Vancouver, Kelowna, Delta, BC - October 26, 2022 (Investorideas.com Newswire) Investorideas.com, a global news source and leading investor resource covering cleantech and renewable energy stocks issues a new edition of the Cleantech and Climate Change Podcast reviewing top news in EV stocks, featuring Electric Vehicle Stock Mullen Automotive, Inc. (NASDAQ: MULN).
The growth story of the EV market continues in spite of recent concerns expressed by Elon Musk in the Tesla (NASDAQ: TSLA) earnings call, discussing the economy and market in China. "China is experiencing a recession of sorts."
On Monday Tesla announced price cuts to the Model 3 and Model Y electric cars in China and stocks like NIO Inc. (NYSE: NIO) fell, but the drop was short-lived and the sector is still driving forward with impressive global expansion.
Listen to the Podcast:
Mullen Automotive, Inc. (NASDAQ: MULN), an emerging electric vehicle ("EV") manufacturer, announced earlier this week it has secured exclusive sales, distribution and branding rights to the new compact urban delivery electric vehicle, the I-GO™, which is fully EU Standard homologated and certified for sale in select European markets.
Perfect for urban European markets, the I-GO™ bridges the gap between the growing demand for quick deliveries and space constraints found throughout the dense cities of Europe.
There is high demand for ready to market urban delivery vehicles in Europe. The Company has seized the opportunity to extend its branding and marketing reach to the European market through its partnership with the manufacturers of the I-GO™. The Mullen I-GO™, intended for companies focusing on last mile deliveries, is based on a 96-inch wheelbase, 16.5-kWh battery pack, rear-wheel drive, and a curb weight of 1,753 lbs. With a range of 124 miles, according to NEDC estimate, the vehicle can easily handle the stop/go and weave in/out typical of narrow European urban streets. The I-Go was built with the intention to get to the customer's door faster, all while decreasing pollution and congestion levels across Europe. The I-GO™ will have a starting price of $11,999 plus VAT and local transportation and will be retailed and serviced through local European distributors.
The I-GO™ will join Mullen's current commercial vehicle lineup which includes Class 1 and 2 EV cargo vans. Mullen recently made a majority acquisition of Bollinger Motors, whose portfolio includes Class 3 through Class 6 commercial vehicles. In addition to securing the exclusive sales, distribution and branding rights for the I-GO™ for Spain, France, Germany, UK and Ireland, the Company entered into an Asset Purchase Agreement to acquire all assets of Electric Last Mile Solutions, Inc. and Electric Last Mile, Inc. ("ELMS") from the ELMS Bankruptcy Estates.
General Motors Co. (NYSE: GM) reported third-quarter results this week. In the GM Chair and CEO Mary Barra's letter to shareholders, she reported, "We earned more than 8% of the U.S. electric vehicle market in the third quarter thanks to record sales of the Chevrolet Bolt EV and Bolt EUV. Our dealers and customers have embraced the Bolt because of its range, technology and value, helping it outsell Ford's Mach-E by more than two to one in September.
The Chevrolet Equinox EV and the GMC Sierra EV that we revealed in recent weeks, along with the Chevrolet Silverado EV and Blazer EV, are cornerstones of our strategy to rapidly grow EV volumes by winning in high-volume segments. They have all been incredibly well received by customers and industry experts who see them driving rapid EV adoption and conquest sales for GM, including in coastal markets.
The Chevrolet Bolt EV and Bolt EUV will continue to play an important role too. We're increasing production from 44,000 units this year to 70,000 units next year, and we will leverage our industry-leading loyalty to move these customers into one of our new EVs for their next purchase."
Lucid Group, Inc. (NASDAQ: LCID), with the longest-range, fastest-charging electric car on the market, announced the opening of its first Studio in the Middle East, located in Riyadh, Saudi Arabia. The luxury retail space will invite customers to experience the brand and its products in the heart of Riyadh's Al Nakheel District. With a direct-to-consumer model, every Lucid Studio offers a digitally oriented premium experience tailored to each customer's preferences, whether they visit in person, make enquiries entirely online, or combine the two.
"The launch of our first Studio in the Middle East marks yet another step towards Lucid's mission to inspire the adoption of sustainable energy on a global scale, and I'm delighted this brand-new studio is set to open here in Saudi Arabia," said Peter Rawlinson, Lucid's CEO and CTO. "Saudi Arabia recognizes the seismic transition toward automobile electrification and it looks to the future to secure a better world for generations to come with Saudi Vision 2030."
Lucid's Riyadh Studio will allow customers to fully experience the brand and gain information about its products in a location that underscores the company's unique design aesthetic. Exploring a Lucid Studio, visitors will get a vision of how the company draws inspiration from the beauty, innovation, and diversity of its home, the state of California.
In other big news in the sector, BMW Group (BMW.DE) recently announced a $1.7 Billion (USD) investment to build electric vehicles in the US. Of the total, $1 billion will be to prepare for the production of electric vehicles at the company's existing US manufacturing facility in South Carolina, and $700 million to build a new high-voltage battery assembly facility in nearby Woodruff, SC. By 2030, BMW Group will build at least six fully electric models in the US.
The new facility will encompass over 1 million sq. ft., and produce next generation batteries for fully electric vehicles. Around 300 new jobs will be created on site.
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