PALM BEACH, Fla., Nov. 22, 2021 /PRNewswire/ -- FinancialNewsMedia.com News Commentary - The all-terrain vehicle (ATV) and utility terrain vehicle (UTV) are one of the few markets that have witnessed substantial growth during the pandemic. An all-terrain vehicle (ATV) is a vehicle fitted with four low-pressure tires and handle bars. ATVs are known for their maneuverability & off-road capabilities and are applicable in military, survey, forestry, agriculture, sports, and others. These are handled quite differently and require training. These are usually used in off-road environments, but few regions permit the use of these vehicles on public roads as well. A utility terrain vehicle (UTV) is a vehicle designed to perform tasks in an efficient manner than a general-purpose vehicle. It is also known as a side-by-side, four-wheel drive off-road vehicle, with a capacity of two to six people. Recreational off-highway (ROV) and multi-purpose off-highway utility vehicle (MOHUV) are other terms used for this vehicle. According to a recent report published by Allied Market Research, the global ATV and UTV market was valued at $7.6 billion in 2017, and is projected to reach $11.95 billion by 2027, registering a CAGR of 6.7%. The report said: "North America dominates the market in terms of revenue, followed by Asia-Pacific, Europe, and LAMEA. In North America, U.S. dominated the ATV and UTV market in 2019, whereas Canada is expected to witness growth at a significant rate during the forecast period… By vehicle type, the UTV segment is expected to dominate the market, in terms of revenue. In addition, by displacement, the 400 - 800 cc segment dominated the global ATV and UTV market in 2019. Whereas, less than 400 cc is expected to grow at the highest CAGR during the forecast period. Region-wise, North America is anticipated to be the highest revenue contributor, and LAMEA is expected to grow at a lucrative CAGR." Active EV stocks in news today include : Volcon Inc . /zigman2/quotes/229916434/composite VLCN -8.44% , NIO Inc. /zigman2/quotes/204905836/composite NIO -4.33% , Lucid Group /zigman2/quotes/221104327/composite LCID -7.13% , ElectraMeccanica Vehicles Corp . (NASDAQ: SOLO ), Arcimoto, Inc . [®] /zigman2/quotes/206555289/composite FUV -4.79% .
Allied Market Research concluded: "Increase in trend of adventure sports & recreational activities, adoption of ATV and UTV in military activities, and government rules to support driving ATVs and UTVs on road, propel the growth of the ATV and UTV market... Furthermore, production of safer ATVs and UTVs is a remarkable future growth opportunity for the global ATV and UTV market."
Volcon Inc . /zigman2/quotes/229916434/composite VLCN -8.44% BREAKING NEWS - VOLCON ADDS EIGHT MORE DEALERS AND HIRES KEY POWERSPORTS INDUSTRY PLAYERS TO GROW NATIONWIDE DEALERSHIP NETWORK – Volcon Inc., the first all-electric, off-road powersports company, today announced that it has signed eight more leading powersports dealerships, bringing the total to 18 in less than two weeks of launching their dealership network program. It also announced two new key hires, expanding the growing organization's expertise with proven powersports veterans. As of November 8, 2021, Dave Auringer was named National Sales Director and Kenneth Cook accepted the role of Regional Sales Manager, Southeast.
"The official launch of our dealership program has been nothing short of incredible as we keep quickly adding influential dealers to the network. On top of this, we are thrilled to bring on two industry leaders to help us determine who best fits our brand for the future," said Melissa Coffey, Director of International Sales and Business Development. "Dave Auringer and Ken Cook represent the cream of the crop when it comes to building out a dealer network. Their contacts in the industry are unparalleled, which gives us great confidence in their ability to take our brand to the next level in 2022 and beyond."
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Auringer will oversee all US regional markets with a team of talented Regional Sales Managers. Auringer, a lifetime powersports enthusiast, has extensive experience in bringing new and revived brands to market. In the past 10 years he has worked to establish and turn around dealership networks for brands like Sea-Doo, Indian Motorcycles, ROXOR, CFMOTO, and Excelsior-Henderson. Additionally, Auringer has recruited and placed a wealth of top talent in the powersports industry over 17 years with his personal business Dave Auringer & Associates.
As Volcon's Southeast Regional Sales Manager, Ken Cook will be responsible for establishing business in some of the most critical powersports territories in the US. Cook, with a strong history of sales and distribution, brings an incredible rolodex of contacts to Volcon in the Southeast. After many successful years working for Linhai -- a manufacturer that makes some of Yamaha's engines, generators and scooters -- Cook went on to head up one of the most successful regions for Mahindra, signing some of the biggest powersports dealers in the South. After many years as one of the top 3 salesmen for the company, he joined Volcon to bring the innovative and category-defining off-road products to powersports dealers across the Southeast territory. CONTINUED… Read this full press release for VLCN by visiting: https://www.financialnewsmedia.com/news-vlcn/
In other EV news of note:
ElectraMeccanica Vehicles Corp. /zigman2/quotes/205680075/composite SOLO -3.72% , a designer and manufacturer of electric vehicles, recently reported financial results for the third quarter ended September 30, 2021, in conjunction with its Quarterly Report on Form 6-K filed contemporaneously.
