FN Media Group Presents Oilprice.com Market Commentary
London – May 18, 2021 – The rise of electric vehicles is one of the biggest trends of the last decade, taking names like Tesla and Nio to the top of the markets. But 2021 is proving that other types of companies may be ready to make their mark. Mentioned in today’s commentary includes: Oshkosh Corporation (NYSE: OSK), Workhorse Group Inc. (NASDAQ: WKHS), Nikola Corporation (NASDAQ: NKLA), General Motors Company (NYSE: GM), Electrameccanica Vehicles Corp. (NASDAQ: SOLO).
Last year, it seemed EV companies could do no wrong, with countless companies in the industry seeing their shares hit new highs. Nikola, for example, soared for 672% gains at its highs. Tesla was up 695% on the year. And Nio took off for incredible 1,210% gains.
But today, the world is finally seeing some chinks in the armor of the companies that seemed invincible just 6 months ago. And space is finally being made for new, exciting companies with a different spin on how to use this new technology.
For example, while Nikola, Nio, and Tesla, for example, are all slightly down for the year from their highs…Two companies in other but related industries that we’ve discovered are looking to have a banner year thanks to key new partnerships and acquisitions. This rise and transition of EVs could duplicate the same trend we’ve seen over and over again with major booms.
While some successful EV companies may just be taking a breath to come back to reality…The market also appears to be trimming the fat and revealing who the truly valuable companies are.
Today, we’re seeing a second wave shaping up – one where the EV automakers have already played out their incredible upside. And others who are taking electric vehicles in creative new directions. These are the pick and shovel plays that might prove akin to the big winners of the gold rush.
An ESG Ecosystem
Facedrive (FD; FDVRF) is a fast-growing Canadian company which has seen shares soar for incredible 526% gains over the last year. And they’ve done it by leveraging the power of the first EV boom by taking it in exciting new directions. For example, they became well-known first for their signature ridesharing service.
Giving riders the flexibility and eco-conscious options, that Uber and Lyft are only planning to provide, Facedrive allows customers to choose whether they’d like to take their ride in an electric vehicle, gas-powered vehicle, or hybrid. And it even takes it a step further by planting trees to help offset the carbon footprint of each ride using AI technology. It’s this sort of “people and planet first” philosophy that has helped Facedrive multiply their business several times over throughout 2020 and into 2021.
But while they’ve done well for themselves growing this side of the business, they’ve also been acquiring major pieces to help them take it to the next level. That includes the acquisition of Steer, a company with a unique subscription model for EVs.
It used to be that if you wanted an electric vehicle, you’d have to shell out anywhere between $40,000 to $80,000 (or more) to do it. But Steer’s unique subscription model allows for not just lower upfront costs but much more flexibility than the old personal car ownership model we’ve grown so accustomed to. That’s because many are drawing the line and saying that while going green is important to them, they also aren’t willing to pay exorbitant costs for it.
It’s the reason why Steer charges a much lower monthly subscription rate in exchange for the choice of a whole line of EVs, including luxury EVs. And as long as you’re a subscriber, you can keep the same car or trade it for another of your choice.
Steer has been building a strong following in the Washington DC area, and given its success, it’s now being taken international. That’s because they’ve recently branched into Canada as it’s become available in Toronto as well.
With 2 of the biggest metro areas in North America hopping on board, the momentum appears to be picking up for Steer. For Facedrive, between their signature EV ridesharing service and Steer’s unique subscription service, they also added more pieces to make 2020 a year of incredible growth.
That includes a thriving EV food delivery service, a clothing apparel line partnering with A-list celebrities, and even breakthrough contact tracing technology for COVID-19. And with their creativity and business savvy, this is making Facedrive (FD; FDVRF) a prime competitor to benefit in the EV Boom 2.0.
Deliveries Are Big Business
Oshkosh Corporation (OSK) is a manufacturer that’s been in business for well over a century now. But most people hadn’t heard about them until just a month ago when they won a major contract over one of the industry darlings, Workhorse.
Oshkosh manufactures specialty trucks along with military vehicles, truck bodies, and access equipment like cranes and lifts. But lately they’ve received loads of press for their new EV delivery trucks.
So while folks like Tesla are busy selling one-off cars to individual consumers, Oshkosh has focused on locking down major contracts for tens of thousands of electric vehicles. And that’s exactly what helped them sign a contract with the United States Postal Service last month.
Through this partnership, they’ll manufacture EV mail trucks for the USPS, helping flip their fleet to go electric. They’re set to assemble between 50,000 and 165,000 next-generation vehicles in the years ahead. And the agreement comes with $482 million toward retooling and building out its factory.
This is major news for an under-the-radar company like Oshkosh. But the truth is, this is just the first part of a multi-billion dollar deal that will help the USPS replace much of their fleet over the next 10 years. And this has been established as a top priority for Biden, as shown in his American Jobs Plan.
In the fact sheet for his plan, he stated he’ll “utilize the vast tools of federal procurement to electrify the federal fleet, including the United States Postal Service.” That has helped Oshkosh’s shares jump 40% this year, as they’re finally recognized as a key piece of the second wave of the EV boom.
