Market Overview

December EV Updates

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December EV Updates

Recently, South Korean automaker Hyundai Motor Company (OTC: HYMTF) announced that it will have 23 global electric vehicles under its belt by 2025. This announcement echoes similar goals from U.S. automaker General Motors (NYSE: GM) plan which is planning to produce 30 EVs by 2025. Even premium carmakers like BMW (OTC: BMWYY) and Daimler (OTC: DDAIF) have boarded the train, with the former pledging nine EVs by 2025 and the latter working on six electric vehicles as we speak.

But, when it comes to EVs, it's more about quality of the technology than the quantity of car models on the docket. For this reason, newbies are taking all the spotlight with the ground-breaking technologies they are bringing to the table.

Worksport

After a decade of positioning itself as a producer of high quality tonneau covers for pick-up trucks, Worksport Ltd. (OTC: WKSP) entered the EV landscape with the recent announcement of its TerraVis solar technology that aims to leverage renewable energy in power generation for current and incoming EV truck models.

Worksport will be presenting at the Benzinga Global Small Cap Conference taking place on December 8th and 9th, 2020. This event is gathering a rapidly growing base of micro-caps, with its essence being about networking, deal-making and discovery.

Ideanomics is going full speed ahead into EVs

Ideanomics (NASDAQ: IDEX) has made a point to focus its attention on the EV industry as of late, increasing its investment in the electric-tractor company Solectrac. while also hiring Former Director of Group Finance Controlling at Volkswagen Group (OTC: VWAGY) Malaysia, Richard Teoh, as Chief Financial Officer of its Tree Technologies electric vehicle brand.

The comapny is looking to leverage Teoh's experience and industry insights coming from the leading EV manufacturer in the ASEAS region will be of immense value for the supply chain and battery development alike.

Chinese Stocks Pepper The EV Landscape

Although Chinese EV companies have had a volatile streak as of late, their sales figures have been encouraging to investors, with Li Auto (NASDAQ: LI) joining rivals Nio (NYSE: NIO) and Xpeng (NYSE: XPEV) in reporting a jump in November sales.

Li Auto reported deliveries of Li One EVs rose 25.8% from October. On Tuesday, Nio revealed it delivered 109% more EVs compared to the same period last year as it is heavily focused on speeding up production capacity expansion to handle the increase in orders. Xpeng deliveries of smart electric vehicles increased 342% YoY with its smart sports sedan, the P7, leading the gains as it competes directly with Tesla's Model 3, which is also made-in-China.

Outlook

When it comes to EVs, 2020 has already entered history as the starter pistol. Goldman Sachs Group Inc (NYSE: GS) predicted that electric vehicle penetration in China would reach 20% by 2025, up from 5% this year. This figure is expected to reach 53% in 2035 and 80% in 2050. The EV industry is poised to become one of the fastest growing segments in the world, and many companies are getting ready to capitalize on this trend. Yet, only time will tell if they will live up to the market expectations and deliver on their promise.

This article is not a press release and is contributed by IAMNewswire. It should not be construed as investment advice at any time please read the full disclosure . IAM Newswire does not hold any position in the mentioned companies. Press Releases – If you are looking for full Press release distribution contact: press@iamnewswire.com Contributors – IAM Newswire accepts pitches. If you're interested in becoming an IAM journalist contact: contributors@iamnewswire.com

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