BNEF predicts that by 2040 EV sales will rise to nearly 60% of the global auto market. That is quite a difference compared to 2010 when annual sales were close to zero. With consumers becoming more aware and conscious, along with favorable market forces that are gaining momentum, EVs are quickly becoming the future of the automotive industry with many EV companies showing massive growth potential.
E-Tractors
Ideanomics Inc (NASDAQ:IDEX) has acquired 15% of California-based Solectrac, Inc. for $1.3 million, its very first US-based OEM, Solectrac develops, assembles and distributes 100% battery-powered electric tractors for agriculture and utility operations. With this investment in Solectrac, Ideanomics expands its global footprint in the EV industry through specialty commercial vehicles. Moreover, Ideanomics gained a seat on Solectrac's Board of Directors. This opportunity will give Ideanmoics access to the global agricultural tractor market that is poised for rapid growth, although currently valued at $75 billion. The time has come to say goodbye to diesel tractors.
Solar Powered EVs
Besides recently forming an agreement with Atlis Motor Vehicles, Worksport Ltd (OTC:WKSP) has announced today to engage Thermal Technology Services Canada to test the Company's groundbreaking TerraVis solar panel technology and increase its efficiency. Increases in product efficiency of even a few per cent can make all the difference when it comes to the performance of an electric vehicle. Each additional mile counts and Worksport is set to deliver the most advanced product with solar technology, from which the technologically advanced and eagerly-anticipated for Atlis XT electric pickup truck can greatly benefit.
Traditional Automakers Are Not Wasting Any Time
General Motors Company (NYSE:GM) revived the Hummer for the 2022 GMC Hummer EV, a fully electric truck that is expected to arrive in dealership next year. Last week, GM unveiled its "Factory Zero" as it gave a new life to its Detroit-Hamtramck assembly plant. The new GMC Hummer EV electric truck will be built in this all-electric factory, accompanied by the Cruise Origin, a self-driving EV designed by GM and Honda Motor Co Ltd (NYSE:HMC). Last month, Ford Motor Company (NYSE:F) also announced plans for a new factory at its large Rouge site in Dearborn, Michigan, that will build it's the all-electric version of its legendary F-150 pickups.
New Entrants Are Upping Their Game
Northeast Ohio-based Lordstown Motors (NASDAQ:RIDE), which purchased GM's former Lordstown Assembly Complex and DiamondPeak Holdings Corp (NASDAQ:DPHC), a special purpose acquisition company, completed a merger that makes the EV startup a publicly traded company, effective Monday. The deal gives Lordstown the financing it needs to start production of its electric Endurance truck. It aims to deliver its truck by next September, the same time Rivian Automotive Inc., Tesla Inc (NASDAQ:TSLA) and General Motors Co. plan to launch their own electric truck candidates.
Outlook
On Thursday, during the last presidential debate, former Vice President Joe Biden pledged to shift the U.S. economy away from oil. This goal is impossible to reach without a wider EV adoption as road transport accounted for almost 70% of America's oil consumption in 2019. Therefore, market forces and green government policies can only accelerate the EV revolution, both in the United States and around the world, with Europe already being well on that path. A cleaner tomorrow where we will no longer have to choose between performance, economy and environmental sustainability is well underway.
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