Electric All-Terrain Vehicles Gaining Popularity with Consumers as Demand Increases

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Jan 04, 2022, 09:15 ET

PALM BEACH, Fla., Jan. 4, 2022 /PRNewswire/ -- FinancialNewsMedia.com News Commentary - An all-terrain vehicle (ATV) is a motorized off-road vehicle that is designed for commuting on four wheels with non-pneumatic or low-pressure tires with a handlebar for steering control. All-terrain vehicles are primarily subdivided into two categories: the type I category includes all-terrain vehicles intended for use by a single rider with no passenger and type II ATVs are designed for use by a rider along with the passenger. Type II ATVs are equipped with a designated seating position behind the rider. All-terrain vehicles are best known for their maneuverability in rough terrain and off-road capabilities. The sturdy vehicle design allows better protection from harsh operating environments as compared to conventional vehicles. All-terrain vehicles have applications in sports, forestry, surveying, agriculture, and military and defense. ATVs have gained popularity over the past few years as they enable access to remote areas and rough terrains and offer a convenient way to carry equipment and supplies. All-terrain vehicles are mainly used in off-road environments; however, in recent years, several regions have permitted the use of these vehicles on public roads as well. According to a report from Grand View Research, the global all-terrain vehicle market size was valued at USD 3.9 billion in 2018 and is expected to grow at a compound annual growth rate (CAGR) of 3.1% from 2019 to 2025. Active EV stocks in news today include: Volcon Inc. (NASDAQ: VLCN), Li Auto Inc. (NASDAQ: LI), Lucid Group (NASDAQ: LCID), ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO), Arcimoto, Inc.^® (NASDAQ: FUV).

The growing popularity of outdoor entertainment activities such as off-road sports activities, increasing number of trails and adventure parks, and high demand for all-terrain vehicles for military and agricultural applications are key factors driving the market growth. Increasing purchasing power and disposable income in developed, as well as emerging economies, are expected to drive the demand for all-terrain vehicles over the forecast period. The demand for all-terrain vehicles has increased in the agricultural sector for various farm-related applications such as weed control, field plowing, fence mending, animal handling, and general transportation. All-terrain vehicles are versatile and are also used in applications such as construction, manufacturing, utilities, search and rescue, and mining. Prominent companies are providing sponsorships and organizing off-road racing events and adventure sports events to gain higher product visibility and acquire new customers. Demand for gasoline ATVs is increasing owing to higher demand in military and sports applications. Heavy-duty all-terrain vehicles are primarily equipped with diesel engines, as they are used for powerful towing and material handling applications. Electric all-terrain vehicles are gaining popularity in North America and Europe as an alternative for ATVs operating on gasoline and diesel. Environmental concerns and fluctuating prices of diesel and gasoline are the factors that are expected to drive the demand for electric vehicles globally. The introduction of more powerful electric motors provides a performance advantage to electric ATVs to compete with gasoline and diesel variants. The former has a quiet engine and are hence considered suitable for activities such as hunting and wildlife rescue.

Volcon Inc. (NASDAQ: VLCN) BREAKING NEWS - Volcon Begins Shipping First Customer Products to Latin America - Guatemala and Paraguay Shipments Now in Motion as Successful Volcon Consumer Test-Ride Event in Mexico Concludes – Volcon Inc., the first all-electric, off-road powersports company, today announced the commencement of customer product deliveries to Latin America. This milestone of international expansion, signified through customer shipments to Guatemala and Paraguay, marks an important next step for Texas-based Volcon.

In early 2021, Volcon began receiving interest from distributors and dealers in Latin America for the brand's off-road motorcycle, the Grunt, along with the Runt and Stag. Distribution agreements were subsequently signed with Guatemala, Paraguay, Belize, Panama, Mexico and Costa Rica. Shipments of the first Grunts have begun to Guatemala and Paraguay, with further planned shipments to Belize, Panama, Mexico and Costa Rica to follow. We continue to receive interest from other distributors and dealers in other Latin America countries and are evaluating these opportunities to further expand the brand throughout Latin America.

View Volcon Video Here => http://volcon-investors.com

"Since the beginning we've said that Volcon off-road products are a great fit for the terrain and recreational needs of Central and South America," said Jordan Davis, Chief Executive Officer of Volcon. "The Grunt is perfect for eco-friendly riding on a ranch, in the woods, or for resort-ready fun. So it's with great pride that we make these first customer shipments to Latin America, as they are a proof point that we're moving into the next phase of our international expansion plans."

