As Solar Integrated Roofing Corp. (OTC: SIRC) Plans A $500,000 Complete Buyout Of EV Charging Station Subsidiary PlemCo., EV Car Makers Are Actively Fighting For Market Share And Profitability; BMW And VW Chase Rival EV Manufacturer Tesla (NASDAQ: TSLA) While Amazon And EV Partner Rivian Set Talks On Van ‘Exclusivity’
As Solar Integrated Roofing Corp. (OTC: SIRC) intensifies its push into the EV Charging industry — with David Massey, CEO, announcing on a live update Webcast the Company’s intention of wholly buying out EV Charging Station subsidiary PlemCo., for $500,000 cash — the EV market is a Wild West show of branded competitors BMW and VW chasing Tesla’s (NASDAQ: TSLA) market share. As EV Car makers actively fight for market share and profitability, Amazon and EV partner Rivian set talks on changing their EV van ‘exclusivity’ agreement.
Solar Integrated Roofing Corp.’s (OTC: SIRC) David Massey, CEO, told shareholders and financial investors that SIRC plans to buy the remaining 40% of EV Charging Station subsidiary PlemCo. it does not currently own for $500,000 cash and no stock. See the entire SIRC Webcast On Yahoo at https://www.youtube.com/watch?v=Aa4zOVhscQE.
stockmarketpress.com features specialized coverage of related stocks in the solar, roofing, EV charging stations and battery charging energy industry such as Solar Integrated Roofing Corp. (OTC PINK: SIRC), Sunrun, Inc. (NASDAQ: RUN), Blink Charging Co. (NASDAQ: BLNK), Tesla, Inc. (NASDAQ: TSLA), GM (NYSE: GM), ChargePoint (NYSE: CHPT), EVgo (NASDAQ: EVGO), SolarEdge Technologies, Inc. (NASDAQ: SEDG), First Solar, Inc. (NASDAQ: FSLR), SunPower (NASDAQ: SPWR), Gibraltar Industries, Inc. (NASDAQ: ROCK), Spartan Acquisition Corp. II (NYSE: SPRQ). and Canadian Solar Inc. (NASDAQ: CSIQ).
SIRC’s outright purchase of its EV Charging Station subsidiary PlemCo. intensifies its entry into the EV Charging Station business. Massey said the remaining 40% it currently does not own of PlemCo. would be acquired for $500,000 in an all-cash deal with no stock involved.
Meanwhile, the EV vehicle production global market is a Wild West landscape. The Wall Street Journal reports that cost-cutting Amazon — laying off more than 18,000 workers and pausing construction of its second HQ planned in Washington, DC — is now entering talks with EV partner Rivian regarding ending its ‘exclusivity arrangement to buy some 100,000 electric vans from Rivian.
Instead, Amazon says it remains committed to buying the 100,000 electric vans by 2030 but wishes to end its exclusivity and let Rivian now sell them to other customers, as well. It is an important development for Rivian, which failed to meet its EV production goals last year and burned through an estimated $6.6 billion in cash. It began 2022 with greater than $18 billion cash — much of it raised in its IPO in 2021. Now it appears Rivian will have to identify other commercial customers for its EV vans. Amazon is Rivian’s largest shareholder with a 17% stake and representation on Rivian’s Board.
Meanwhile, leading EV vehicle marker Tesla (NASDAQ: TSLA) is the object of envy by two leading EV brands: BMW and VW. As Amazon cuts back its business with Rivian, BMW and VW appear willing to spend whatever it takes to compete with Tesla. After announcing record profits in 2022, BMW upped its target goal in 2023 to 15% of its sales to be from all-electric vehicles vs. 9% in 2022.
VW outsized that BMW goal by announcing it would invest 180 billion Euros into capital expenses and R&D over the next five years through 2027 — two-thirds of that into electric and digital technologies. It is doing so for competitive reasons and market share strategy. All eyes are on Tesla’s profit making in EVs and leading market share.
Source: Stock Market Press
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