., Nov. 17, 2022 -- Adoption of EVs is rising due to increasing need for reducing dependence on imported oil and rapidly depleting fossil fuels. Costs of oil production is rising, which is leading to high cost for importing oil, and countries that are majorly dependent on oil imports are required to invest substantial investments, thereby, creating economic pressure. EVs are powered by batteries, electricity, and fuel cells and therefore, lower dependence on foreign oils. This factor is expected to drive adoption of EVs during the next several years, according to industry reports. A report from Emergen Research said that the global Electric Vehicles (EVs) market size, which reached USD $238.67 Billion in 2021 is expected to register a revenue CAGR of 22.2% during the forecast period (2030). The report said: "Low emission level of EVs is driving its adoption and this factor is expected to boost market revenue growth during the forecast period. EVs emit lower levels of greenhouse gases and air pollutants than other petrol- or diesel-powered vehicles. EVs rely highly on rechargeable batteries and for this, driving it does not cause tailpipe emissions, which are one of the sources of pollution. Additionally, these vehicles do not emit smoke or toxic gases in the environment and contribute towards sustainable environment. Besides, increasing investments towards Research & Development (R&D) activities by governments and various government initiatives such as favorable tax policies, funding for vehicle charging stations, and subsidies for purchasing those vehicles, are creating lucrative revenue growth opportunities for EVs, and such factors are expected to drive market revenue growth during the forecast period." Active Companies in the markets today include: Mullen Automotive, Inc. , Rivian Automotive, Inc. , Nikola Corporation , Lucid Group, Inc. , XPeng Inc. .
Emergen Research continued: "Electric vehicles market in North America is expected to account for larger revenue share among the regional markets during the forecast period. Increasing support from the U.S. Department Of Energy (DOE) such as R&D projects is driving adoption of EVs and this is expected to contribute to North America EVs market revenue growth. For instance, clean cities program sponsored by U.S. DOE is playing a vital role as it encourages deployment of EVs in order to reduce vehicle emissions in the environment. Additionally, Zero Emission Vehicle Infrastructure Program (ZEVIP), which is a five-year program (2019 to 2024) initiated by federal government of Canada is expected to support revenue growth of the EVs market in this region. The program will help in expanding hydrogen refueling infrastructure and build localized charging stations at places where people live and work. Moreover, increasing price of gasoline and growing environmental awareness is leading to bans on air-polluting vehicles, which in turn is driving adoption of EVs in Mexico. Additionally, government of Mexico has planned to replace local transportation with zero emission vehicles and has strategized to increase electricity generation from 25% to 35% through clean energies, that is renewable and zero emission sources by 2024. These factors are expected to create growth revenue opportunities for players operating in North America market during the forecast period."
Mullen Automotive, Inc. BREAKING NEWS: Mullen Announces Funding to Close on ELMS Assets - Existing shareholders invest 150 Million Dollars to accelerate production and delivery of EVs - Mullen Automotive, Inc. ("Mullen" or the "Company"), an emerging electric vehicle ("EV") manufacturer, announces today receipt of $150 Million on Nov. 16th, 2022 which will be used in part to close on ELMS assets.
Mullen is now in position to fund and close on ELMS assets and complete engineering, preparation and launch of EV programs.
"We are excited to announce today that we have the funding in place to close on the ELMS assets," said David Michery, CEO and chairman of Mullen Automotive. "We expect to close any day which will accelerate our path to production."
ELMS Assets include:
- the factory in Mishawaka, IN providing Mullen with the capability to produce up to 50,000 vehicles per year
- all Intellectual Property, including all manufacturing data that is required for the assembly of the Class 1 vans and Class 3 Cab Chassis
- all inventory including finished and unfinished vehicles, part modules, component parts, raw materials, tooling
- all property including equipment, machinery, supplies, computer hardware, software, communication equipment, data networks and all other data storage. CONTINUED… Read this full release for Mullen Automotive at: https://www.financialnewsmedia.com/muln-news/
Other recent developments in the markets include:
Rivian Automotive, Inc. has recently published a letter to its shareholders containing the company's third quarter 2022 financial results. The letter is available on its investor relations website (https://rivian.com/investors). Rivian hosted an audio webcast to discuss its results and provide a business update on November 9. The replay will be available for four weeks at https://rivian.com/investors.
Rivian exists to create products and services that help our planet transition to carbon neutral energy and transportation. Rivian designs, develops, and manufactures category-defining electric vehicles and accessories and sells them directly to customers in the consumer and commercial markets. Rivian complements its vehicles with a full suite of proprietary, value-added services that address the entire lifecycle of the vehicle and deepen its customer relationships.
Nikola Corporation , a global leader in zero-emissions transportation and energy supply and infrastructure solutions, and ChargePoint Holdings, Inc. ( CHPT), a leading electric vehicle (EV) charging network, recently announced a partnership to accelerate the deployment of electric vehicle charging infrastructure for fleets across the U.S. The collaboration will enable Nikola and the Nikola Sales and Service Dealer Network to resell ChargePoint's comprehensive portfolio of charging infrastructure and software solutions to its fleet customers, ensuring a solid technology interface and integrated sales approach between the two companies.
"By having complete access to the entire ChargePoint product line to support all aspects of the Nikola business model, our Sales and Service Dealer Network will be able to reduce the time required to design, procure and construct both small- and large-scale charging infrastructure projects for our customers," said Nikola President, Commercial Pablo Koziner. "This partnership enhances our ability to provide a customer-focused charging solution at the right time, at the right place and for the right price."
"Making electrification easy helps fleets focus on their core business operations while easily adopting new technology," said Rich Mohr, vice president, fleet, at ChargePoint. "ChargePoint is committed to supporting OEM's, dealers and fleets with the right tools to adopt and transition to EV transportation without disrupting their core operation."
Lucid Group, Inc. , setting new standards with the longest-range, fastest-charging electric car on the market with the award-winning Lucid Air, recently announced new details about Gravity, the first luxury electric SUV from Lucid.
"Gravity builds upon everything we have achieved thus far, driving further advancements of our in-house technology to create a luxury performance SUV like none other," said Peter Rawlinson, CEO and CTO, Lucid Group. "Just as Lucid Air redefined the sedan category, so too will Gravity impact the world of luxury SUVs, setting new benchmarks across the board."
XPeng Inc. , a leading Chinese smart EV company, recently announced that it has successfully obtained the Guangzhou Intelligent Connected Vehicle Road Test Permit ("the Permit"), making XPENG G9 the first unmodified commercial vehicle to qualify for autonomous driving tests on designated public roads in China.
The achievement marks a major industry milestone in the path towards mass production of robotaxis as well as future commercialization of robotaxi as a service. On October 31, XPENG received the Permit following approvals from the Industry and Information Technology Bureau, Public Security Bureau and the Transport Bureau of Guangzhou Municipality.
DISCLAIMER: FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM's market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM has been compensated forty six hundred dollars for news coverage of the current press releases issued by Mullen Automotive, Inc. by a non-affiliated third party. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.
Media Contact email: [email protected] - +1(561)325-8757