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NEW YORK, April 25, 2022 /PRNewswire/ — UK Car Sales jumped 28% in January 2022, the strongest rebound in seven months thanks to growing demand for battery-powered vehicles. According to the Society of Motor Manufacturers and Traders, one in five buyers opted for a battery-powered car, with shipments of all-electric vehicles more than doubling and plug-in hybrids increasing by 47%. Globally, electric vehicle sales continue to increase in 2022 after more than tripled their market share between 2019 and 2021. The increased adoption of electric vehicles in the UK and globally is beneficial for companies like EV Technology Group (NEO:EVTG), You’re here (NASDAQ: TSLA), Nio (NYSE: NIO), Arrival (NASDAQ: ARVL), and ElectraMeccanica (NASDAQ: SOLO), all of which are developing new electric vehicles for the growing market.
Founded in 2021, EV Technology Group (NEO: EVTG) is an end-to-end global electric vehicle company helping companies like MOKE International Limited (MIL) transition into the burgeoning electric era. The company, which went public earlier this month after receiving final approval to list its common stock on the from Canada Neo Exchange, continued to strengthen its sales and management team.
On April 13, EV technology announced the start of construction of the MOKE flagship store in St. Tropez, France. The build is in line with the company’s strategy of electrifying iconic brands by carefully selecting legendary cars and marketing them with an electric touch.
EV Technology Group also recently strengthened its management team with the appointment of Dan Burge as product manager. Burge is a highly experienced global automotive industry executive with over 20 years of experience in senior commercial, operational and technical roles. Previous roles have included Commercial Director of Lotus Engineering, and senior commercial and program roles at Williams Advanced Engineering and Prodrive Automotive Technologies.
Burge will play a key role in building the product team at EV Technology Group, focusing on incubating new models, brands and other opportunities. He will also open and lead a new US office for the Group, based in California.
EV Technology Group entered the growing electric vehicle market in November with a strategic investment in MOKE International Limited, the official producer of MOKE vehicles since 2015 when it acquired the original brand in 1964. As the first shareholder of MIL, EV Technology Group is working with the company to launch the MOKE Electric in summer 2022 and deploy vehicles across Europe and internationally. The release of this revolutionary electric vehicle aligns with EV Technology Groupis on a mission to make motoring fun again by creating stylish new experiences for drivers, as well as supporting greener transportation and a carbon neutral world.
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Electric vehicle companies see an increase in delivery of electric vehicles
On January 26, Tesla (NASDAQ:TSLA) reported fourth quarter results. Revenues increased by 65% to reach $17.72 billion. Automotive turnover totals $15.97 billion, up 71%, according to a statement. Energy production and storage revenue was $688 million, down 8%. This is the lowest revenue for this division since the first quarter of 2021. Net profit increased by approximately 760% to reach $2.32 billion. You’re here had a gross margin of 27.4%, compared to 26.6% in the prior quarter. The automaker has warned that supply chain issues could persist well into 2022. CEO Elon Musk mentioned on the company’s earnings call he expects to You’re here to remain “chip-limited” in 2022, the company will therefore not introduce any new vehicle models this year. You’re hereAmerica’s first factory Fremont, California reached record production in 2021. The company aims to expand the capacity of this facility beyond 600,000 cars per year.
Nio (NYSE:NIO), a pioneer and market leader in high-end smart electric vehicles, delivered 9,652 vehicles in January 2022, representing a 33.6% year-over-year increase. From January 31, 2022, cumulative deliveries of the ES8, ES6 and EC6 reached 176,722 vehicles. In January 2022the company released aspen 3.0.5 NO, which is exclusively developed for Norwayto local market users, marking its first firmware update over the air (FOTA) outside of China. aspen is Niointelligent vehicle operating system based on Nio Technology Platform 1.0 (NT1.0). In addition, the company accelerated the deployment of its electricity, sales and service network. Infrastructure expansion serves as a solid foundation to continuously deliver experiences beyond expectations to users.
In December, Arrival (NASDAQ:ARVL) unveiled the first finished prototype of the arrival car. This car was designed specifically for the ridesharing industry to provide the best possible experience for drivers and passengers and to bring clean air to urban environments where most ridesharing mileage occurs. Arrival was able to develop the car alongside Uber drivers in just over six months. Arrival vehicles are designed from the ground up and vertically integrated using a radical new method of design and production using micro-factories – a totally transformative approach to automotive production. Arrival will now begin testing the car and incorporate feedback into the next design phase, continuing to evolve the product to create the most efficient, safe and desirable vehicle specifically designed for this market.
Electra Meccanica (NASDAQ: SOLO), designer and manufacturer of electric vehicles revolutionizing the urban driving experience, announced in February that the company a book a total of 20 SOLO electric vehicles to 15 fleets and commercial customers since the start of deliveries in October 2021. Since the beginning of 2022, ElectraMeccanica delivered a total of 20 SOLO electric vehicles to reservation and fleet holders from January 31, 2022. Fleet customers include Tier 1 brands such as Which Wich, UC Berkeley, City of Mesa and Skechers.
Meanwhile, EV Technology Group prepares to launch the MOKE Electric in the summer of 2022 and deploy vehicles across Europe and internationally. This recently announced construction of its flagship store in St. Tropezscheduled to open in the summer of 2022.
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