Electric Vehicles Are Slated to Increase to Global Share of 22% in 2030 and Reaching $567 Billion by 2025

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Oct 19, 2022, 08:30 ET

FinancialNewsMedia.com News Commentary

PALM BEACH, Fla., Oct. 19, 2022 /PRNewswire/ -- The Electric Vehicle (EV) market has been growing in recent years and seems destined to continue to grow at an increasing rate in years to come. According to the Edison Electric Institute, there are already more than a million EVs on U.S. roads, and there will be a projected 18 million by 2030. There are many reasons, according to Cars.com, for the increased popularity of electric vehicles. Some reasons involve the elimination of old fears, while others please a new kind of consumer. An article in BlinkCharging.com said: "As more charging stations are built, range anxiety- the number one reason potential consumers have long given for not buying an EV- becomes less of a threat. The result is that the number of potential consumers with range anxiety has dipped 6% in the last year. As reports from EV owners come back saying they have not ever run out of a charge or had trouble finding a charging station, more people are willing to move past their misgivings and try an EV. New consumers are also paying attention to reports of maintenance-free cars that are ultimately a lot cheaper than their gas-powered counterparts. In fact, lower long terms costs is one of the top reasons consumers choose EVs. According to Energysage.com, the cost of operating a gas-powered vehicle each year is $1,117, while the yearly cost of operation for an EV is $485. And the difference may get even larger—the U.S. has kept gas prices artificially low for years (Europeans pay more like $6-$7 dollars a gallon), a habit that will have to end at some point as the limited resource becomes rarer. The higher gas prices soar, the more EVs will be on the road." Active Companies in the markets today include: Mullen Automotive, Inc. (NASDAQ: MULN), Lucid Group, Inc. (NASDAQ: LCID), Rivian Automotive, Inc. (NASDAQ: RIVN), Nikola Corporation (NASDAQ: NKLA), Fisker Inc. (NYSE: FSR).

BlinkCharging.com added: "According to CBInsights Auto and Mobility Trends, Electric vehicles are slated to increase from a 2% global share in 2016 to 22% in 2030. "The global electric vehicle market size was valued at $118,864.5 million in 2017 and is projected to reach $567,299.8 million by 2025", according to Allied Market Research. While China, France, and Norway have been the largest buyers of EVs in the past, North America is set to be the biggest market going into 2025. Though some still have doubts the electric revolution will replace most gas-powered cars, EVs become more popular and numerous every day, as the reasons to become an EV driver continue to grow."

Mullen Automotive, Inc. (NASDAQ: MULN) BREAKING NEWS: Mullen Continues Acquisition Path with Purchase of ELMS Assets Including Factory in Mishawaka, IN., Enabling EV Production for Retail and Commercial Vehicle Lines - Mullen Automotive, Inc. ("Mullen" or the "Company"), an emerging electric vehicle ("EV") manufacturer, announces the US Bankruptcy Court approval on Oct. 13th, 2022 of its acquisition of electric vehicle company ELMS's (Electric Last Mile Solutions) assets in an all cash purchase. In the Chapter 7 approved transaction Mullen will acquire ELMS's manufacturing plant, all inventory and intellectual property.

Acquisition benefits include:

The factory in Mishawaka, IN providing Mullen with the capability to produce up to 50,000 vehicles per year
Allows acceleration of the path to production and market for Mullen FIVE and Bollinger B1, B2 retail vehicles by 12 plus months
Commercial Product Platforms to be assembled at Mullen's Tunica MS. Facility, for Launch of Mullen Class 1 and Class 3 Commercial Delivery vehicles into Market in 2023.
The platform and plant acquisition results in a significant reduction of the Company's previously forecast overall spend

The Mishawaka, IN factory that forms part of the Company's acquisition, previously produced General Motors Hummer H2 SUV and SUT and also subsequently contract manufactured the Mercedes-Benz R-Class vehicle. This makes it the perfect fit for production of the Mullen and Bollinger portfolio of consumer vehicles. The ELMS asset acquisition, and the recent acquisition of the majority ownership of Bollinger Motors, gives Mullen the ability to integrate Bollinger's vehicle platforms, B1 and B2 along with Mullen's FIVE and FIVE RS platforms into an already existing and capable high volume manufacturing facility. As a result, this will accelerate launch of the Bollinger B1, B2 retail vehicles by 12 plus months.

