More Americans than ever are interested in buying or leasing an electric vehicle. In a national survey from Consumer Reports, 14% of people said they would “definitely” buy or lease an electric vehicle if they were looking for a new car today – a significant jump from just 4% in 2020. Meanwhile, 22% of respondents said they would “seriously consider” an electric vehicle. Despite new EVs coming in at a higher price point than new gas-powered cars, EV owners spend less on maintenance and repairs. EV owners also save a fortune on gasoline, which now costs the average US household roughly $5,000 per year, a massive jump from 2021. Americans’ growing interest for EV vehicles will boost sales for makers of EV vehicles like EV Technology Group (NEO:EVTG) (OTCQB:EVTGF) (FRA:B96A), Rivian Automotive Inc. (NASDAQ:RIVN), Li Auto Inc. (NASDAQ:LI), Lordstown Motors Corp. (NASDAQ:RIDE), and Xos, Inc. (NASDAQ:XOS).
EV Technology Group (NEO:EVTG) (OTCQB:EVTGF) (FRA:B96A) is focused on acquiring iconic brands and bringing beloved motoring experiences to the electric age to help drive the EV revolution forward. The company just obtained DTC eligibility and commenced trading on the OTCQB market under the symbol “EVTGF,” offering US investors greater access to the company’s stock.
On July 20, EV Technology Group announced that it has entered a definitive agreement to acquire up to 100% of MOKE International Limited, marking its first purchase of a major iconic car brand. The transaction is valued at US$55.1 million. The company also entered into an Option Deed with the MOKE International shareholders, giving the company the option to acquire all of the remaining shares of MIL at an equity value of US$120 million for 24 months from the date of closing of the acquisition.
The MOKE is an iconic car that was first made famous by James Bond and Brigitte Bardot and has become popular in warm destinations including Australia, the South of France, and the Caribbean. During its lifetime, almost 50,000 MOKE vehicles have been sold across the globe.
This is an ideal investment for EV Technology Group and will provide the company with a template for further brand acquisitions.
The new Electric MOKE, which was recently launched, is already winning a new generation of followers and building a long waiting list in the UK and France through the Hendy dealership and the purpose built ‘Casa MOKE’ Flagship store in Saint-Tropez, which is operated by MOKE France. Deliveries of the Electric MOKE have begun to keep up with a rapidly growing waiting list and MOKE France has already generated Electric MOKE orders worth over half a million Euros in total value following the initial opening of pilot sales.
EV Technology Group plans to widen its sales offering across Europe and in the US in the near future.
Wouter Witvoet, CEO of EV Technology Group announced the acquisition today, stating “The investment in MIL is extremely close to my heart. I first became interested in MOKE International when I tried to rent the vehicle in the South of France – I quickly discovered the joy of driving this vehicle in beautiful locales – but also the commercial opportunity given how high demand was for this iconic brand, relative to supply.
“EV Technology Group’s mission is to revitalize iconic brands and rediscover the joy of motoring in an electric age. This applies brilliantly to MOKE International as it forms the perfect start to EV Technology Group’s strategy to acquire and brands that have a loyal following and substantial brand equity. I am looking forward to helping the business expand as it enters new markets, especially in the USA. MIL has a superb future and EV Technology Group has the capabilities to support it every step of the way.”
On June 29, EV Technology Group announced that its wholly owned subsidiary MOKE France SAS has teamed up with GOMECANO. This company offers on-demand mobile mechanics to perform auto repairs.
This partnership gives electric MOKE owners the opportunity to access on-demand mechanics to repair vehicles from the comfort of their home or office. The nationally renowned on-demand vehicle maintenance company offers top-notch customer service. It has many highly trained mechanics, making GOMECANO the ideal partner for keeping MOKE electric vehicles on the road for general maintenance and repairs.
For more information about EV Technology Group (NEO:EVTG) (OTCQB:EVTGF) (FRA:B96A), click here.
EV Companies Are Developing New Products and Delivering More Vehicles
Rivian Automotive Inc. (NASDAQ:RIVN) recently opened three fast-charging sites in Colorado and California, the first deployments of its nationwide Rivian Adventure Network. These “Tier 3” DC fast-charging sites will initially deliver over 200 kilowatts of power, allowing Rivian riders to add up to 140 miles of range in just 20 minutes and creating new opportunities for a sustainable adventure away from at their home. Rivian will continue to open Rivian Adventure Network locations with an initial goal of 3,500 fast chargers at 600 locations across North America. On June 17, Rivian announced plans for a large-scale wind turbine at its Normal manufacturing campus to provide clean energy to allow new R1 vehicles to be powered by renewable energy for their first charge. Earlier this year, in the plant’s outgoing charging yard, Rivian installed a 783-kilowatt solar canopy that is expected to begin generating power later this summer.
Li Auto Inc. (NASDAQ:LI), a leader in China’s new energy vehicle market,
On May 11, Lordstown Motors Corp. (NASDAQ:RIDE) announced that it has completed the sale of its Lordstown plant. The company also signed a contract manufacturing agreement and a joint venture agreement for product development with subsidiaries of Hon Hai Technology Group (Foxconn). Total proceeds were $230 million, plus the reimbursement of roughly $27 million in operating and expansion costs. Foxconn also previously purchased $50 million of LMC‘s Class A common stock directly from the company. Foxconn and LMC have also entered into a joint venture (JV) agreement to co-develop EV programs using Foxconn’s Mobility-in-Harmony (MIH) open-source EV platform. The new JV will be called MIH EV Design LLC and will be owned 55% by Foxconn and 45% by LMC.
On July 6, Xos, Inc. (NASDAQ:XOS), a leading fleet service provider and manufacturer of Class 5-8 battery electric vehicles, announced the delivery of 58 of its all-electric vans to three locations for Merchants Fleet, a high-growth fleet management company, during Q2 2022. The three locations include San Diego, CA, North Highlands, CA, and Hooksett, NH. Xos also recently announced the delivery of four of its 100% battery-electric vehicles to loyal customer Loomis, a leading cash handling company in North America. Vehicles were delivered to Montebello, CA, Hayward, CA, Moonachie, N.J., and Charlotte, N.C. Loomis has been a Xos customer since 2019.
Founded in 2021, EV Technology Group is focused on electrifying iconic brands, with a mission to redefine the joy of driving for the electric age. Backed by a team of passionate entrepreneurs and engineers, EV Technology Group is creating value for its shareholders by acquiring and partnering with iconic brands with significant growth potential and controlling end-to-end capabilities.