Global Electric Vehicle (EV) Market Expected to Reach $1.1 Trillion By 2030

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Nov 09, 2022, 08:45 ET

PALM BEACH, Fla, Nov. 9, 2022 /PRNewswire/ -- FinancialNewsMedia.com News Commentary: In recent years, electric vehicles have been deployed to replace traditional modes of transportation to reduce pollution. It has become extremely significant as a result of technological developments such as low carbon emission and maintenance, smoother driving, less engine noise, and improved fuel economy. Electric vehicles are those that are either partly or completely powered by electricity. Electric vehicles have several advantages over traditional fuel-powered vehicles, including cheap operating costs, zero carbon emissions, and others because they are powered by electricity. Consumers' changing attitudes toward electric vehicles are boosting market growth as they become increasingly worried about pollution. One of the key factors propelling the expansion of the electric vehicle industry is the rise in EV sales across the globe. Increasing environmental concerns, customer preference is quickly shifting toward passenger and commercial electric vehicles (EV). Attributed to the rise in the population's disposable income, luxury car manufacturing and sales have increased globally, causing the market to grow more quickly. Production of automobiles increases as demand for these improved vehicles rises. Additionally, the market for electric vehicles is positively impacted by expanding urbanization, lifestyle changes, an increase in investments, and rising consumer spending. Market participants have lucrative opportunities thanks to the rising demand for electric vehicles in the automotive and transportation industries. Active Companies in the markets today include: Mullen Automotive, Inc. (NASDAQ: MULN), Canoo Inc. (NASDAQ: GOEV), Lordstown Motors Corp. (NASDAQ: RIDE), Fisker Inc. (NYSE: FSR), ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO).

A report from Beyond Market Insights projected that the global Electric Vehicle market, which was worth around USD 178.5 billion in 2021 is predicted to grow to around USD 1108.8 billion by 2030 with a compound annual growth rate (CAGR) of roughly 22.5% between 2022 and 2030. The report said: "On the basis of end-use, the electric vehicle market is segmented into private and commercial fleets. The commercial fleets segment is expected to grow significantly in the global electric vehicle market during the projection period. Rising fuel prices, tight environmental restrictions enforced by governments, increased usage of autonomous delivery vehicles, and increased use of electric buses and trucks are all contributing to this market's strong rise. Commercial electric vehicles are anticipated to become more common on the road in the future. Electric commercial cars not only reduce greenhouse gas emissions and reliance on fossil fuels, but they also provide smooth operation and adherence to the latest emission requirements. The major companies in the electric vehicle market have moved their attention to product production and are launching important tactics including mergers, acquisitions, and joint ventures with domestic and major players to expand their product offerings and solidify their market position globally."

Mullen Automotive, Inc. (NASDAQ: MULN) BREAKING NEWS: Mullen Enters into Agreement with Newgate Motor Group, one of Ireland's most Recognized Auto Groups, to Distribute the Mullen I-GO^TMin Ireland and United Kingdom - Dealer Group agrees to purchase 500 vehicles per year - Mullen Automotive, Inc. ("Mullen" or the "Company"), an emerging electric vehicle ("EV") manufacturer, announces today that it has entered into an agreement to appoint Newgate Motor Group, one of Ireland's most recognized dealership groups, as marketing, sales, distribution and servicing agent for the Mullen I-GO in Ireland and the United Kingdom.

Newgate Motor Group has over forty years of experience in the motor industry and has built up an excellent reputation during that time. They are well respected in the auto industry and represent several brands including Renault/Dacia, Kia, and Mercedes Benz. In addition to being a key retail group in Ireland, they also have substantial relationships in the vehicle distribution business throughout the United Kingdom and various parts of Europe. Newgate Motor Group also represents XBUS and Evetta electric vehicles from the German based company Electric Brands.

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 UK, Germany, Spain, France, and Ireland, with the first vehicles set for Germany in December 2022.

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 on first shipment of vehicles is December 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."

