EV Companies on the Rise: The Battle for the Top EV Manufacturer is Only Just Beginning
Vancouver, Kelowna, and Delta, British Columbia--(Newsfile Corp. - November 16, 2022) - Investor Ideas Investorideas.com, a leading investor resource covering EV stocks releases a special news report on the continued growth within the sector, despite supply chain and resource issues. As the sector gains more momentum, more competition is coming to market up against favored EV manufacturer Tesla, from both domestic and international companies.
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Emerging electric vehicle ("EV") manufacturer, Mullen Automotive, Inc. (NASDAQ: MULN), announced recently that it has successfully completed the third stop of the Mullen FIVE 'Strikingly Different' EV Crossover Tour in Las Vegas, Nevada. Mullen continues onwards to Texas, with its most recent stop in Dallas on November 14th. The tour's first three stops - Pasadena, CA, Anaheim, CA, and Las Vegas, NV - were completely booked out and saw an overwhelmingly positive response from participants. Mullen had great interactions in Las Vegas, including a visit from Social Media EV influencer, Joe Fay.
From the news: Joe is a well-known Tesla EV influencer with over a billion views across TikTok, YouTube, and Facebook. "I'm completely blown away by the design, craftsmanship, and quality of the FIVE and can't wait to get this vehicle out in front of my fans."
Continued: The Mullen FIVE EV Crossover on tour is equipped with a completely updated infotainment system featuring PERSONA, Mullen's proprietary Personal Vehicle Assistant (PVA), which utilizes facial recognition technology to provide every driver with a highly personalized experience. Participants had the opportunity to interact with and witness PERSONA in action.
"This tour not only allows the public to see what Mullen has to offer and what we have been working on but also allows us to hear what the public has to say about the FIVE," said David Michery, CEO and Chairman of Mullen Automotive. "We are gathering customer inputs from everyone on the tour and will be working on integrating the feedback gathered into the Mullen FIVE over the next few months."
This follows the company's recent announcement that it has entered into an agreement to appoint Newgate Motor Group, one of Ireland's most recognized dealership groups, as the marketing, sales, distribution and servicing agent for the Mullen I-GO™ in Ireland and the United Kingdom.
From the news: The I-GO™ is Mullen's recently announced urban commercial delivery vehicle, designed to bridge the gap between the growing demand for quick deliveries and space constraints in dense cities throughout Europe. The Mullen I-GO™ is EU standard homologated, certified and ready for sale in initial markets of the U.K., Germany, Spain, France and Ireland, with the first vehicles set to be released in Germany in December 2022.
Continued: Mullen and Newgate will also enter into a dealer agreement, which will encompass sales training, service training, flooring, parts, warranty and similar matters that an OEM would typically provide to its dealers. That agreement will also address the terms upon which Newgate Motor Group will purchase the initial units of the I-GO™ for vehicle demonstrations and the 500-vehicles-per-year purchase order. The expected delivery date for the first shipment of vehicles is Dec. 20, 2022.
"This is a highly strategic partnership for Mullen, with Newgate being one of Ireland's most recognizable dealers for new and used vehicles; it brings us an incredible opportunity to enter the commercial EV market in Europe with a very successful retail group," said David Michery, CEO and Chairman of Mullen Automotive. "We are currently working closely with Newgate on the importation, registration and licensing requirements for the successful import and distribution of the I-GO™ into Ireland and the United Kingdom."
NIO Inc., the leading Chinese company in the premium smart electric vehicle market, recently announced its unaudited financial results for the third quarter ended September 30, 2022.
"NIO delivered 31,607 vehicles in the third quarter of 2022, representing a solid growth of 29.3% year-over-year and achieving a record-breaking quarterly delivery. Following the delivery of our new product lineup based on NIO Technology 2.0 catering to different market segments, we have witnessed strong growth momentum in user demand and robust foot traffic, especially after the debut of ET5s in stores from September, and expect the ET5 delivery will support a substantial acceleration of our overall revenue growth in the fourth quarter of 2022. To meet the growing user demand and shorten the waiting time, we have been working closely with supply chain partners to accelerate production and delivery," said William Bin Li, Founder, Chairman and Chief Executive Officer of NIO.
"At the NIO Berlin 2022 on November 7, we introduced our compelling products and holistic service system to more users in Europe. Encouraged by the rave reviews from the local users and media, we have full confidence in our future performance in Europe," added Mr. Li.
