Market Overview

3 Recent Electric Vehicle Headlines That Have Investors Buzzing

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Electric vehicles have arrived. As for the corresponding infrastructure, we're not quite there yet. 

The European Union has installed nearly 200,000 chargers across the continent. According to Transport & Environment, the continent would need 3 million EV charging stations to have a viable infrastructure. And while the U.S. has less than half of Europe's total, Vice-President has said if elected he plans to install half a million chargers as part of a larger investment in EVs that will result in one million well-paying employment opportunities with the goal to re-establish the U.S. as a leader in the global auto industry.

In the meantime, a number of EV-related announcements made in recent days has the industry buzzing. 

GM Announces Its First EV Factory

General Motors (NYSE: GM) just announced its Detroit-Hamtramck Assembly Center will be transformed to Factory Zero. GM's zero-crashes, zero-emissions and zero-congestion future is one step closer as the factory will begin producing the GMC HUMMER EV pickup in late 2021. The Detroit giant plans to invest $2.2 billion to convert the plant to an all EV production center. GM remains committed to source 100% of its U.S. facilities with renewable energy by 2030, with all global facilities reaching the same destination by 2040.

Worksport

Worksport Ltd (Pink: WKSP) just announced it has signed an agreement with Detroit-based Hercules Electric Mobility. Worksport's TerraVis tonneau cover solar charging system will become the Tier One OEM supply partner for Hercules' forthcoming Alpha Electric Pickup. An agreement between the two companies is expected to generate up to $70 million in future revenues for Worksport. The economic value of this one relationship is expected to be of profound significance for Worksport and its future growth and development, according to its CEO Steven Rossi. Hercules will integrate the solar charging tonneau cover into its core architecture to give freedom to Hercules drivers, specifically "plug freedom." 

VW

Volkswagen (Pink: VWAGY) plans to begin selling the ID.4, an "intelligent design" sport EV in the United States next year. When the ID.3 was initially launched with the 1st Edition, the platform looked promising, but the price was too close to the Tesla Inc (NASDAQ: TSLA) Model 3. But, the Germain giant has announced a sub-$39,000 Life version of the ID.3, which is a much more tempting proposition. As electric cars become more mainstream, the industry is rapidly approaching the point where owning an EV will be just as cheap or even cheaper than owning an ICE vehicle.

Outlook

Last year, global EV sales increased 40% YoY as they reached a volume of 2.1 million. Until now, 2020 has been far kinder to EVs than it has been to traditional cars. A decade ago, there were only 17,000 electric cars on the roads across the globe. By 2019, that figure expanded to 7.2 million. Rest assured, the age of EVs is dawning well ahead of schedule.

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