The mere mention of electric vehicles is enough to drive related stocks higher. Just over the last few days, Spi Energy Co. Ltd. for example exploded from a low of 97 cents to a high of $46.67 on an announcement it was launching an electric vehicle business. Even shares of Piedmont Lithium Ltd. popped from a low of $8.55 to $54.50 on news of a lithium deal with Tesla. After all, when it comes to electric vehicles, there’s plenty to get excited about. According to a new study from the Boston Consulting Group, by 2025, EVs could account for a third of all auto sales. By 2030, EVs could surpass internal combustion engine vehicles with a market share of 51%. Part of the reason for that are governments all over the world.
In the U.S., California Gov. Gavin Newsom just signed an executive order that will ban the sale of gas-powered passenger cars in the state starting in 2035. That means only EVs will be available for purchase in the next 15 years. In Europe, “Automakers need to sell more electric vehicles after EU lawmakers in December 2018 ordered them to cut CO2 emissions by 40 percent between 2007 and 2021, and then by a further of 38 percent by 2030, or face fines.”
China just extended its subsidies for EVs, driving even more growth. In fact, according to a McKinsey report, EV market share in China is expected to grow 11 to 14% by 2022. More than 1.2 million EVs were sold in the country just in 2019. All of which is driving growth for VGrab Communications Inc. (OTCQB:VGRBF), Tesla Inc. (NASDAQ:TSLA), Nikola Corporation (NASDAQ:NKLA), Nio Inc. (NYSE:NIO), and Spi Energy Co. Ltd. (NASDAQ:SPI).
VGrab Communications Inc. (OTCQB:VGRBF) BREAKING NEWS: VGrab Communications Inc. an OTCQB-listed issuer is pleased to announce that on October 1, 2020, the Company has incorporated Duesenberg Inc., a Nevada corporation in the United States of America, to undertake the development of Electric Vehicle (EV) using the Duesenberg brand. Duesenberg is a 107 years old well-known American iconic heritage brand in the automotive industry and the Company acquired the rights to use the name in 2018.
Duesenberg Inc., a wholly-owned subsidiary of VGrab, will handle the Company’s business expansion into the Duesenberg EV (Electric Vehicles) starting with the joint development for integrations of the vehicle software system with advance leading developer and suppliers for various components into the vehicle. The Company has begun negotiations on prospective financing with various parties, however there is no assurance that funding will be secured.
Duesenberg is a famed American brand founded in 1913 and known as a manufacturer of racing cars and high-end luxury automobiles. Duesenberg automobiles have been used as pace cars at The Indy 500 and won the French Grand Prix at Le Mans. Recently, a 1935 Duesenberg SSJ sold for $22 million becoming the most expensive American car ever sold at auction. More information will be disclosed in the next coming weeks.
Other related developments from around the markets include:
Tesla Inc. (NASDAQ:TSLA) produced just over 145,000 vehicles and delivered nearly 140,000 vehicles in the third quarter. According to the company, “In terms of days of sales, new vehicle inventory declined further in Q3 as we continue to improve our delivery efficiency.
Our net income and cash flow results will be announced along with the rest of our financial performance when we announce Q3 earnings. Our delivery count should be viewed as slightly conservative, as we only count a car as delivered if it is transferred to the customer and all paperwork is correct. Final numbers could vary by up to 0.5% or more. Tesla vehicle deliveries represent only one measure of the company’s financial performance and should not be relied on as an indicator of quarterly financial results, which depend on a variety of factors, including the cost of sales, foreign exchange movements and mix of directly leased vehicles.”
Nikola Corporation (NASDAQ:NKLA) announced that it has appointed Steve Shindler as a new independent director. In connection with his appointment, the Nikola Board of Directors has named Shindler Chair of the Audit Committee. The Company also announced today that Lonnie Stalsberg has decided to retire after more than three years on the Nikola Board. Shindler is a seasoned executive who brings significant corporate financial management and strategic planning experience to Nikola’s Board. He most recently served as Chief Financial Officer of VectoIQ Acquisition Corp., a publicly-traded special purpose acquisition company focused on opportunities in the industrial technology, transportation and smart mobility industries, until its business combination with Nikola Corporation in June 2020. In addition, he also serves as a director of NII Holdings, Inc., a holding company that previously owned providers of wireless communication services under the Nextel brand in Latin America. Prior to joining VectoIQ, Shindler served as Chief Executive Officer of NII from December 2012 until August 2017. He also served as Executive Chair of NII from February 2008 to July 2012 and as CEO from 2000 until February 2008. Before joining NII, Shindler was Executive Vice President and CFO of Nextel Communications from 1996 to 2000.
Nio Inc. (NYSE:NIO) a pioneer in China’s premium smart electric vehicle market, provided its September and third quarter 2020 delivery results. NIO delivered 4,708 vehicles in September 2020, a new monthly record representing a strong 133.2% year-over-year growth. The deliveries consisted of 3,210 ES6s, the Company’s 5-seater high-performance premium smart electric SUV, 1,482 ES8s, the Company’s 6-seater and 7-seater flagship premium smart electric SUV, and 16 EC6s, the Company’s 5-seater premium electric coupe SUV. NIO delivered 12,206 vehicles in the third quarter of 2020, representing an increase of 154.3% year-over-year and exceeding the higher end of the Company’s quarterly guidance. As of September 30, 2020, cumulative deliveries of the ES8, ES6 and EC6 reached 58,288 vehicles, of which 26,375 were delivered in 2020.
Spi Energy Co. Ltd. (NASDAQ:SPI) a global provider of photovoltaic (“PV”) solutions for business, residential, government and utility customers and investors, today announced the launch of Edison Future, Inc., a wholly owned subsidiary of SPI Energy, to design and develop electric vehicles (“EV”) and EV charging solutions. Mr. Xiaofeng Peng, Chief Executive Officer of SPI Energy, commented, “This is an important milestone for SPI Energy. As Tesla has demonstrated, an end-to-end business model in the renewable energy space can generate significant value. With the addition of EV and EV charging segments to our diverse solar business, we are positioning SPI Energy for the future of renewable energy.”
Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Winning Media is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement between Winning Media and VGrab Communications Inc., Winning Media has been paid three thousand dollars for advertising and marketing services for VGrab Communications Inc. . We own ZERO shares of VGrab Communications Inc. Please click here for full disclaimer.
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