General Motors (NYSE: GM) And Honda (NYSE: HMC) Team Up To Build Electric Cars Under $30,000 By 2027 Focusing On Moderate Prices; Solar Integrated Roof-ing Corp. (OTC PINK: SIRC) Sees Growth In EV Charging Station Industry
Putting the focus on mid-priced electric cars, General Motors (NYSE: GM) and Honda (NYSE: HMC) will team up to build and market a line of under-$30,000 all-electric vehicles by 2027 for the Americas and China. Believing that high pricing will keep some potential buyers out of the electric car market, the two OEM car manufacturing companies will split production costs — including expensive battery prices — to create scale and focus on under-$30,000 price points on electric car models. EV Charging Station installers like Solar Integrated Roofing Corp. (OTC PINK: SIRC) see the new partnership between GM-Honda as reaffirming the growth in EVs and the supporting EV Charging Station business in target markets.
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).
General Motors (NYSE: GM) And Honda (NYSE: HMC) Team Up To Build Electric Cars Under $30,000 By 2027 Focusing On Moderate Prices; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Sees Growth In EV Charging Station Industry
Tesla (NASDAQ: TSLA) has long teased that the market leader would eventually introduce a $25,000 mid-priced Tesla electric car. In 2022, Tesla will focus on delivering higher ticket cars already ordered — not debuting new models. As first in class, Tesla will be the focus of competition. That Tesla $25,000 may never happen now because of higher component costs — such as the electric battery itself — but in 2023 a lower priced Tesla, perhaps with federal tax rebates for consumers, may become a reality.
Currently, electric cars average some $60,000 new, compared to just $45,000 for the average gasoline powered vehicle. The $60,000 is seen as just too high for the average consumer. A lower priced electric vehicle would stimulate the market. General Motors (NYSE: GM) And Honda (NYSE: HMC) Team Up To Build Electric Cars Under $30,000 By 2027 Focusing On Moderate Prices; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Sees Growth In EV Charging Station Industry.
The GM-Honda partnership would also extend to other future components — such as the development of driverless cars, the Companies said.
GM has already said it is developing a subcompact electric car to be priced in the $30,000 range — so it is already eyeing the moderate-priced market. While a GM executive declined to tell The Wall Street Journal details about the new partnership, a Honda executive disclosed that the new joint venture electric cars would actually be built in Honda’s existing factories by the existing Honda workforce. Both companies would benefit by joint sourcing of components and materials.
Lower pricing of $30,000 can only lead to a greater rush to all-electric vehicles, raising its percentage of the U.S. new car OEM demographic from 4% today to perhaps 20% in just a few years from now. General Motors (NYSE: GM) And Honda (NYSE: HMC) Team Up To Build Electric Cars Under $30,000 By 2027 Focusing On Moderate Prices; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Sees Growth In EV Charging Station Industry.
If gas prices continue to spike, Wall Street analysts predict it would spark a rush to buy electric vehicles. A EV Charging Station nationwide network would then be most urgent. Enter SIRC and its refocus on the charging industry.
SIRC sees the opportunity in EV Charging Stations for several reasons.
- We may be talking about $10 gallon gas in the near future. It has already surpassed $7 in numerous markets, particularly California. Anything is possible.
- Federal tailwinds include tax rebates, grants and funding of electric cars and EV Charging Station initiatives of some $5 billion.
As a part of its own transition, SIRC announced recently it signed an LOI to acquire three complementary LA-based EV Charging Installers with $100 million annually in the sales pipeline. David Massey, founder and CEO of SIRC, says the Company is refocusing its efforts to capitalize on the EV Charging opportunity. SIRC is also an applicant for $80,000 in federal grants to help build the envisioned nationwide network of EV Charging Stations.
SIRC seeks to become the dominant nationwide player in the projected $28.4 billion by 2028 EV Charging Station industry. David Massey, founder and CEO of SIRC, says, “Electric vehicle charging is the next massive opportunity in our market, and this calculated alignment of our near-term focus will help to position SIRC as a clear national player in this space. The expanding EV charging market is being driven by the rapid adoption of electric vehicles nationwide — for example, the U.S. Energy Information Administration predicts there will be 7.5 million EVs on American roads by 2025.”
Massey adds, “To meet this expected surge in demand, just last week the Biden administration announced a plan to allocate $5 billion to states to fund electric vehicle chargers over five years as part of the bipartisan infrastructure package. This creates an absolutely immense opportunity for our family of companies nationwide.
Grand View Research reports that the U.S. electric vehicle charging infrastructure market size will increase from $2.1 billion in 2020 to $28.4 billion in 2028, a compound annual growth rate of 38.9%. With our proven success in solar, the EV charging market is opening the door for our company to capture dual-industry, synergistic avenues of growth.”
In addition, Massey says, “We are currently leveraging our vast network of nationwide installers to ramp sales efforts and capitalize on the exponential increase in demand. As of today, we have over $20.2 million in EV charging projects in our backlog with a further $30 million in the pipeline.”
General Motors (NYSE: GM) And Honda (NYSE: HMC) Team Up To Build Electric Cars Under $30,000 By 2027 Focusing On Moderate Prices; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Sees Growth In EV Charging Station Industry
Learn more about SIRC at https://www.solarintegratedroofing.com/corporate-governance/leadership/.
Source: Stock Market Press
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