#EV
Companies on the Rise: (NASDAQ: $MULN) (NASDAQ: $TSLA) (NYSE: $NIO) (NASDAQ: $RIVN)
@Mullen_USA @tesla
@NIOGlobal @Rivian
The
Battle for the Top EV Manufacturer is Only Just Beginning
Vancouver, Kelowna, Delta, BC - November
16, 2022 - Investor Ideas Investorideas.com, a
leading investor news resource covering EV stocks releases a special 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.
Read this article,
featuring MULN in full at https://www.investorideas.com/news/2022/renewable-energy/11161EV-Manufacturers.asp
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. (NYSE:
NIO),
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. (NASDAQ:
RIVN) also recently
published a letter to its shareholders containing the
company’s third quarter 2022 financial results. The letter is available on its
investor relations website (https://rivian.com/investors).
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 (TSLA -2.56%)
on Friday, November 11th, was underperforming start-ups like Lucid Group (LCID -5.42%)
and Rivian Automotive (RIVN
-1.49%). 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. (NASDAQ:
TSLA) 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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