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PALM BEACH, Fla, Nov. 2, 2022 /PRNewswire/ -- FinancialNewsMedia.com News Commentary: Electric vehicles (EVs) have become a much more attractive choice to consumers in recent years thanks to increased range, battery life, efficiency, and affordability. An electric vehicle is a vehicle that operates on an electric motor rather than an internal combustion engine, which generates electricity by burning fuels and gases.
Additionally, technical advancements like faster charging and cloud-connected charging equipment will support the market demand for electric vehicles in the next years. Due to increasing regulatory assistance, many EV manufacturing facilities plan to increase their capacity to produce electronic vehicles. The market will greatly benefit from this governmental assistance because it suggests that the supply of EVs will be able to keep up with the demand. Since gasoline is a fossil fuel, its supply will eventually run out. It must be developed sustainably, and the market for electric vehicles must expand as a result.
Alternative energy sources are the way to do this. Using electric vehicles (EVs) is more economical than conventional transportation. According to a report from Custom Market Insights: "The past ten years have seen a decline in the price of EV batteries due to scientific improvements and the mass manufacture of EV batteries. Since EV batteries are one of the more expensive parts of the car, this has caused the price of electric vehicles to drop. Approximately USD 1,100 per kWh was the cost of an EV battery in 2010. However, the cost dropped to around USD 137 per kWh by 2020, dropping as low as USD 120 per kWh in 2021. These batteries can be purchased in China for as little as $100 per kWh." Active Companies in the markets today include: Mullen Automotive, Inc. (NASDAQ: MULN), Tesla Inc. (NASDAQ: TSLA), Rivian Automotive, Inc. (NASDAQ: RIVN), Nikola Corporation (NASDAQ: NKLA), Lucid Group, Inc. (NASDAQ: LCID).
The report projected: "According to Custom Market Insights (CMI), The size of the Global Electric Vehicle (EV) Market was worth around USD 170 billion in 2021 and is expected to reach USD 205.4 billion in 2022 and is predicted to grow to around USD 1105 billion by 2030 with a compound annual growth rate (CAGR) of roughly 23% between 2022 and 2030… The global Electric Vehicle Market size is projected to grow from 12,551 thousand units in 2022 to 45,898 thousand units by 2030, at a CAGR of 23% (2022-2030). Over the forecast period, the plug-in hybrid electric vehicles (PHEVs) market is anticipated to grow at a CAGR of more than 105%. The purpose of plug-in hybrid electric vehicles (PHEVs), which work in conjunction with low-range, high-voltage (HV) battery systems, is to improve the utilization of internal combustion engines. PHEVs have a more potent electric motor and a substantially larger battery that can be recharged using the ICE, regenerative braking, and an external power source. Consequently, PHEVs provide consumers with a versatile and practical transportation alternative."
Mullen Automotive, Inc. (NASDAQ: MULN) BREAKING NEWS: Mullen Automotive Announces Elimination of Approximately $13 Million in Debt with less than $10 Million of Debt Remaining - Mullen Automotive, Inc. ("Mullen" or the "Company"), an emerging electric vehicle ("EV") manufacturer, announces today that it has eliminated $13 million in company debt and reduced its overall indebtedness from more than $30 million last year to an estimated less than approximately $10 million currently.
Mullen continues to strengthen its financial balance sheet with the recent elimination of approximately $13 million dollars in company debt, which was associated with a debt obligation to Esousa Holdings, LLC. Mullen continues to maintain its good financial health, with now less than an estimated $10 million approximately left of outstanding indebtedness. This elimination of and reduction in debt is significant, considering the overall debt balance at the end of 2021 was over $30 million.
"It's been a great year for Mullen Automotive; we've made tremendous strides on all fronts, including significantly improving our financial health," said David Michery, CEO and chairman of Mullen Automotive. "Continuing our goal of being debt-free is a main focus and provides us a strong path forward for our EV innovation and programs, securing investor confidence and overall company health." CONTINUED… Read this full release for Mullen Automotive at: https://www.financialnewsmedia.com/muln-news/
Other recent developments in the markets include:
Tesla Inc. (NASDAQ: TSLA) has recently said in the third quarter, it produced over 365,000 vehicles and delivered over 343,000 vehicles. Historically, our delivery volumes have skewed towards the end of each quarter due to regional batch building of cars. As our production volumes continue to grow, it is becoming increasingly challenging to secure vehicle transportation capacity and at a reasonable cost during these peak logistics weeks. In Q3, we began transitioning to a more even regional mix of vehicle builds each week, which led to an increase in cars in transit at the end of the quarter. These cars have been ordered and will be delivered to customers upon arrival at their destination.
Production Was: Model S/X 19,935; Model 3/Y 345,988; TOTAL 365,923.
Deliveries Were: Model S/X 18,672; Model 3/Y 325,158; TOTAL 343,830
The Company posted its financial results for the third quarter of 2022 after market close on Wednesday, October 19, 2022. At that time, Tesla issued a brief advisory containing a link to the Q3 2022 update, which is available on Tesla's Investor Relations website.
Rivian Automotive, Inc. (NASDAQ: RIVN) recently announced that at 5:00pm ET after market close on November 9 (11.09.2022) the company will release its third quarter 2022 financial results. Rivian will host an audio webcast at 5:00 p.m. ET the same day to discuss the performance and outlook for the business. The live webcast will be available here, and a replay will be available for four weeks at www.rivian.com/investors following the webcast.
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 (NASDAQ: NKLA) recently announced the completion of its acquisition of Romeo Power, Inc. ("Romeo"). "We are pleased to complete the acquisition of Romeo and look forward to executing on the opportunities ahead," said Michael Lohscheller, Nikola's President. "The acquisition of Romeo will enhance Nikola's capabilities, allowing us to vertically integrate in an effort to accelerate product development and improve performance for our customers. Today's milestone further solidifies our commitment to transforming the transportation industry."
Nikola completed the acquisition of Romeo today through a second-step merger of a wholly-owned subsidiary of Nikola with and into Romeo, in accordance with Section 251(h) of the General Corporation Law of the State of Delaware. Each remaining share of common stock of Romeo not purchased in the exchange offer (other than any shares owned by Nikola, Romeo or any of their respective subsidiaries) was converted into the right to receive the same 0.1186 of a share of Nikola common stock, rounded down to the nearest whole share, subject to reduction for any applicable withholding taxes, paid in the exchange offer. Upon completion of the transaction, Romeo became a wholly-owned subsidiary of Nikola.
Lucid Group, Inc. (NASDAQ: LCID), setting new standards with the longest-range, fastest-charging electric car on the market with the award-winning Lucid Air, recently announced the launch of Lucid Vehicle Accessories, an expanding line of accessories that serve as a stylish complement to the entire Lucid Air vehicle lineup. Included in Lucid Vehicle Accessories is the Lucid Connected Home Charging Station, the first step into the company's future energy ecosystem. The convenient home charging system allows owners to maximize the industry-leading charging capabilities of Lucid Air, adding up to 80 miles of range per hour of charging.
The first at-home charging solution from Lucid can support up to 19.2 kW of electrical power, which enables charging of up to 80 miles per hour to match Lucid Air's industry-leading fast AC charging rate. The home station will effectively double the rate at which the Lucid Air can be charged when installed at full power compared to the included charging cable.
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