Manufacturing optimization will include moving the Mullen FIVE EV Crossover production to the Mishawaka Factory from the Tunica, MS facility. Mullen FIVE production is planned to begin production in 2024. Tunica will now become the Commercial Manufacturing Center and capitalize to produce all Mullen and Bollinger Class 1 to 6 commercial vehicles.

With the additional Manufacturing capacity, total production volumes are expected to exceed Mullen's previous business plan projections. The commercial portfolio is expected to increase over 50% with the addition of the ELMS assets and the retail portfolio is expected to more than double with the addition of Bollinger vehicles and the manufacturing capacity of Mishawaka. CONTINUED… Read this full release for Mullen Automotive at: https://www.financialnewsmedia.com/muln-news/

Other recent developments in the markets include:

Lucid Group, Inc. (NASDAQ: LCID), setting new standards with the longest-range, fastest-charging electric car on the market, recently announced the release of Lucid UX 2.0, its most extensive software update thus far, with hundreds of updates and new features for every Lucid Air on the road – delivered over-the-air and complimentary for owners.

The vast array of updates includes enhancements for virtually every user touchpoint in the car, including "instant-on" Glass Cockpit and Pilot Panel displays; the introduction of Highway Assist for the DreamDrive advanced driver assistance system; redesigned on-screen layouts; and much more.

"This extensive software update, comprising tens of millions of new lines of source code across nearly every updateable computer in the vehicle, is achievable because the Lucid Air was engineered from the start with the capability to get better over time," said Michael Bell, Senior Vice President of Digital, Lucid Group. "Thanks to our integrated software and hardware engineering, Lucid has the in-house technical depth to enhance our vehicles long after they leave the assembly line."

Rivian Automotive, Inc. (NASDAQ: RIVN) recently announced production totals for the quarter ending September 30, 2022. The company produced 7,363 vehicles at its manufacturing facility in Normal, Illinois and delivered 6,584 vehicles during the same period. These figures remain in line with the company's expectations, and it believes it is on track to deliver on the 25,000 annual production guidance previously provided.

Rivian exists to create products and services that help our planet transition to carbon neutral energy and transportation. Rivian designs, develops, and manufactures category-defining electric vehicles and accessories and sells them directly to customers in the consumer and commercial markets. Rivian complements its vehicles with a full suite of proprietary, value-added services that address the entire lifecycle of the vehicle and deepen its customer relationships.

Nikola Corporation (NASDAQ: NKLA), a provider of zero-emissions transportation and energy infrastructure solutions, recently announced the completion of its acquisition of Romeo Power, Inc. ("Romeo").

"We are pleased to complete the acquisition of Romeo and look forward to executing on the opportunities ahead," said Michael Lohscheller, Nikola's President. "The acquisition of Romeo will enhance Nikola's capabilities, allowing us to vertically integrate in an effort to accelerate product development and improve performance for our customers. Today's milestone further solidifies our commitment to transforming the transportation industry."

Fisker Inc. (NYSE: FSR) – passionate creator of the world's most sustainable electric vehicles and advanced mobility solutions – recently announced that it is achieving manufacturing milestones as 95 prototype Fisker Oceans have already rolled off partner Magna Steyr's production system. Fisker will use the early-run vehicles to train service workers, conduct rigorous testing, and showcase the five-passenger, all-electric SUV across nine launch markets.

"It's fantastic to see the quality of the Fisker Oceans currently being manufactured, and to also see them incrementally improving on every visit," Chairman and CEO Henrik Fisker said. "It's rewarding to observe the continuous improvements to manufacturing speed on the assembly line. Our marketing and service teams are thrilled to get their hands on cars before the official production starts so they can thoroughly prepare for deliveries and promote the Fisker Ocean in our launch markets. This phase of assembly marks the onset of improvement and refinement for start of production and through ramp-up."

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