On Wednesday, President Biden is set to reveal a $3 trillion infrastructure proposal that is expected to include significant support for the EV industry. Back during his candidate days, Biden pledged to invest $2 trillion to fix highways, bridges and airports as well as encourage fuel-efficient vehicle manufacturing and install 500,000 EV charging stations across the country.
The experts are optimistic about the long-term prospects of the EV industry, expecting the market to reach $567.2 billion by 2025. Even the German giant Volkswagen (OTC: VWAGY) is showing just how serious it is about its EV ambitions by taking a name “Voltswagen” in the US.
Worksport
Worksport Ltd (OTC:WKSP) is a well-established developer and manufacturer of high quality and affordable covers and solar-powered systems for pickup trucks. It changed the EV game with its ground-breaking TerraVis solar fusion which is being configured to upcoming electric pickups by Atlis Motor Vehicles and Hercules Electric Vehicles. On Tuesday, the company announced has raised US$3 million through a Private Investment in Public Equity (PIPE), after succesfuly raising $4 million from the recent closing of its oversubscribed Reg-A public offering. The additional capital will boost its R&D capabilities in Canada, build inventory, and significantly boost the company’s marketing efforts to promote its TerraVis solar tonneau cover system, as well as its extenstion, the TerraVis COR
mobile energy storage system (ESS) that can be used independently, helping the company tap into the consumer’s market.
Rivian
An up-and-coming EV startup, Rivian Automotive, is borrowing another page from Tesla Inc. (NASDAQ: TSLA)’s book, from who it is being sued for allegedly poaching employees and stealing trade secrets. Rivian is building an exclusive charging network for its upcoming R1T pickup and R1S SUV. Although Rivian will likely be the first automaker to deliver the world’s first electric pickup, Tesla will have a complete EV lineup once it launches its Cybertruck.
The Rivian Adventure Network promises ambitious 600 super-charging stations offering 3,500 chargers by 2023 across the US and Canada. The chargers will be exclusive to Rivian owners, though a secondary Waypoint network of ten thousand 240-volt chargers will be open to the public at hotels and businesses. With big capital reserves, Rivian and Tesla are differentiating themselves from the EV pack by building exclusive charging networks instead of relying on third parties. When Tesla’s Supercharger network was launched in 2012 with its Model S sedan and grew to 1,101 stations across North America, it played a key role in establishing its EV dominance. Meanwhile, competitors like the General Motors (NYSE: GM) with its Chevy Bolt, and GMC Hummer EV, Ford Motor (NYSE: F) with its Mustang Mach-E, and Volkswagen with its ID.4 cannot use Tesla or Rivian fast chargers so they have big hopes that Biden Administration’s forthcoming infrastructure bill will help them compete in the race.
Meanwhile, Tesla’s lawsuit against Rivian hasn’t been dismissed. Although California Superior Court Judge has declined Rivian’s request regarding misappropriation of trade secrets, but he did grant the request to dismiss intentional interference in contract claim. The judge refused to dismiss Tesla’s claims against seven former employees who jumped ship to Rivian.
The EV industry is bracing for long-term growth. 2020 has showed a glimpse of its force as despite the pandemic-induced impacts, global EV shipments reached 2.5 million units last year so this year is likely to be even more impressive.
This article is not a press release and is contributed by a verified independent journalist for IAMNewswire. It should not be construed as investment advice at any time please read the full
disclosure
. IAM Newswire does not hold any position in the mentioned companies. Press Releases – If you are looking for full Press release distribution contact:
[email protected]
Contributors – IAM Newswire accepts pitches. If you’re interested in becoming an IAM journalist contact:
[email protected]