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
PALM BEACH, Fla., Nov. 17, 2022 /PRNewswire/ -- 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. (NASDAQ: MULN), Rivian Automotive, Inc. (NASDAQ: RIVN), Nikola Corporation (NASDAQ: NKLA), Lucid Group, Inc. (NASDAQ: LCID), XPeng Inc. (NYSE: XPEV).
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. (NASDAQ: MULN) 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."
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. (NASDAQ: RIVN) 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 (NASDAQ: NKLA), 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. (NASDAQ: LCID), 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. (NYSE: XPEV), 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.
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