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The EV Enthusiasm Appears To Be Unshakeable

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The stocks of numerous recently listed EV startups are showing remarkable resilience even as they are undergoing turbulent periods internally. Lordstown Motors Corporation (NASDAQ: RIDE), Nikola Corporation (NASDAQ: NKLA) and electric-car maker Canoo Inc. (NASDAQ: GOEV) all have share prices that are in line with, or even above, the prices from when they struck deals to go public by merging with special-purpose acquisition companies last year.Then, there is the equipment part or more precisely innovative technology as EVs are more about software than hardware. Besides forging OEM supply partnerships with two EV Truck nameplates, one of which is in partnership with Nissan Motor Co (OTC: NSANY), Worksport (OTC: WKSP) is tweaking its TerraVis™ solar fusion that does much more than just extend the mileage of EV pickup trucks.

Lordstown

Lordstown Motors Corporation was off to a bumpy start as a public company. In the past month, it revealed its missed its costs and production targets, it acknowledged it overstated preorders, it informed investors it didn’t have enough money to start full production and it even parted ways with both its CEO and CFO. But considering its price remained unchanged price since May, it is obvious that investors are not concerned.

Nikola

The semi-truck maker has a market capitalization of $6.5 billion, which is more than 60% since it achieved to make a deal to enter the public market last year. Only a few months later, the company’s executive chairman resigned after a short seller accused the company of misrepresentation. Although the company denied allegations of fraud, it destroyed multiple vehicles it previously advertised as key to its success, causing its partnership with General Motors Co. (NYSE: GM) to fall apart.

Canoo

This spring, the company dropped numerous aspects of its business plan that were used as a selling point to investors months earlier. Its CEO, CFO and even co-founder abandoned ship. However, market capitalization stands at roughly $2.4 billion market capitalization, which is also unchanged from when struck the deal for its public market debut.

Where is this optimism coming from?

The most important thing to note is that none of these companies have begun producing commercial production. However, they each have expressed optimism about their businesses, saying they are pointed in the right direction after the recent turbulence. Executives at all three have highlighted significant progress even amid their struggles and apparently, it was what investors wanted to hear.

The upcoming EV pickup and its accessories

The world’s first EV pickup trucks is almost here. Ford Motor Co. (NYSE: F) previewed its new electric F-150 Lightning pickup, a relatively inexpensive electric version of America’s most popular vehicle. Other major contenders like GM, Rivian, Atlis, Nikola and Tesla (NASDAQ: TSLA) are also set to release their EV pickup trucks on American roads soon. Therefore, to get the maximum EV range possible, the concept of powering these vehicles by adding solar panels to tonneau covers or truck bed covers seems like the natural next step and Worksport has the first mover advantage.

Worksport

When it comes to the tonneau cover market, Worksport is a true leader that provides innovative yet affordable solutions and forthcoming EV pickup trucks will be no exception thanks to iith its proprietary technology TerraVis™. The solar powered tonneau covers should be able to extend the driving range by 12 to 15 miles (20 to 24 km). This is almost a third of the power that needs for an average daily commute under optimal conditions. But the line also has the TerraVis Cor extension that is a standalone mobile power plant which will allow the company to top into the wider consumer market.

In simple words, this is a company with massive potential that competes in many multibillion-dollar markets. The specialty-equipment market has a market value that exceeds $12 billion as pickups alone account for more than ¼ ofthe market.  Other big markets include the tonneau cover market valued at $600 million and  the battery storage system market that was valued at $2.9 billion in 2020. Pickup accessories are the #1 equipment in the industry.

Worksport has been around for over a decade and it already proved itself with its lineup of five unique truck bed cover models. Today, it has more than 30 assets in its intellectual property portfolio, including utility patents and trademarks.

Its latest report showed it has $10 million in cash and cash equivalents and is free of long-term debt. In February, itclosed its oversubscribed Reg-A offering, raising $4 million. To date, it received over $2.9 million from the exercise of warrants associated with its Reg-A offering, while raising an additional $3 million.

Worksport has recently forged a working relationship with Ontario Tech University through which it will gain access to the world-class testing facility to complete the validation and fine-tuning for the pre-launch of TerraVis in the fourth quarter and accelerate towards full manufacturing in 2022.

The unshakeable EV optimism

The EV market is expected to grow by $30 billion until the end of the decade. But this figure can skyrocket with rumors about Apple Inc. (NASDAQ: AAPL) joining the EV bandwagon.

The dynamics at play are similar to Telsa Inc that has more than quintupled in value since early last year to become the world’s most valuable auto maker. Even Tesla’s share price often goes up without an obvious reason, while negative events often have little or even no impact. It seems investors are more focused on a future narrative of extraordinary growth and the narrative for all these companies is still believable.

This article is not a press release and is contributed by a verified independent journalist for IAMNewswire. It should not be construed as investment advice at any time please read the full disclosure. IAM Newswire does not hold any position in the mentioned companies. Press Releases – If you are looking for full Press release distribution contact: press@iamnewswire.com Contributors – IAM Newswire accepts pitches. If you’re interested in becoming an IAM journalist contact: contributors@iamnewswire.com

BenzingaEditorial

Coca Cola Confirms Its World’s Beloved Brand Status

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For more than a century, The Coca-Cola Company (NYSE: KO) has been “refreshing the world in mind, body, and spirit”. The company aims to inspire moments of optimism, to create value and make a difference.

