The Big Winners At NY Auto Show Are Electric Cars With One Publication Saying It Sees A 69% Jump In EV Interest From January-March 2022 As Gas Prices Rise Over $4 Per Gallon; Solar Integrated Roofing Corp. (OTC PINK: SIRC) And Its PLEMCo. Subsidiary See A Boom In EV Charging Station Demand

Posted April 15, 2022

In NASDAQ: BLNK, NASDAQ: CSIQ, NASDAQ: EVGO, NASDAQ: FSLR, NASDAQ: ROCK, NASDAQ: RUN, NASDAQ: SEDG, NASDAQ: SPWR, NASDAQ: TSLA, NYSE: CHPT, NYSE: F, NYSE: GM, NYSE: SPRQ, NYSE: TM, OTC PINK: SIRC

Electric cars drew the most interest at the NY Automotive Show this year, especially as consumers are motivated to get away from gasoline prices that have soared over the $4 per gallon mark. One editor at Cox, which publishes automotive magazines, said the publications have seen a 69% jump in electric car interest from January-March 2022 as drivers want to avoid paying spiking per gallon gasoline fuel charges. Solar Integrated Roofing Corp. (OTC PINK: SIRC) And Its PLEMCo. Subsidiary See A Boom In EV Charging Station Demand as a result.

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 Big Winners At NY Auto Show Are Electric Cars With One Publication Saying It Sees A 69% Jump In EV Interest From January-March 2022 As Gas Prices Rise Over $4 Per Gallon; Solar Integrated Roofing Corp. (OTC PINK: SIRC) And Its PLEMCo. Subsidiary See A Boom In EV Charging Station Demand

Reuters says the automotive magazine editors say consumers do not want to ‘burn down their entire budgets on gasoline.’

At the NY Automotive Show, the Hyundai IONIQ 5 won the show’s World Car of the Year, World Electric Car and World Car Design trophies at the Show, Reuters reported.

Besides all the trophies won by the Hyundai IONIQ 5 electric car, EVs dominated the international auto show.

Also drawing interest was the Chrysler Airflow electric model with a range of 350-400 miles on a single full charge.

Although consumers said they are motivated by environmental issues — such as a green, clean environment — financial issues are also important. They want electric cars because they wish to save money from spiraling higher gasoline prices, Reuters says.

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.

Ives said this is why he is so bullish: “Ford (NYSE: F), General Motors (NYSE: GM), Rivian (NASDAQ: RIVN) and others follow Tesla (NASDAQ: TSLA) aggressively going after the EV market.”

Electric cars are the hottest trend at the NY International Auto Show, so to SIRC the fact that electric vehicles come in so many brands and price points is a positive industry sector for the future. And the fact that the leader in this classification, Tesla, is proprietary only to Tesla vehicles also bodes well for SIRC’s future n the charing industry.

Here are some more positives in EVV charging for SIRC:

The U.S. 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 more in Austin, Texas.
Other OEM makers are envious, want share of this new pie as well as tie-up partnerships with EV Charging Station installers already in place.
Wall Street investors who 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 this 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 — is now sold.
OEM electric car makers are increasingly partnering with electric car makers and auto repair centers, such as Bridgestone and Firestone. Electric cars will require new tires and other work. 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?

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 some $80 million in new government federal dollars to help build more EV Charging Stations.

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.

If 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.

Learn more about SIRC at https://www.solarintegratedroofing.com/corporate-governance/leadership/.

Source: Stock Market Press

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Shannon Roxborough

Shannon Roxborough is SMP's senior contributor writer. A financial journalist for more than 20 years, he has covered U.S. and global markets across all sectors. A former correspondent with Money magazine and columnist with Small Cap Investor, his writings have appeared in The Wall Street Journal and numerous other financial publications.