Even with fuel prices
dropping significantly over the last couple of years, which has prompted some
industry commentators to predict a slowdown on the electric vehicle market,
overall sales reported in the first quarter of 2016 were 42% higher year-on-year
(http://nnw.fm/Yp7DU). The Q1 increase is indeed not as high as the figures
reported in Q4 2015, which was particularly strong for electric vehicle sales
in anticipation of reduced incentives on several markets this year.
Nonetheless, plug-in sales in the first quarter totaled an impressive 180,500
units worldwide, with China alone responsible for a considerable portion of the
growth, as year-on-year sales in the Asian nation doubled compared to last
year.
China remains a significant
market for electric vehicles, not only in terms of sales, but also in terms of
manufacturing. One of the most revolutionary electric cars on the market at the
moment, the e-Go EV sold by 2050 Motors, Inc. (OTCQB: ETFM), is in fact the
product of a Chinese company, being engineered and designed by Jiangsu Aoxin
New Energy Automobile Co., Ltd. What sets the e-Go EV apart from other electric
vehicles is that it is the only such car with a carbon fiber body and parts
installed on an aluminum racing car frame and suspension. The entire
manufacturing process is done with the help of robotic machines, which lowers
both the time and cost of fabrication. The result is an electric car that
weighs thousands of pounds less than other similar vehicles on the market, at
only 1,450 lbs., and with a carbon fiber body that is five times stronger than
steel.
2050 Motors, which has
exclusive rights to assemble and distribute the e-Go, says this is the most
efficient and affordable electric vehicle ever built, with over three times the
battery life of other cars in its class. The vehicle’s battery warranty is
eight years with unlimited mileage, the same as Tesla’s (NASDAQ: TSLA) Model S.
The company also plans to launch a carbon fiber luxury sedan, the Ibis EV, in
the near future.
This might be very soon, as
the company recently secured an equity purchase agreement of $10 million for
the construction of an assembly plant in Las Vegas. The deal was sealed with
Southridge Partners II, LP, a Connecticut-based holding firm specializing in
advisory services and direct investment. The facility will be built
specifically for the assembly of carbon fiber electric vehicles, including the
body and parts being manufactured and shipped from the Jiangsu factory. 2050
Motors is close to completing negotiations with the City of Las Vegas regarding
the project, which is expected to bring a great number of high paying jobs to
the city.
Additionally, the company is
in talks with the Las Vegas Global Economic Alliance for the creation of a
foreign trade zone for the assembly factory, which would allow it to bring the
car bodies and parts from China without formal customs processing or customs
duties until the assembled products leave the trade zone.
For more information, visit
www.2050motors.com
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