"During the third quarter of 2021, our efforts surrounded the preparation for the biggest moment in our Company's history, first deliveries of the commercial SOLO EV to reservation holders and fleet customers, which was successfully held at our 'Key Moment" event on October 4, 2021," said Kevin Pavlov, CEO of ElectraMeccanica. "We are more focused than ever on ramping production to meet the significant demand for our flagship SOLO EV. To support this rollout, we remain on track to complete our new U.S. Assembly and Engineering Technical Center in Mesa, Arizona in summer 2022—which will have the ability to produce up to 20,000 vehicles annually—while also forming a partnership with the Bosch Car Service Network to provide industry-leading service and maintenance operations for the growing number of customers taking to the road across the western United States. Today, ElectraMeccanica stands at a very exciting inflection point as we transition into a scaled production enterprise with an infrastructure, balance sheet and world-class team to execute upon our growing customer deliveries and fleet partnerships that will build long-term shareholder value well into the future."
Arcimoto, Inc . [®] /zigman2/quotes/206555289/composite FUV -4.79% , makers of fun, affordable, and ultra-efficient electric vehicles for everyday drivers and fleets, recently announced that it is now accepting vehicle reservations from customers in Arizona, the sixth state in Arcimoto's nationwide expansion plan.
Today, Arcimoto began reaching out to Arizona preorder customers with the opportunity to reserve an Arcimoto. First Arizona vehicle deliveries are anticipated to begin in Q1 2022.
"We are thrilled to introduce Arcimoto vehicles to Arizona, which has long been one of our most popular states for overall preorders," said Arcimoto Founder and CEO, Mark Frohnmayer. "From Scottsdale to Sedona and the Grand Canyon to Havasu Falls, Arizona is an ideal market for both everyday drivers and tourist rentals. To all of our longtime, loyal Arizona preorder customers, thank you so much for your patience. The wait for Arcimoto in Arizona is over."
NIO Inc. /zigman2/quotes/204905836/composite NIO -4.33% , a pioneer and a leading company in the premium smart electric vehicle market, recently announced its unaudited financial results for the third quarter ended September 30, 2021.
Deliveries of vehicles were 24,439 in the third quarter of 2021, including 5,418 ES8s, 11,271 ES6s and 7,750 EC6s, representing an increase of 100.2% from the third quarter of 2020 and an increase of 11.6% from the second quarter of 2021. Vehicle sales were RMB8,636.8 million (US$1,340.4 million) in the third quarter of 2021, representing an increase of 102.4% from the third quarter of 2020 and an increase of 9.2% from the second quarter of 2021. Vehicle margin was 18.0%, compared with 14.5% in the third quarter of 2020 and 20.3% in the second quarter of 2021. Total revenues were RMB9,805.3 million (US$1,521.8 million) in the third quarter of 2021, representing an increase of 116.6% from the third quarter of 2020 and an increase of 16.1% from the second quarter of 2021. Gross profit was RMB1,993.2 million (US$309.3 million) in the third quarter of 2021, representing an increase of 240.3% from the third quarter of 2020 and an increase of 26.6% from the second quarter of 2021.
Lucid Group /zigman2/quotes/221104327/composite LCID -7.13% , recently announced its newest retail location – the Lucid Studio at Tysons Corner Center in the Washington, DC, Metro Area. The new Studio opened its doors to the public on Saturday, November 6. This location, the 11th in a growing network of Lucid Studios, joins locations in New York and Florida to further expand Lucid's presence on the Eastern Seaboard.
"Opening at one of the largest malls in the nation, which is also located in a strong electric vehicle market, will provide excellent exposure for the Lucid Air and help us to further our mission to inspire the adoption of sustainable energy." said Zak Edson, Senior Director, Sales and Service, Lucid Group. The Lucid Studio design has translated the company's post-luxury design aesthetic into a welcoming physical environment where customers can review options for the full Lucid Air lineup of luxury, high-performance EVs. This includes the Lucid Air Pure, a very well-equipped model available from $77,400 ($69,900 with available federal tax credit), through the Lucid Air Touring, which starts at $95,000 ($87,500 with available federal tax), and the Lucid Air Grand Touring, starting at $139,000 ($131,500 with available federal tax credit).
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