Governments Get Behind the Global Shift Towards Electric Vehicles
FinancialBuzz.com News Commentary
NEW YORK, July 30, 2021 /PRNewswire/ -- Global demand for alternative energy is on the rise, along with the popularity of electric vehicles. In fact, the new wave of battery electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV) is gradually transforming the automobile industry. According to date provided by BlueWeave Consulting, in the coming 2 years, more than 240 new EV models are expected to be introduced in the market. It is also expected that around 130 million electric vehicles could be on the road by 2030 globally. However, investment in fast charging infrastructure is crucial for more EVs to hit the road. Overall, residential and industrial buildings represent the most common places where such fast charging infrastructure would be developed, across the three most advanced electric vehicle markets including China, the EU-27, U.K., and U.S. And, according to the report, the global market for electric vehicle market should grow from USD 121.8 Billion in 2020 to USD 236.3 Billion by 2027, and with a CAGR of 10.6% during the forecast period (2021–2027). Greenland Technologies Holding Corporation (NASDAQ: GTEC), NIO Inc. (NYSE: NIO), XPeng Inc. (NYSE: XPEV), Tesla, Inc. (NASDAQ: TSLA), Nikola Corporation (NASDAQ: NKLA)
Additionally, governments have shown their support the continuous expansion of the EV market. According to a report by The Hill, President Biden's original American Jobs Plan provides USD 174 Billion to "win the [electric vehicle] market," and part of the plan included building out a network of 500,000 electric vehicle charging stations. "USD 15 Billion was commensurate with what the president had announced in the American Jobs Plan," said the Energy Secretary Jennifer Granholm at an Energy Department event promoting electric trucks. Granholm, during the event on Wednesday, announced USD 60 Million in funding for 24 projects aimed at reducing carbon emissions from cars and trucks.
Greenland Technologies Holding Corporation (NASDAQ: GTEC) announced yesterday breaking news regarding, "the launch of its innovative new GEF-series EV forklift, one of the industry's first lithium powered EV forklift trucks. Deliveries will start in September 2021 in the North American market.
Raymond Wang, CEO of Greenland, commented, "We are excited to introduce our new line of lithium powered all electric forklift vehicles to the North American market. Our team has done a great job developing what we believe will be an industry disrupting vehicle, based on extensive customer input and engagement. The GEF-series lithium powered electric forklifts offer a big competitive advantage over legacy vehicles powered by lead acid battery arrays, giving customers both financial and operating advantages of electrification in a warehouse fleet. Lithium is the next evolution of electric power with greater power, longer battery life and lower maintenance costs. With the high quality Greenland is known for and a competitive pricing model, we expect strong demand for these vehicles as we continue our expansion in the important North American market."
Greenland's GEF Electric Lithium Forklifts are designed with varying rated load capabilities and suited for a wide range of applications, including logistics, warehousing, manufacturing, and more. The new GEF-series lithium powered EV forklift feature three models tailored to meet customer needs and usage environments."
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NIO Inc. (NYSE: NIO) announced back in May its April 2021 delivery results. NIO delivered 7,102 vehicles in April 2021, representing a strong 125.1% year-over-year growth. The deliveries consisted of 1,523 ES8s, the Company's six-seater and seven-seater flagship premium smart electric SUV, 3,163 ES6s, the Company's five-seater high-performance premium smart electric SUV, and 2,416 EC6s, the Company's five-seater premium smart electric coupe SUV. As of April 30, 2021, cumulative deliveries of the ES8, ES6, and EC6 reached 102,803 vehicles. NIO designs, develops, jointly manufactures, and sells premium smart electric vehicles, driving innovations in next-generation technologies in autonomous driving, digital technologies, electric powertrains, and batteries.
XPeng Inc. (NYSE: XPEV) reported earlier in May its vehicle delivery results for May 2021. XPeng delivered a total of 5,686 Smart EVs in May 2021, representing a 483% increase year-over-year, and a 10% increase over last month. The May deliveries consisted of 3,797 P7s, the Company's sports smart sedan, and 1,889 G3s, its smart compact SUV. As of May 31, 2021, year-to-date total deliveries reached 24,173 units, representing a 427% increase year-over-year. The number of P7s delivered in May reached a record high of 3,797, demonstrating the strong customer appeal of XPeng's market-leading smart features. Launched in January this year, XPILOT 3.0 and its Navigation Guided Pilot (NGP) highway solutions have achieved a strong set of customer utilization rates. Additionally, these solutions enable the Company to generate incremental revenues from its proprietary XPILOT software.
Tesla, Inc. (NASDAQ: TSLA) announced earlier this week its second quarter 2021 financials. According to the Company it has broke new and notable records. Tesla has produced and delivered over 200,000 vehicles, achieved an operating margin of 11.0% and exceeded $1B of GAAP net income for the first time in our history. Supply chain challenges, in particular global semiconductor shortages and port congestion, continued to be present in Q2. The Tesla team, including supply chain, software development and our factories, worked extremely hard to keep production running as close to full capacity as possible. With global vehicle demand at record levels, component supply will have a strong influence on the rate of our delivery growth for the rest of this year.
Nikola Corporation (NASDAQ: NKLA) announced earlier this month a second phase in establishing a nationwide plan for its Class 8 truck sales and service coverage with the addition of five independent dealers with more than 51 locations in Texas, Arizona, California, Colorado, New Mexico, Florida, Delaware, Virginia and Maryland. "These five new partners are expected to add a culture of customer focus and service leadership that we are building at Nikola. Customers will benefit from the strength and experience of these companies and their highly talented organizations," said Nikola Energy and Commercial President Pablo Koziner. "These dealers will work closely with customers in helping them maximize operational efficiencies, energy management, vehicle uptime and overall industry adoption in BEV and FCEV vehicles."
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