Solar Integrated Roofing Corp. (OTC PINK: SIRC) Intensifies EV Charging Station Expansion As Startup EV Vehicle Makers Face Headwinds In Terms of Burning IPO Cash, Overcoming Production Delays And Meeting Timelines For Vehicle Production Targets
Solar Integrated Roofing Corp. (OTC PINK: SIRC) is intensifying its efforts towards creating EV Charging Station expansion even as startup EV vehicle makers such as Rivian Automotive Group (NASDAQ: RIVN), Lucid Group, Inc. (NASDAQ: LCID), and Lordstown Motors Corp. (NASDAQ: RIDE), are facing headwinds in terms of burning IPO cash, overcoming production delays and meeting self-imposed timelines for vehicle production targets and delivery goals. In the face of all this, SIRC is working full time to help build and finance a nationwide network of 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)
The goal for President Biden’s administration is for electric cars to count for half of all new cars sold by 2030. But without a number of startup electric brands alongside established ones, such as GM (NYSE: GM) and Ford (NYSE: F) — deadlines will be missed in terms of electric vehicles on the road.
Rivian (NASDAQ: RIVN) raised almost $12 billion in its record IPO in 2021 — but has burned through more than half of that last year alone in startup costs. Analysts predict to The Wall Street Journal that Rivian (NASDAQ: RIVN) could burn through another $6 billion this year. Rivian executives now says it can produce 50,000 electric vehicles in 2023 — far below Wall Street estimates — and that sent its stock tumbling.
Lucid Group, Inc. (NASDAQ: LCID) is seeing production issues result in fewer reservations for its electric vehicles It had 37,000 reservations last June, but lack of production dropped that figure to 28,000 by late December. Now the company is focusing on sales and getting that reservation number back higher again.
Lordstown Motor Corp. (NASDAQ: RIDE), another EV startup, was forced by cash problems to scale back its ambitions. It finally produced its first Endurance electric truck in Q4 2022, yet only delivered six as of February. As a result, its stock fell 9% Monday this week.
These companies are in the startup transition to electric vehicles and Wall Street investors – – some of whom missed the early success of Tesla (NASDAQ: TSLA) — may have been too eager to buy into early promises and goals of these startups.
SIRC, despite those electric vehicle startup headwinds, is intensifying its EV Charging Station efforts. Starting this month, its finance arm is also helping other EV Charging Station builders obtain funding for materials and operations.
SIRC is a proponent of an eco-system of alternative green energy. The EV Charging Station sector is an important space for SIRC, in addition to its roofing, solar and rechargeable solar battery businesses.
Source: Stock Market Press
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