FN Media Group Presents Microsmallcap.com Market Commentary
New York, NY – July 20, 2022 – More Americans than ever are interested in buying or leasing an electric vehicle. In a national survey from Consumer Reports, 14% of people said they would “definitely” buy or lease an electric vehicle if they were looking for a new car today – a significant jump from just 4% in 2020. Meanwhile, 22% of respondents said they would “seriously consider” an electric vehicle. Despite new EVs coming in at a higher price point than new gas-powered cars, EV owners spend less on maintenance and repairs. EV owners also save a fortune on gasoline, which now costs the average US household roughly $5,000 per year, a massive jump from 2021. Americans’ growing interest for EV vehicles will boost sales for makers of EV vehicles like EV Technology Group (OTCQB:EVTGF) (NEO:EVTG), Rivian Automotive Inc. (NASDAQ:RIVN), Li Auto Inc. (NASDAQ:LI), Lordstown Motors Corp. (NASDAQ:RIDE), and Xos, Inc. (NASDAQ:XOS).
EV Technology Group (NEO:EVTG) (OTCQB:EVTGF) (FRA:B96A) is focused on acquiring iconic brands and bringing beloved motoring experiences to the electric age to help drive the EV revolution forward. The company just obtained DTC eligibility and commenced trading on the OTCQB market under the symbol “EVTGF,” offering US investors greater access to the company’s stock.
On July 20, EV Technology Group announced that it has entered a definitive agreement to acquire up to 100% of MOKE International Limited, marking its first purchase of a major iconic car brand. The transaction is valued at US$55.1 million. The company also entered into an Option Deed with the MOKE International shareholders, giving the company the option to acquire all of the remaining shares of MIL at an equity value of US$120 million for 24 months from the date of closing of the acquisition.
The MOKE is an iconic car that was first made famous by James Bond and Brigitte Bardot and has become popular in warm destinations including Australia, the South of France, and the Caribbean. During its lifetime, almost 50,000 MOKE vehicles have been sold across the globe.
This is an ideal investment for EV Technology Group and will provide the company with a template for further brand acquisitions.
The new Electric MOKE, which was recently launched, is already winning a new generation of followers and building a long waiting list in the UK and France through the Hendy dealership and the purpose built ‘Casa MOKE’ Flagship store in Saint-Tropez, which is operated by MOKE France. Deliveries of the Electric MOKE have begun to keep up with a rapidly growing waiting list and MOKE France has already generated Electric MOKE orders worth over half a million Euros in total value following the initial opening of pilot sales.
EV Technology Group plans to widen its sales offering across Europe and in the US in the near future.
Wouter Witvoet, CEO of EV Technology Group announced the acquisition today, stating “The investment in MIL is extremely close to my heart. I first became interested in MOKE International when I tried to rent the vehicle in the South of France – I quickly discovered the joy of driving this vehicle in beautiful locales – but also the commercial opportunity given how high demand was for this iconic brand, relative to supply.
“EV Technology Group’s mission is to revitalize iconic brands and rediscover the joy of motoring in an electric age. This applies brilliantly to MOKE International as it forms the perfect start to EV Technology Group’s strategy to acquire and brands that have a loyal following and substantial brand equity. I am looking forward to helping the business expand as it enters new markets, especially in the USA. MIL has a superb future and EV Technology Group has the capabilities to support it every step of the way.”
On June 29, EV Technology Group announced that its wholly owned subsidiary MOKE France SAS has teamed up with GOMECANO. This company offers on-demand mobile mechanics to perform auto repairs.
This partnership gives electric MOKE owners the opportunity to access on-demand mechanics to repair vehicles from the comfort of their home or office. The nationally renowned on-demand vehicle maintenance company offers top-notch customer service. It has many highly trained mechanics, making GOMECANO the ideal partner for keeping MOKE electric vehicles on the road for general maintenance and repairs.
For more information about EV Technology Group (NEO:EVTG) (OTCQB:EVTGF) (FRA:B96A), click here.
EV Companies Are Developing New Products and Delivering More Vehicles
Rivian Automotive Inc. (NASDAQ:RIVN) recently opened three fast-charging sites in Colorado and California, the first deployments of its nationwide Rivian Adventure Network. These “Tier 3” DC fast-charging sites will initially deliver over 200 kilowatts of power, allowing Rivian riders to add up to 140 miles of range in just 20 minutes and creating new opportunities for a sustainable adventure away from at their home. Rivian will continue to open Rivian Adventure Network locations with an initial goal of 3,500 fast chargers at 600 locations across North America. On June 17, Rivian announced plans for a large-scale wind turbine at its Normal manufacturing campus to provide clean energy to allow new R1 vehicles to be powered by renewable energy for their first charge. Earlier this year, in the plant’s outgoing charging yard, Rivian installed a 783-kilowatt solar canopy that is expected to begin generating power later this summer.