"We believe the Mullen I-GO is the logistical solution the European market is looking for as demand increases for zero emission delivery vehicles. The demand for zero emission, compact, delivery vehicles has never been higher, we believe Mullen have produced a vehicle to meet this demand and has the potential to command a substantial market share" said James Ring, General Manager Newgate Motor Group.

The I-GO will join Mullen's current commercial vehicle lineup, which includes Class 1 and 2 EV cargo vans. Mullen recently made a majority acquisition of Bollinger Motors, whose portfolio includes Class 3 through Class 6 commercial vehicles. In addition to securing the exclusive sales, distribution, and branding rights for the I-GO for Spain, France, Germany, UK, and Ireland, the Company entered into an Asset Purchase Agreement to acquire all assets of Electric Last Mile Solutions, Inc. and Electric Last Mile, Inc. ("ELMS") from the ELMS Bankruptcy Estates. CONTINUED… Read this full release for Mullen Automotive at: https://www.financialnewsmedia.com/muln-news/

Other recent developments in the markets include:

Canoo Inc. (NASDAQ: GOEV) recently said it would build a battery manufacturing facility at Pryor in Oklahoma with a capacity of 3,200 Megawatt hours production. The company's Pryor facility will make proprietary battery modules, energy management system and thermal control technology, CEO and Chairman Tony Aquila said.

Canoo added it will be the first electric vehicle company to produce battery modules using hydro-power from the Grand River Dam Authority. The company's new battery manufacturing facility will be in the same industrial park as its future "MegaMicro" factory, Canoo said. Canoo last year announced Panasonic Holdings Corp, which also supplies battery cells to Tesla Inc, will be its provider for manufacturing battery packs.

Lordstown Motors Corp. (NASDAQ: RIDE), an original equipment manufacturer of electric vehicles focused on the commercial fleet market, and Foxconn Ventures Pte. Ltd., an affiliate of global technology company Hon Hai Technology Group ("Foxconn") (TWSE: 2317), recently announced that they reached an agreement pursuant to which Foxconn agreed to make additional equity investments in LMC (collectively, the "Investment Transactions") in the form of $70 million of LMC's Class A common stock, $0.0001 par value per share (the "Common Stock"), and up to $100 million of a newly created Series A Convertible Preferred Stock, $0.0001 par value per share (the "Preferred Stock," and together with the Common Stock, the "Securities"). Upon completion of the Investment Transactions, Foxconn is expected to hold all of LMC's outstanding Preferred Stock and 18.3% of its Common Stock on a pro-forma basis, and will have the right to designate two members of LMC's Board of Directors.

Lordstown Motors will use the proceeds from the sale of the Common Stock for general corporate purposes and the proceeds from the sale of the Preferred Stock to fund development and design activities for a new electric vehicle program in collaboration with Foxconn (the "EV Program"). The $100 million direct Preferred Stock investment replaces the joint venture funding previously announced by Foxconn and LMC.

Fisker Inc. (NYSE: FSR) a passionate creator of the world's most sustainable electric vehicles and advanced mobility solutions -- recently announced its financial results for the third quarter ended September 30, 2022. "Fisker is delivering on our SOP commitment despite a challenging environment due to our focused collaboration with all of our partners and suppliers. We are making deliberate choices on how to best deploy capital and structure our assembly volumes for a successful ramp," stated Henrik Fisker, Chairman and Chief Executive Officer of Fisker.

"Last month at the Paris Auto Show, we unveiled several innovative and industry-first features in the Fisker Ocean including our unique interface. This is a very exciting time for Fisker, with the start of production for the Ocean just two weeks away. Thank you for your continued confidence in our team," Fisker added.

ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO), a designer and manufacturer of electric vehicles revolutionizing the urban driving experience, recently announced the launch of its first-ever TV campaign with two creative spots airing in key markets in California and Arizona.

ElectraMeccanica Vehicles Corp. is a designer and manufacturer of environmentally efficient electric vehicles (EVs). The company's flagship vehicle is the innovative, purpose-built, single-seat EV called the SOLO. This three-wheeled vehicle will revolutionize the urban driving experience, including commuting, delivery and shared mobility. Engineered for a single occupant, it offers a unique driving experience for the environmentally conscious consumer.

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