Latest Developments In The EV Space – Yahoo Finance

Valued at $390 billion, Tesla Inc. (NASDAQ: TSLA) is worth more than all of Germany’s carmakers combined. It’s been 12 years since Elon Musk released his first full-electric sports car, Tesla expanded its footprint into battery production, deployed dedicated charging infrastructure worldwide and developed solar products that enable consumers to generate and store energy. But besides traditional automakers such as General Motors Company (NYSE: GM) and Volkswagen AG (OTC: VWAGY) who are undergoing deep transformations to participate in the EV race, many companies are making great progress at accessories that can greatly ease this transition.

Amazon’s big electric fleet order set the wheels in motion

Amazon.com, Inc. (NASDAQ: AMZN) recently announced that it will not be sitting down while Rivian delivers its massive order. Amazon will additionally electrify fleet with 1,800 new all-electric delivery vehicles from Daimler AG (OTC: DDAIF) Mercedes-Benz.

Accessories are entering the game

Envision Solar International, Inc. (NASDAQ: EVSI) is a producer of unique and sustainable accessories that build the EV infrastructure. The company announced that a Federally Funded Research and Development Center has ordered four EV ARC solar-powered EV charging products. They will be providing a charge to EVs, hybrids and NEVs (neighborhood electric vehicles) that are used by its employees and its overall fleet.

EV batteries are coming to Europe

Two French multinational giants, oil major Total SE (NYSE: TOT) and automotive manufacturer Groupe PSA, have just announced the creation of Automotive Cells Company. It is a joint venture worth billion as the two giants will invest billions into battery manufacturing for EVs. With the support of French, German and European authorities, they will deploy their best expertise and technologies to create a competitive European battery industry. This move is expected to result in the production of one million batteries annually, or around 10% to 15% of the European market. It needs to be accompanied by €5 billion in investments. The two gigafactories are planed to be built in Douvrin, France, and Kaiserslautern, Germany.

Specialized equipment is increasing in importance

Although Tesla’s stock is up nearly 800% in the last year alone, there many new potential disruptors. Worksport’s breakthrough technology will be able to enhance any truck: electric in terms of driving range but even traditional ones by giving drivers a tonneau cover that can both generate and store energy remotely. Moreover, if an all-electric future has a shot of becoming our reality, these vehicles need to become more accessible price-wise, battery technology plays a big role in that. The same goes for the charging infrastructure. Therefore, companies that work on building these ecosystems are, in a way, even more important than the beyond-successful EV pioneer and current industry leader.

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Source: https://finance.yahoo.com/news/latest-developments-ev-space-162006839.html

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