Rivian (NASDAQ: RIVN) Stock Drops After COO Leaves, Ready For Electric Car Wars As It Initially Focuses On Market Share Not Profit; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Sees Opportunity In EV Charging Station Space With Subsidiary PLEMCo.
Rivian Automotive, Inc. (NASDAQ: RIVN) bounced last evening to $83.67 in after-hours trading after it dropped when Rod Copes, its COO, announced he was leaving the OEM electric car maker. RIVN said the move was planned all along, but it was seen as highly unusual by Wall Street after it funded its IPO late last year. RIVN has a market valuation of $91.9 billion today. To EV Charging Station installers like Solar Integrated Roofing Corp.’s (OTC PINK: SIRC) PLEMCo. subsidiary, electric cars are a significant opportunity.
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).
Rivian (NASDAQ: RIVN) Stock Drops After COO Leaves, Ready For Electric Car Wars As It Initially Focuses On Market Share Not Profit; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Sees Opportunity In EV Charging Station Space With Subsidiary PLEMCo.
Now that its executive personnel news is baked into the $83.67 bounce back stock price last night, this is a major brand in the soaring electric truck business. In fact, Amazon (NASDAQ: AMZN) owns 20% equity in the company and has already placed an order for some 100,000 electric vans from Rivian (NASDAQ: RIVN).
Rivian is already the darling of Wall Street. Its launch vehicle is a pickup truck and its largest shareholder is Amazon. Amazon initially pre-IPO had a 20% stake in Rivian, it disclosed. Ford (NYSE: F) made some $6 billion windfall on the IPO. But eventually it may lose more than that competing with Rivian’s vehicles, according to The Wall Street Journal.
It’s early for Rivian. It only began delivering production electric vehicles in the three months ended September 30. In fact, it’s still early for the whole EV market — electric cars make only 4% of the new car population today.
Claire McDonough, CEO of Rivian, says she is now focusing on gaining EV market share rather than profit.
She says, “We want to prioritize our ability to rapidly bring new vehicles to market versus having that path to prioritize profitability.” Rivian (NASDAQ: RIVN) Stock Drops After COO Leaves, Ready For Electric Car Wars As It Initially Focuses On Market Share Not Profit; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Sees Opportunity In EV Charging Station Space With Subsidiary PLEMCo.
So while she focuses on expanding the new company’s factory footprint in locations such as Normal, Ill., and Georgia, “capital allocation policy” will be the primary order of business. It is in her toolkit to manage Rivian’s relationships with potential investors.
That’s important because raising new cash for operations will be critical to Rivian’s future, Wall Street investors tell the Wall Street Journal. Electric car sales in the U.S. are soaring, more than doubling in the 1st half of 2021. Ford (NYSE: F), General Motors (NYSE: GM) and foreign OEM makers, such as Mercedes-Benz, Volkswagen and BMW AG, are setting self-imposed deadlines of 2030 for all-electric model lines.
EV Charging Stations — especially fast charging stations — are a key factor in supporting electric vehicle sales.
To Solar Integrated Roofing Corp. (OTC PINK: SIRC) subsidiary PLEMCo., the underlying EV Charging Station space is a critical growth area. To OEM electric car and truck makers, range anxiety remains important to closing sales. To SIRC, EV Charging Stations cold be an important opportunity.
To overcome range-anxiety potential buyers, the home and street EV Charging Station population must be high enough to be high profile and relax the EV customer. Potential buyers must see enough EV Charging Stations to be confident that longer road trips are possible.
They are criticall to President Biden meeting his 500,000 electric car fleet goal as well as the lofty 2030 self-imposed deadlines set by major brands.
GM is all-in on electric vehicles. General Motors (NYSE: GM) plans to introduce 30 all electric vehicle models globally by 2025, beginning with its first electric pickup truck now being shown at trade events. It is a competitor to Ford’s (NYSE: F) new ‘Lightning,’ an electric version of its best-selling ‘150’ pickup truck. The ‘Lightning’ already has 150,000 non-binding buy reservations.
Rivian will out-design the market with an eye-catching splashy sporty sedan. While GM and Ford continue to electrify their traditional pickups and SUVs, Rivian will be a well-funded head turner. Tesla (NASDAQ: TSLA) leads the electric pack for now, in both electric vehicles and 56% share of EV Charging Stations. Tesla’s chargers are proprietary only to Tesla cars.
Solar Integrated Roofing Corp. (OTC PINK: SIRC) is competing in an EV Charging Station industry that’s still in the early stage. Rivian (NASDAQ: RIVN) Stock Drops After COO Leaves, Ready For Electric Car Wars As It Initially Focuses On Market Share Not Profit; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Sees Opportunity In EV Charging Station Space With Subsidiary PLEMCo.
The advantage of SIRC and its PLEMCo. subsidiary is that 80% of all electric car charging is done in the home. To install a dedicated plug or unit in a residence, SIRC has the advantage of working in the home already in its core businesses: installation of solar, roofing and rechargeable solar batteries.
SIRC is also an applicant for some $100 million in government grants to build more EV Charging Stations in the future. According to Pablo Diaz, president of SIRC, PLEMCo. is overwhelmed with RFP’s for government projects in its EV Charging Station pipeline.
David Massey, Chairman and CEO of SIRC, said that he remains hopeful that the government grants SIRC applied for will be approved. They remain in applicant mode for now. Passing the Infrastructure package is critical to SIRC because some EV Charging gas stations and convenience stores are balking at spending some $100,000 apiece for fast-chargers in a world where electric cars make up only about 4% of all U.S. new car sales today.
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.
An additional electric vehicle entry will be Foxconn, which debuted three new electric car prototypes — which will be marketed under other brand names. An Apple-making company, this is Foxconn’s first entry into the electric car industry. It is offering a sedan model, which insiders say will be marketed by a European car brand in coming years. There will also be an all-electric SUV and bus, according to The Wall Street Journal.
Rivian (NASDAQ: RIVN) Stock Drops After COO Leaves, Ready For Electric Car Wars As It Initially Focuses On Market Share Not Profit; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Sees Opportunity In EV Charging Station Space With Subsidiary PLEMCo.
Learn more about SIRC at https://www.solarintegratedroofing.com/corporate-governance/leadership/.
Source: Stock Market Press
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