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Sept. 1, 2020, 11:31 a.m. EDT

New Sparks for the EV Industry

Sep 01, 2020 (IAM Newswire via COMTEX) -- The coronavirus lockdown has given us a taste of an electric future in which lower emission targets were reached. People are realising the benefits of leaving internal combustion engines to zero-carbon footprint EVs as big cities saw a sharp reduction in carbon dioxide, carbon monoxide and methane emissions.

The flamboyant EV leader Tesla (NAS:TSLA) is upping its game with its Shanghai as well as upcoming Berlin and Austin Gigafactories. Despite COVID-19-related setbacks, traditional automakers are pulling the big guns to be able to compete in the EV race. Detroit's big three and European giants are not shying away from their commitment to EVs. Moreover, in June, even Lyft (NAS:LYFT) announced that every vehicle on its platform will be electric by 2030. Despite a setback in the construction of its factory due to the shutdown, Rivian also announced it will debut its electric pickup truck and electric SUV next summer. This means it could still be the first to deliver an all-electric pickup truck while signing a deal to supply Amazon (NAS:AMZN) with 100,000 electric vans.

But there are players you maybe didn't even hear of who are just as able to disrupt the EV market.

Despite the troubling US-China relations, the Alibaba-backed (NYS:BABA) backed Xpeng Motors (NYS:XPEV) has raised more money than expected for its Wall Street debut. It exceeded expectations by rising $1.5 billion by selling more than 99.7 million shares for $15 each. Beginning on Thursday, the offering is expected to close on August 31, 2020.

It's no secret that EVs are central to France's economic recovery plan. Peugeot S.A-owned (OTC:PUGOY) Citroen has just announced the launch of a new 100% electric vehicle. The e-C4 generates zero CO2 emissions while providing a peaceful driving experience. With noise pollution being a growing concern, the silent nature of the vehicle could turn out to be really appealing to buyers. Despite Bayerische Motoren Werke Aktiengesellschaft (OTC:BMWYY) having Hans Zimmer turn this noisy vibration in pure musical magic, Citroen has a sturdy reputation for working hard at keeping its environmental impact as low as possible. Its electrification offensive has solid grounds for success.

According to Car Magazine UK, aside from the Citroen e-C4, other popular EVs include Tesla's Model 3, Renault (OTC:RNLSY) Zoe, the Nissan (OTC:NSANY) Leaf, Porsche Automobil Holding's (OTC:POAHY) Taycan and Hyundai Motor Company's (OTC:HYMTF) Ioniq Electric.

Last week, Worksport (OTC:WKSP) unveiled details regarding its ground-breaking TerraVis solar-powered tonneau covers. While the Canadian-based company announced it is finalizing its late-stage agreement to configure and craft this system for a U.S.-based Electric Truck manufacturer its corporate Worksport Twitter account shows their is more interest from several Electric Truck manufactures. Meanwhile, Worksport will continue to focus on growing as an innovative tonneau cover manufacturer.

If 2020 has taught us anything, it's that anything is possible. EVs play a crucial role when it comes to a sustainable future. While conventional car sales have seen a dramatic crash during the global crisis, EVs were only slowed down a bit. LMC Automotive reported that sales of battery EVs were up nearly 30 per cent in March 2020 when compared to the same month last year. This means that the world is embracing change. As we all adapt to our new reality, the auto industry is driving forward towards the all-electric future.

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COMTEX_370487328/2618/2020-09-01T11:30:40

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