The Next Winners of the Second Wave of the EV Revolution
As major companies like Tesla and Nio have seen their stocks rise to incredible new highs over the last year, more competition is inevitable for these industry giants. But as the second wave of the EV revolution takes off, it could be the small innovators in other industries like Facedrive and Oshkosh that benefit by finding exciting new applications for electric vehicles everywhere.
Other Potential Winners In The Next Stage Of The EV Boom
Electra Meccanica Vehicles Corp (SOLO) is another electric vehicle stock that has turned heads this year. The Canadian company’s single-seat electric car carries a lower, and more appealing price point for consumers that do not need all the bells and whistles that come with luxury brands like Tesla. It’s also on the cusp of an emerging market. In fact, demand for single-seat electric vehicles are projected to grow significantly in the coming years, and SOLO is one of the few companies in this market, representing a great opportunity for investors looking for an easy-entry EV stock with a lot of potential upside.
Electric Meccanica isn’t only interested in the company niche, however. It’s also planning to roll out an electric sports car for two, the Tofino, and another electric two-seater boasting an old-school design that will appeal to a wide range of consumers. Given that the stock is only trading at $3.31 at the moment, there is a lot of room to grow, though not without potential risks.
Another stock that might be appealing to investors with a high tolerance for risk is Nikola Corporation (NKLA). Nikola has had a tough go at it since its IPO in June. Following a wave of bad press and the ousting of its CEO and Founder, Trevor Milton, the so-called “Tesla of trucking” saw its share price fall by as much as 75%. The issues were compounded with the announcement that General Motors will be pulling out of its deal with the company.
Despite the onslaught of negative news, however the massive selloff has slowed down recently, however, and there is still a case for the company. The EV-maker is particularly appealing to ESG investors as electric trucks will play a pivotal role in the future of our supply chains. While there are already a few companies moving forward with this idea, it’s Nikola’s sole focus, which means it has an advantage over others who might be spread too thin.
Though Nikola will remain a risky play for the short-term, the company is pushing forwarded. Wedbush analyst Daniel Ives echoes this sentiment, explaining, “Investors are going to continue to take a cautious wait-and-see approach but I do think potentially the tide’s turning in terms of a lot of bad news in the rear-view mirror.”
Workhorse Group (WKHS) is somewhat of an outlier in the electric vehicle explosion. Because of its delivery-vehicle focus, it’s not necessarily a consumer-focused brand, but more of a business-to-business manufacturer. And that’s not a bad thing. Especially considering the future of this budding industry.
Though one of its recent but headline-grabbing deals with the United States Postal Service has been delayed, it’s still pulling a lot of high-value retail deals. And shareholders see that value, and more importantly its potential for long-term growth. Since January of this year, Workhorse has seen its stock price skyrocket from just $3.29 to today’s price of $$8, representing a near 143% increase.
Oppenheimer analyst Colin Rusch notes, ““As the only US-based full EV supplier remaining in the bid, we believe the company remains well positioned to win a sizable portion of the contract. At the same time, we believe activity among buyers of last-mile delivery vehicles is accelerating and that WKHS could see additional customer wins before year-end.”
General Motors (GM) is one of the legacy automakers benefiting from a shift from gas-powered to EV technology. With the news of GM’s new business unit, BrightDrop, they plan to sell electric vans and services to commercial delivery companies, disrupting the market for delivery logistics.
That’s not all its working on, either. In October, auto industry legend, GM announced that it’s majority-owned subsidiary, Cruise, has just received approval from the California DMV to test its autonomous vehicles without a driver. And while they’re not the first to receive such an approval, it’s still huge news for GM.
Cruise CEO Dan Ammann wrote in a Medium post, “Before the end of the year, we’ll be sending cars out onto the streets of SF — without gasoline and without anyone at the wheel. Because safely removing the driver is the true benchmark of a self-driving car, and because burning fossil fuels is no way to build the future of transportation.”
By. Andrew Grewel
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This publication contains forward-looking information which is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ from those projected in the forward-looking statements. Forward looking statements in this publication include that the demand for ride sharing services will grow; that Steer can help change car ownership in favor of subscription services; that tech deals signed already will increase company revenues; that Facedrive will achieve its plans for manufacturing and selling Tracescan devices; that Facedrive will be able to expand to the US and globally; that Facedrive will be able to fund its capital requirements in the near term and long term; and that Facedrive will be able to carry out its business plans. These forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Risks that could change or prevent these statements from coming to fruition include that riders are not as attracted to EV rides as expected; that competitors may offer better or cheaper alternatives to the Facedrive businesses; changing governmental laws and policies; the company’s ability to obtain and retain necessary licensing in each geographical area in which it operates; the success of the company’s expansion activities and whether markets justify additional expansion; the ability of the company to attract drivers who have electric vehicles and hybrid cars; and that the products co-branded by Facedrive may not be as merchantable as expected. The forward-looking information contained herein is given as of the date hereof and we assume no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.
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