"We achieved solid top line growth in the third quarter of 2022 against a challenging market environment," added Steven Wei Feng, Chief Financial Officer of NIO. "We aim to consistently enhance the holistic user experience for our global user community by investing in core technology development as well as power network expansion, while continuously improving our operational execution and efficiency."
A recent Reuter's article reports, "Chinese electric automaker Nio Inc reported a bigger quarterly loss due to a jump in costs, and said it expects deliveries to almost double in the current quarter. Most Chinese electric vehicle (EV) makers are battling higher battery prices, intensifying competition and a rise in cost of sales. Sales at Nio, Xpeng Inc and Li Auto Inc have surged in recent quarters on robust demand, helping them emerge as strong rivals to home-grown BYD Co and U.S.-based Tesla Inc."
Rivian Automotive, Inc. also recently published a letter to its shareholders containing the company's third quarter 2022 financial results. In the letter, Rivan management commented, "The past year has represented important progress for Rivian's long-term success. We launched four variants across our consumer and commercial vehicle platforms, were awarded MotorTrend's Truck of the Year along with other media accolades, produced more than 15,000 vehicles and continue to ramp our production, and launched our go-to-market operations and services including our physical service centers and mobile service vehicles, delivery operations, FleetOS, financing, insurance, remarketing, and the Rivian Adventure Network; our in-house developed and produced direct current fast-chargers. It has been rewarding to see the excitement and enthusiasm for our first-generation products. Over the recent months, we achieved key operational and strategic milestones. Production continued to ramp on our R1 and RCV platform lines; we produced 7,363 total vehicles during the quarter representing a 67% increase as compared to the second quarter of 2022. We recently initiated our second manufacturing shift and remain focused on ramping production to meet the strong demand for our products. As we navigate through these uncertain economic times, we are encouraged by the strong demand for our products as evidenced by our robust pre order backlog. The third quarter was also important for our commercial business. Amazon recently announced its custom EDVs are making deliveries in over 100 U.S. cities. In addition, in September we announced the signing of a Memorandum of Understanding ("MOU") for a strategic partnership with Mercedes-Benz which reflects our shared goal to rapidly scale the production of electric vans to help the world transition to cleaner transportation."
A recent Motley Fool article reported, "EV leader Tesla on Friday, November 11th, was underperforming start-ups like Lucid Group and Rivian Automotive. While Lucid and Rivian shares jumped nearly 9% and over 5%, respectively, Tesla stock didn't spike. As of 2 p.m. ET, Tesla shares were up just 2.5%, while Lucid and Rivian stocks were higher by 6.2% and 4.5%, respectively."
The article continued, "Lucid and Rivian both reported third-quarter earnings updates this week, and it was a mixed bag. Both continue to lose vast amounts of money, which was expected. The response to Rivian's report was more positive because its pre-order backlog continues to grow, and the company is quickly ramping up production volumes. Lucid reported a decline in reservations but said it still expects to hit its conservative production target for 2022. Both companies have a large amount of cash on hand. But Rivian expects its cash balance to carry it just through 2025 and Lucid only into the fourth quarter of next year. "
"Tesla Inc. shares have fluctuated recently as investors seem to be wondering just how much time and money Twitter might cost Musk. After his most recent share sales, it's reasonable to wonder if there will be more coming if Twitter needs more cash injections. It also follows that a struggling business will take more of Musk's time and attention. "
This follows recent Reuters news that "Tesla has cut the delivery waiting time for all Model 3 and Model Y vehicles to a minimum of one week. The U.S. automaker added to its electric vehicle inventory in Shanghai at its fastest pace ever in October, data from China Merchants Bank International (CMBI) showed, at a time when automakers and investors are bracing for a downturn in the world's largest car market."
"Tesla had cut prices for its Model 3 and Model Y cars in China last month to boost sales.
Last week, the company offered an additional rebate for buyers who take delivery this month and buy insurance from one of Tesla's partners."
From recent news at BNNBloomberg; "China just reported electric-vehicle sales data for October, and the numbers continue to break records. A total of 722,000 plug-in passenger and commercial vehicles were sold. Battery-electric vehicles were 22% of the passenger car market, and plug-in hybrids claimed another 9% share."
As sales continue to expand both domestically and internationally, both long-time EV manufacturers like Tesla and newcomers like Mullen Automotive will have to continue to innovate and find new approaches in marketing to stand out and gain real market share. As we see the overall EV market move from the hypothetical to a global reality, the battle for the top EV manufacturer is only just beginning.
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