Jul 15, 2021 (Financial News Media via COMTEX) -- FN Media Group Presents Oilprice.com Market Commentary
London - July 15, 2021 – While the EV boom has been growing for years, 2021 could be the year electric starts to take over everything. And it could happen much sooner than most people realize, as some of the biggest names are already hopping on board. Mentioned in today's commentary includes: Ford Motor Company /zigman2/quotes/208911460/composite F +0.51% , NIO Inc. /zigman2/quotes/204905836/composite NIO -1.75% , General Motors Company /zigman2/quotes/205226835/composite GM +0.60% , Tesla, Inc. /zigman2/quotes/203558040/composite TSLA +2.75% , Blink Charging Co. /zigman2/quotes/205311237/composite BLNK -5.31% .
Amazon has already started making deliveries with electric vans in Los Angeles, as they've agreed to purchase 100,000 vans from EV startup, Rivian. The United States Postal Service just signed a 10-year, multi-billion dollar contract with Oshkosh Defense to produce thousands of electric mail trucks. And United Airlines just placed an incredible $1 billion order with EV manufacturer, Archer, for a fleet of electric air taxis.
Legacy automakers are all making the shift too, rolling out their line of electric vehicles one by one.
Ford is set to double their investment in EVs to $22 billion, and they're planning to release their electric version of the Mustang and the F-150, the most popular vehicle in the U.S. Volkswagen is calling their 2021 electric crossover, the ID.4, "the most important new Volkswagen debut since the Beetle." And General Motors has even announced they'll stop making gas-powered vehicles altogether by 2035. Now, Biden has even announced plans to transition all government fleet vehicles to EVs.
This electric revolution has already led to monster gains for EV companies throughout 2020. The EV van startup, Workhorse, saw gains of over 551% …Tesla's shares shot up a massive 740% …And Blink Charging soared for incredible 1,740% gains last year.
Now, many investors are looking ahead for the next big thing in the EV markets. And one Canadian company in EV related business has seen its momentum building steadily over the last year.
With these acquisitions, they've brought the EV boom into food delivery, car subscriptions, and more. And now that Facedrive has announced a major government investment in their technology, their business could be set to take off in 2021.
Bringing EVs to the Gig Economy
Many of the biggest EV stories of late have come from either the automakers rolling out new models or companies working on building out the infrastructure…But Facedrive is taking a different approach.
Instead, they're using the cars those automakers have already made and turning them into an entire EV-related ecosystem. So just like Uber has built their $96 billion business off leveraging cars they never manufactured, bought, or sold...Facedrive connects customers looking to hail a ride, providing an eco-friendly solution.
Their model is simple. When customers request a ride, they get their pick between riding to their destination in a standard gas-powered car, a hybrid or an electric vehicle (for no extra charge to them). Then Facedrive's algorithm crunches the numbers, setting aside a portion of the fare to plant trees, offsetting the carbon footprint from the ride.
Through next-gen technology and partnerships, they're bringing EVs into the gig economy and making a splash. That's because Facedrive has also added a food delivery service, which has taken off since so many have been stuck at home during global lockdowns.
Today, they're delivering over 4,100 orders per day on average. And after growing to 19 major cities, they plan to expand to more cities throughout the U.S. and Canada soon. But they've also gone beyond applying EVs to the gig economy and are offering a way for people to get behind the wheel themselves without the usual sticker shock.
Reinventing The Standard Model
At this point there's no question there's a growing demand for EVs from consumers, as this trend has spread from Europe and Asia and through North America. And almost 3 out of 4 younger buyers even say they're willing to pay higher prices to own an electric vehicle. But with Facedrive's acquisition of Steer, you can get the benefits without the large upfront cost.
Facedrive ( FD , FDVRF ) recently acquired the EV subscription company from the largest clean energy producer in the United States, and they're aiming to change the way people think about using EVs. Steer has combined the Netflix subscription model with the EV boom to flip the traditional car ownership model on its head.
With Facedrive's acquisition of Steer, customers pay a simple monthly fee like with Netflix, and they get access to their choice of EVs from a fleet at their disposal. So they can borrow one whenever they need it instead of buying an EV outright – and at a fraction of the cost.
They're up and running in the Washington D.C. market already...And they've seen so much success there that they've decided to expand further north, to roll out the service in Toronto as well.
With two of the largest metro areas in North America in the mix, Facedrive has started paving the path for a completely unique way to save drivers money in the EV boom. But their biggest announcement recently came thanks to their willingness to think outside the box and serve the most pressing need we're seeing today.
Setting Up For Electric Everything in 2021
As 2021 heats up, we're seeing that the EV boom isn't just limited to manufacturing sedans anymore. It involves building an entire electric ecosystem and re-imagining what transportation looks like on all fronts. That's why Facedrive aims see their growth wave continue as they bring EVs to ridesharing, food delivery, and beyond.
Here are a few other companies who could profit in the electric future:
Tesla (TSLA) is a company that has redefined the automotive industry with their electric cars. The Tesla Model S was one of the first fully electric vehicles on the market and it’s still one of the best. If you’re wondering if an all-electric car is right for you, read this blog post to learn more about what makes Tesla different from other EV manufacturers.