General Motors (NYSE: GM) Will Resume Production Of Electric Chevy ‘Bolt’ In April To Help It Hit 400,000 Electric Car Sales In N. America By End Of 2023; To Solar Integrated Roofing Corp.’s (OTC PINK: SIRC) PLEMCo. Subsidiary That Means OEM Commitment To EV Charging Stations
In a commitment move to electric cars, General Motors (NYSE: GM) plans to restart production of its Chevrolet ‘Bolt’ models in April. Prior, GM had halted production after a recall on some 142,000 Bolts for defects that could lead to battery fires. GM hopes to meet a self-imposed deadline of 400,000 OEM electric vehicles produced in N. America by 2023. To Solar Integrated Roofing Corp.’s (OTC PINK: SIRC) PLEMCo. subsidiary, that means an OEM commitment to electric cars/trucks and supporting EV Charging Stations.
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) Will Resume Production Of Electric Chevy ‘Bolt’ In April To Help It Hit 400,000 Electric Car Sales In N. America By End Of 2023; To Solar Integrated Roofing Corp.’s (OTC PINK: SIRC) PLEMCo. Subsidiary That Means OEM Commitment To EV Charging Stations
GM’s Chevy Bolt was first sold in Europe as a forerunner to N. America. Several high profile fires from Bolt batteries propelled the recall. Now GM is ready to resume production — and hopes to recover all of its $1.9 billion in recall costs from supplier/partner and battery supplier LG Energy Solutions.
General Motors (NYSE: GM) plans to invest some $4 billion overhauling the factory where Bolts are made — to begin production of electric pickup trucks beginning in 2024. GM is focused on making its 400,000 electric car/truck goal and becoming a leader in the electric vehicle sector.
Mary Barra, GM CEO, said the Company is focusing on selling more electric vehicles now. GM, she said, is now looking to build its third electric truck plant. GM is now only chasing electric market leader Tesla (NASDAQ: TSLA), it is all-in on the electric vehicle business model.
To that end, it will continue to suspend its dividend payments to shareholders and use that funding, instead, to pay for its investment in electric vehicle production, infrastructure and marketing. General Motors (NYSE: GM) Will Resume Production Of Electric Chevy ‘Bolt’ In April To Help It Hit 400,000 Electric Car Sales In N. America By End Of 2023; To Solar Integrated Roofing Corp.’s (OTC PINK: SIRC) PLEMCo. Subsidiary That Means OEM Commitment To EV Charging Stations.
Sales for GM rose a modest 3.7% last year, she said, as chip shortages and supply chain delays cost the Company sales late in the year. Its Q4 income dropped 39%, she added. But its guidance for 2022 is profit in the range of $9.4-$10.8 billion.
SIRC’s PLEMCo., subsidiary installs EV Charging Stations. GM’s all-in strategy on electric vehicles is seen as another positive indication of OEM support for electric vehicles. For PLEMCo., that bodes well for its future as an EV Charging Station supplier.
- Research studies cannot keep up with the growth. Electric charging stations are projected to reach $111.90 Billion by 2028 with a 30.26% CAGR jump, says Fortune Business Insights. Maybe that projection is too little in the context of all-in electric vehicle production efforts. General Motors (NYSE: GM) Will Resume Production Of Electric Chevy ‘Bolt’ In April To Help It Hit 400,000 Electric Car Sales In N. America By End Of 2023; To Solar Integrated Roofing Corp.’s (OTC PINK: SIRC) PLEMCo. Subsidiary That Means OEM Commitment To EV Charging Stations.
Dan Ives, Equity Analyst at Wedbush Securities, tells CNN Business that he believes electric cars will reach 10% market share of all OEM car sales by 2025 versus only a 4% market share today. If he’s right, it represents a great long term opportunity for EV Charging Station installers like Solar Integrated Roofing Corp.’s (OTC PINK: SIRC) PLEMCo. subsidiary.
General Motors (NYSE: GM) is also planning to debut several other electric models over the next 18 months — such as the Cadillac electric SUV, the Lyriq and an electric version of GMC’s Hummer pickup. It is already planning on sales next year for its electrified version of its Silverado pickup and electric Equinox SUV.
SIRC’s advantage is that its installers are already performing solar work in the home — where some 80% of EV charging takes place, the government says. But it is also watching partnership agreements between EV Charging Station companies and OEM electric car makers such as GM and Ford (NYSE: F) and other retailers allied to the field — such as Bridgestone-owned Firestone aftermarket auto repair/tire centers.
Analysts acknowledge that the US is lagging China and Europe in market share and embrace of EV vehicles. But he believes America will rapidly make up share as model electric vehicle model are launched. Also, as potential buyers see more EV Charging Stations on the road and in high profile charging locations near auto dealerships, prominent retail stores and even tire dealerships, their range anxiety fears will be addressed — and these potential buyers will want to try electric vehicles.
If President Biden is to hit his goal of a government-owned fleet of 500,000 electric vehicles — and hit 2030 carbon pollutant-reduction goals — he will need to fund the building of more EV Charging Stations. That’s great news for installers like SIRC and its PLEMCo. subsidiary.
General Motors (NYSE: GM) Will Resume Production Of Electric Chevy ‘Bolt’ In April To Help It Hit 400,000 Electric Car Sales In N. America By End Of 2023; To Solar Integrated Roofing Corp.’s (OTC PINK: SIRC) PLEMCo. Subsidiary That Means OEM Commitment To EV Charging Stations
Learn more about SIRC at https://www.solarintegratedroofing.com/corporate-governance/leadership/.
Source: Stock Market Press
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