Li Auto Inc. (LI:NASDAQ), a leader in China’s new energy vehicle market, announced on July 1 that the company shipped 13,024 Li ONEs in June 2022, an increase of 68.9% from a year earlier. This brings Li Auto’s Q2 shipments to 28,687, representing a 63.2% year-over-year increase. Since the vehicle’s market debut in 2019, cumulative Li ONE deliveries have hit 184,491. The company officially unveiled the Li L9 on June 21, 2022, a six-seat full-size flagship SUV offering superior space and comfort for family users. The orders for Li L9 have exceeded 30,000 in 72 hours since the vehicle was available for reservation, demonstrating the outstanding product appeal of the vehicle for family users. Each Li L9 order requires an RMB5,000 deposit, which is refundable for a limited period.
On May 11, Lordstown Motors Corp. (NASDAQ:RIDE) announced that it has completed the sale of its Lordstown plant. The company also signed a contract manufacturing agreement and a joint venture agreement for product development with subsidiaries of Hon Hai Technology Group (Foxconn). Total proceeds were $230 million, plus the reimbursement of roughly $27 million in operating and expansion costs. Foxconn also previously purchased $50 million of LMC‘s Class A common stock directly from the company. Foxconn and LMC have also entered into a joint venture (JV) agreement to co-develop EV programs using Foxconn’s Mobility-in-Harmony (MIH) open-source EV platform. The new JV will be called MIH EV Design LLC and will be owned 55% by Foxconn and 45% by LMC.
On July 6, Xos, Inc. (NASDAQ:XOS), a leading fleet service provider and manufacturer of Class 5-8 battery electric vehicles, announced the delivery of 58 of its all-electric vans to three locations for Merchants Fleet, a high-growth fleet management company, during Q2 2022. The three locations include San Diego, CA, North Highlands, CA, and Hooksett, NH. Xos also recently announced the delivery of four of its 100% battery-electric vehicles to loyal customer Loomis, a leading cash handling company in North America. Vehicles were delivered to Montebello, CA, Hayward, CA, Moonachie, N.J., and Charlotte, N.C. Loomis has been a Xos customer since 2019.
Founded in 2021, EV Technology Group is focused on electrifying iconic brands, with a mission to redefine the joy of driving for the electric age. Backed by a team of passionate entrepreneurs and engineers, EV Technology Group is creating value for its shareholders by acquiring and partnering with iconic brands with significant growth potential and controlling end-to-end capabilities.
DISCLAIMER: Microsmallcap.com (MSC) is the source of the Article and content set forth above. References to any issuer other than the profiled issuer are intended solely to identify industry participants and do not constitute an endorsement of any issuer and do not constitute a comparison to the profiled issuer. FN Media Group (FNM) is a third-party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated with MSC or any company mentioned herein. The commentary, views and opinions expressed in this release by MSC are solely those of MSC and are not shared by and do not reflect in any manner the views or opinions of FNM. Readers of this Article and content agree that they cannot and will not seek to hold liable MSC and FNM for any investment decisions by their readers or subscribers. MSC and FNM and their respective affiliated companies are a news dissemination and financial marketing solutions provider and are NOT registered broker-dealers/analysts/investment advisers, hold no investment licenses and may NOT sell, offer to sell or offer to buy any security.
The Article and content related to the profiled company represent the personal and subjective views of the Author (MSC), and are subject to change at any time without notice. The information provided in the Article and the content has been obtained from sources which the Author believes to be reliable. However, the Author (MSC) has not independently verified or otherwise investigated all such information. None of the Author, MSC, FNM, or any of their respective affiliates, guarantee the accuracy or completeness of any such information. This Article and content are not, and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action; readers are strongly urged to speak with their own investment advisor and review all of the profiled issuer’s filings made with the Securities and Exchange Commission before making any investment decisions and should understand the risks associated with an investment in the profiled issuer’s securities, including, but not limited to, the complete loss of your investment. FNM was not compensated by any public company mentioned herein to disseminate this press release but was compensated twenty five hundred dollars by MSC, a non-affiliated third party to distribute this release on behalf of EV Technology Group
FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and MSC and FNM undertake no obligation to update such statements.
FN Media Group, LLC