After Tesla (NASDAQ:TSLA) reported its earnings and the stock popped, many investors thought that the EV industry was past its recent headwinds. After all, CEO Elon Musk stated that he believed he could see an end to the supply chain hell that Tesla was going through. Still, falling automotive margins were the takeaway and the most glaring part of Tesla’s report. Even the industry leader was being hit with rising costs and inescapable inflation.
But alas, Tesla is also marching forward with its plan to increase production capacity by 50% annually. Other EV makers are following suit. Nio (NYSE:NIO), the Chinese EV maker, is rapidly expanding into Europe, tackling the automotive capital in Germany as well as Holland, Sweden, and Denmark. BYD (OTC:BYDDY) announced plans to increase production capacity to 300,000 vehicles per month. Rivian (NASDAQ:RIVN) has started to roll out its EV delivery vans with Amazon (NASDAQ:AMZN), while Canoo (NASDAQ:GOEV) has announced its partnership with WalMart (NYSE:WMT). Despite the challenging environment, the show must go on!
That’s what makes the recent announcement from iQSTEL (OTC:IQST) so interesting. In an environment of higher costs and low supplies, the tech company is starting production on its first mass market electric vehicles this winter. Under the EVOSS subsidiary, the cars will join its electric motorcycles, in targeting lower socioeconomic markets like Africa and Latin America. It’s an incredible pivot for the company, but one that should reap long-term rewards for shareholders, given the global shift to the electrification of the automotive industry.
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