UK Car Sales Leap 28% in January Thanks to Surging Electric Vehicles Demand

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NEW YORK, April 25, 2022 /PRNewswire/ -- UK car sales jumped 28% in January 2022, the biggest rebound in seven months thanks to rising demand for battery-powered vehicles. According to the Society of Motor Manufacturers and Traders, one in five buyers opted for a car with a battery, with shipments of fully electric vehicles more than doubling and plug-in hybrids rising 47%. Globally, EV sales are continuing to rise in 2022 after more than tripling their market share between 2019 to 2021. The increased adoption of electric vehicles in the UK and across the world is beneficial for companies like EV Technology Group (NEO:EVTG), Tesla (NASDAQ: TSLA), Nio (NYSE:NIO), Arrival (NASDAQ: ARVL), and ElectraMeccanica (NASDAQ: SOLO), who are all developing new electric vehicles for the growing market.

Founded in 2021, EV Technology Group (NEO:EVTG) is a global end-to-end electric vehicle company helping companies like MOKE International Limited (MIL) transition into the booming electric era.  The company, which entered the public markets earlier this month after receiving final approval to list its common shares on Canada's Neo Exchange, has continued to bolster its business and leadership team.

On April 13, EV Technology announced that it has commenced construction on the MOKE flagship store in St Tropez, France. The construction is in line with the company's strategy of electrifying iconic brands by carefully selecting legendary cars and bringing them to market with an electric twist.

EV Technology Group also recently strengthened its leadership team with the appointment of Dan Burge as Chief Product Officer. Burge is a highly experienced global automotive industry executive with over 20 years in high-level commercial, operational and technical roles. Previous roles have included Commercial Director of Lotus Engineering, and senior commercial and programme roles at Williams Advanced Engineering and Prodrive Automotive Technologies.

Burge will play a key role in building out the product team at EV Technology Group, focusing on incubating new models, brands and other opportunities. He will also open and run a newly formed US office for the Group, based in California.

EV Technology Group entered the growing electric vehicle market in November through a strategic investment in MOKE International Limited, the official producer of MOKE vehicles since 2015 when it acquired the original 1964 brand. As the largest shareholder of MIL, EV Technology Group is working with the company to launch the MOKE Electric in summer 2022 and roll out vehicles across Europe and internationally. The release of this ground-breaking electric vehicle aligns with EV Technology Group's mission of bringing joy back to motoring by creating sleek, new experiences for drivers, as well as supporting greener transportation and a carbon-neutral world.

For more information about EV Technology Group (NEO:EVTG), click here.

EV Companies See Higher Delivery of EV Vehicles

On January 26, Tesla (NASDAQ:TSLA) reported fourth-quarter results. Revenue increased 65% to $17.72 billion. Automotive revenue totaled $15.97 billion, up 71%, according to a statement. Energy generation and storage revenue was $688 million, down 8%. This is the lowest revenue for this division since the first quarter of 2021. Net profit rose by about 760% to $2.32 billion. Tesla had a gross margin of 27.4%, compared to 26.6% in the previous quarter. The automaker warned that supply chain issues could persist through 2022. CEO Elon Musk said on the company's earnings call that he expects Tesla to remain "chip-limited" in 2022, so the company won't be introducing any new vehicle models this year. Tesla's first U.S. factory in Fremont, California hit 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-leading company in the premium smart electric vehicle market, delivered 9,652 vehicles in January 2022, representing a 33.6% year-over-year increase. As of January 31, 2022, cumulative deliveries of the ES8, ES6 and EC6 reached 176,722 vehicles. In January 2022, the company released Aspen 3.0.5 NO, which is exclusively developed for Norway, to local market users, marking its first firmware update over the air (FOTA) outside of China. Aspen is Nio's intelligent 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 ride-hailing 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 phase of design, continuing to evolve the product to create the most efficient, safe, and desirable vehicle tailored specifically for this market.

ElectraMeccanica (NASDAQ:SOLO), a designer and manufacturer of electric vehicles revolutionizing the urban driving experience, announced in February that the company has delivered a total of 20 SOLO electric vehicles to 15 fleets and commercial customers since deliveries began in October 2021. Since the start of 2022, ElectraMeccanica has delivered a total of 20 SOLO electric vehicles to reservation and fleet holders as of January 31, 2022. Fleet customers include Tier 1 brands such as Which Wich, UC Berkeley, City of Mesa, and Skechers.

Meanwhile, EV Technology Group is gearing up to launch the MOKE Electric in summer 2022 and roll out vehicles across Europe and internationally. It recently announced construction of its flagship store in St Tropez, which is set to open in the summer of 2022.

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