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