Latin America is an important market for Volcon, and the interest from consumers in the region was reflected in a recent event held in Mexico City, in which approximately 100 guests attended a family-friendly demo ride gathering. Attendees were able to experience the easy-to-ride capabilities and near-silent electric motor of the Volcon Grunt in a welcoming atmosphere. The event showcased the accessibility of the Grunt – a motorcycle with no clutch or gears that anyone with bicycle experience can easily ride – as well as the power of electric propulsion and the forward-thinking sustainable design that Volcon has created.

As Volcon expands into new product categories in 2022, including the introduction of four-wheeled models, potential demonstration events will continue throughout Latin America. CONTINUED… Read this full press release for VLCN by visiting: https://www.financialnewsmedia.com/news-vlcn/

In other EV news of note:

Lucid Group (NASDAQ: LCID), which is setting new standards with its advanced luxury electric vehicles (EVs), recently announced the appointment of Gagan Dhingra as Vice President of Accounting and Principal Accounting Officer, and Mustally Hussain as Managing Director, Global Treasurer and Head of Financial Services. Together, they bring decades of strategic leadership experience in building accounting and financial functions at various multi-national organizations.

"I am thrilled to welcome Gagan and Mustally to Lucid as we embark on another year of unprecedented growth for the company," said Sherry House, CFO, Lucid Group. "With their leadership and deep expertise, we'll be able to further develop and maintain critical infrastructure within Lucid that will best serve our stakeholders against the backdrop of the company's global expansion and growing demand for its products."

Li Auto Inc. (NASDAQ: LI), an innovator in China's new energy vehicle market, recently announced that the Company delivered 14,087 Li ONEs in December 2021, representing a 130.0% increase year over year. This took its fourth quarter deliveries to 35,221, up 40.2% quarter over quarter and 143.5% year over year. Total deliveries in 2021 increased 177.4% year over year to 90,491. The cumulative deliveries of Li ONE reached 124,088 since the vehicle's market debut.

"We set another record with more than 14,000 deliveries in December. We would like to express our heartfelt gratitude to our family users for their trust and support. In December, we released the OTA 3.0 update to all our Li ONE users, further enhancing their in-car experience. This update includes our full-stack, self-developed Navigation on ADAS (NOA), which allows over 60,000 users to enjoy safer and easier driving. In 2022, we will continue to bring our users safer, more convenient and more refined products and services. We look forward to growing with more users, creating homes on the move that bring happiness to the entire family," said Yanan Shen, co-founder and president of Li Auto. As of December 31, 2021, the Company had 206 retail stores in 102 cities, as well as 278 servicing centers and Li Auto-authorized body and paint shops operating in 204 cities.

Arcimoto, Inc.^® (NASDAQ: FUV), makers of fun, affordable, and ultra-efficient electric vehicles for everyday drivers and fleets, recently announced that it plans to deploy the first Caribbean fleet of pure electric FUVs to Turks and Caicos in Q1 2022 in collaboration with Tropical Tours and Adventures. Users will be able to rent the FUV from Tropical Tours and Adventures, the largest and leading adventure tour company operating within the Turks & Caicos Islands, to explore beautiful Providenciales, renowned for its soft, sandy beaches, the stunning Chalk Sound National Park, and the historic Cheshire Hall Plantation.

"The FUV is a perfect fit for Turks and Caicos, and we are thrilled to offer tourists and locals alike access to a clean, sustainable, and joyful new transportation solution," said Arcimoto Founder and President Mark Frohnmayer. "Nothing will compare to cruising a new FUV across Providenciales and some of the most beautiful beaches in the world."

ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO), a designer and manufacturer of electric vehicles, recently announced that the next revolution in fully-electric urban mobility is coming to the Consumer Electronics Show (CES) 2022, where the Company will showcase several variants of their award-winning single-seat, three-wheel electric SOLO EV at the Las Vegas Convention Center from January 5-8, 2022.

First previewed at CES in 2018, where it won the IHS Markit Innovation Award, the SOLO EV redefines the idea of personal urban transportation. Today, almost 80 percent of U.S. daily commutes are done alone in gas-powered passenger vehicles. Not only is this inefficient – leaving three or more empty seats in each car – it also a major environmental concern. Purpose-built around today's drivers, ElectraMeccanica's SOLO EVs provide a much-needed tech-forward, eco-friendly solution that addresses the empty space between micro-mobility (like bikes and scooters) and traditional transportation.

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