Get Ready Because California Wants To Triple The Number Of Electric Cars Sold By 2026 Through A Series Of Aggressive Strategies; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Sees Growth Of Electric Cars And Supporting EV Charg-ing Station Industry
Get ready because California wants to triple the number of electric cars sold by 2026 and has outlined a series of aggressive strategies to achieve this. For Solar Integrated Roofing Corp. (OTC PINK: SIRC), this new deadline in California is a positive and exciting move. The California Air Resources Board (CARB) has also set a goal of 250,000 new charging stations for them by 2025 — vs. only 80,000 in existence today.
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).
Get Ready Because California Wants To Triple The Number Of Electric Cars Sold By 2026 Through A Series Of Aggressive Strategies; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Sees Growth Of Electric Cars And Supporting EV Charging Station Industry
The San Diego Union Gazette reports California government wants to spend as much as $314 million over the next three years on all the new passenger car charging stations for electric cars and Gov. Newsome has even added more monies for this project in his new state budget.
Federally, the Biden administration has allocated some $5 billion more in nationwide spending for a national network of EV Charging Stations. California state officials estimate that, if achieved, the program would cut emissions by some 384 million tons of carbon dioxide emissions statewide annually.
To SIRC, these series of aggressive electric car-related goals are great news. It means state funds for charging station installers. SIRC has already signed an LOI to acquire three complementary LA-based charging station companies. SIRC is also an applicant for federal US funds to help build EV Charging Stations.
To make this goal possible, California is raising its intermediate goals of sales of electric vehicles. For example, in 2021 12% of all cars sold in California were zero-emission. New rules would require 36% of all new cars sold in California would have to be zero-emission by 2026.
That number jumps to 100% by 2035. Car makers expressed general agreement on an electric car zero carbon emission. But they wondered aloud how California was going to make such a large jump in a short amount of time — especially as car makers are still in the early stages of ramping up production and sales of electric vehicles.
Already, about 11% of all new cars sales happen in California — so the state carries a lot of clout with car makers internationally. Get Ready Because California Wants To Triple The Number Of Electric Cars Sold By 2026 Through A Series Of Aggressive Strategies; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Sees Growth Of Electric Cars And Supporting EV Charging Station Industry.
Environmentalists want California to be even more aggressive in setting zero-emission car sales in the near term future.
To companies like SIRC that install EV Charging Stations, here’s why optimism about the industry prevails:
- The federal government is committed to growing electric cars from 4% of OEM market share today to some 50%. It will spend money to do this on tax rebates for EV car purchasers, grants to EV car companies for new plants and union facilities and a nationwide network of EV Charging Stations.
- Tesla (NASDAQ: TSLA) has shown that making electric vehicles and marketing them can be done at a profit. It makes EVs in China, California, Germany and two in Austin, Texas.a
- Other OEM electric car makers are envious and want share of this new pie as well as tie-up partnerships with EV Charging Station installers already in place. Tesla (NASDAQ: TSLA) stunned and excited the rest of the electric car industry when it announced its Q3 record earnings of $1.6 billion and sales of $13.8 billion.
- Wall Street investors noticed. Those that missed the Tesla (NASDAQ: TSLA) gold mine, now want in.
- Enter Amazon. which has already pre-ordered some additional 100,000 Rivian electric delivery vans. Morgan Stanley analysts say that order could eventually reach 300,000.
- Now enter the usual suspects: Ford (NYSE: F), General Motors (NYSE: GM) Toyota (NYSE: TM), Nissan and all the European brands,such as BMW, Volkswagen, Mercedes, and others. Even Toyota — the slowest to join electric car believers — has come along.
- OEM electric car makers are increasingly partnering with electric car makers. This is a significant opportunity for EV Charging Station companies to brand with OEM car makers.
- 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 it’s too little?
Add it all up and it spells opportunity. For OEM electric car makers, electric truck manufacturers. And EV Charging Station firms, such as SIRC’s PLEMCo.
In a misguided wealthy vs. poor strategy, the federal government is spending a disproportionate amount of support dollars to install EV Charging Stations in low income neighborhoods. Politically, that might be right — in reality, electric cars are initially more populous in wealthier neighborhoods — just like solar.
EV Charging Station installers, like SIRC’s PLEMCo., see the opportunities ahead. As a result, they are bidding for government RFP contracts. They may be slow in coming, but they are large.
SIRC is also an applicant for federal dollars to help build more EV Charging Stations. Get Ready Because California Wants To Triple The Number Of Electric Cars Sold By 2026 Through A Series Of Aggressive Strategies; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Sees Growth Of Electric Cars And Supporting EV Charging Station Industry.
SIRC’s other advantage is that its installers are already performing solar work in the home — where some 80% of EV charging takes place, the government says.
The EV Charging Station industry, supporting the electric car industry, is seen as a sweet spot in the future. GM’s goal is $280 billion by 2030 in electric cars, as it partners with EV charging company EVgo (NASDAQ: EVGO) for the installation of fast chargers. EVgo may have the inside track to install 2,500 chargers for GM by the end of 2025, but it spells opportunities for others.
Get Ready Because California Wants To Triple The Number Of Electric Cars Sold By 2026 Through A Series Of Aggressive Strategies; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Sees Growth Of Electric Cars And Supporting EV Charging Station Industry.
Learn more about SIRC at https://www.solarintegratedroofing.com/corporate-governance/leadership/.
Source: Stock Market Press
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