On Wednesday, the beverage giant revealed second-quarter earnings and revenue that beat Wall Street’s expectations, allowing it to raise its full year forecast for adjusted earnings per share and organic revenue growth. Most importantly, some markets rebounded from the pandemic, fueling revenue to surpass 2019 levels. Shares rose more than 2% in morning trading.

Q2 figures

Net income rose from $1.78 billion as it amounted to $2.64 billion. It resulted in adjusted earnings per share of 68 cents, exceeding the expected 56 cents. Net sales rose 42% with revenue of $10.13 billion that also exceeded the expected $9.32 billion. Excluding acquisitions and foreign currency, organic revenue rose 37% compared to last year’s biggest plunge in quarterly revenue in at least three decades due to lockdowns that severely dented demand.

A significant increase in marketing and advertising spend fueled the rebound but Coca Cola’s approach isn’t just about boosting spend, but also about increasing the efficiency of that spend. CFO John Murphy revealed that marketing dollars were doubled compared to last year’s quarter, when the pandemic forced the beverage giant to slash its costs to preserve cash.

Unit performance

All drink segments reported double-digit volume growth. Away-from-home channels, like restaurants and movie theaters, were rebounding in some markets, like China and Nigeria, but there are also markets that are still being heavily pressured by the pandemic such as India.

The department that contains its flagship soda saw volume increase by 14% in the quarter. The nutrition, juice, dairy and plant-based beverage business saw a volume growth of 25%, partly fueled by Minute Maid and Fairlife milk sales in North America. The same volume growth was seen by hydration, sports, coffee and tea segment. Costa cafes in the United Kingdom reopened and drove 78% increase in volume for coffee alone.

The risk of raising commodity prices

Like its F&B peers, Coke is facing higher commodity prices but it plans to raise prices and use productivity levers to manage the volatility in the second half of the year.

Outlook

For the full year, Coke improved its organic revenue growth outlook from high-single digit growth to a range of 12% to 14%. It also raised its forecast for adjusted earnings per share growth from high single digits to a low double digits range of 13% to 15%.

Putting it all together, executives emphasized the range of possible outcomes given the asynchronous recovery and dynamic of the pandemic. Coca Cola plans to build on the strong momentum by intensifying the amount and efficacy of promotions and continuing to innovate, what it does better than anyone and what helped it earn its brand status.

This article is not a press release and is contributed by a verified independent journalist for IAMNewswire. It should not be construed as investment advice at any time please read the full disclosure. IAM Newswire does not hold any position in the mentioned companies. Press Releases – If you are looking for full Press release distribution contact: press@iamnewswire.com Contributors – IAM Newswire accepts pitches. If you’re interested in becoming an IAM journalist contact: contributors@iamnewswire.com

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BenzingaEditorial

Automakers Are Hitting the Accelerator in the EV Race

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On Thursday, Daimler AG (OTC: DDAIF) has officially hit the accelerator in the e-car race with Tesla (NASDAQ: TSLA), revealing it will invest more than 40 billion euros in EVs by 2030. From 2025, three new vehicle platforms will only make battery-powered vehicles. One will cover passenger cars and SUVs, one will be devoted to vans and last but not least, the third will be home to high-performance vehicles that will be launched in 2025. Under its EV strategy, the inventor of the modern motor car will be renamed Mercedes-Benz as it spins off its trucks division by the end of the year. With its partners, it will build eight battery plants to ramp up EV production.

Upon the news that come just over a week after the EU proposed an effective ban on the sale of new petrol and diesel cars from 2035, shares rose 2.5%.

Automotive peers

Ahead of the EU’s announcement that is only part of a broad strategy to combat global warming, many automakers announced major investments in EVs. Earlier this month, Stellantis (NYSE: STLA) revealed its own EV strategy that includes investing more than 30 billion euros by 2025. Mercedes Benz isn’t the only one ‘going for it’ to be dominantly, if not all electric, by the end of the decade. Geely Automobile Holdings Limited’s (OTC: GELYF) Volvo Cars committed to going all electric by 2030, while General Motors Co (NYSE: GM) is aiming to be fully electric by 2035 and Volkswagen AG (OTC: VWAGY) even plans to build half a dozen battery cell plants in Europe.

Moving the debate

Daimler’s chief executive stated that  spending on ICE-related technology will be “close to zero” by 2025 but he did not specify when it will end the sales of fossil fuel-powered cars. Källenius wants to move the debate away from when will the last combustion engine be built to how quickly they can scale up to being close to 100% electric.

Tough decisions for Mercedes Benz

The undergoing shift will result in an 80% drop in investments in ICE vehicles between 2019 and 2026. This will have a direct impact on jobs because EVs have fewer components and so require fewer workers compared to their ICE counterparts. As of 2025, Daimler expects EVs and hybrids will make up half of its sales, with all-electric cars expected to account for most that figure, which is earlier than its previous forecast for 2030.

The battery- the Holly Grail

By 2023, Daimler plans to have a fully operational battery recycling plant in Germany. The industry leader Tesla just signed a deal with the world’s largest nickel miner to secure its battery resources as it prepares to begin its own tables battery in-house. Then there’s Worksport (OTC: WKSP) who will bring solar power to the EV table with its solar fusion TerraVis which will be fine-tuned and validated for prelaunch by the end of 2021. Although the first prototype is a solar-powered tonneau cover for pickup truck drivers, the company is also developing TerraVis COR which is a standalone product that offers remote power generation and storage. In other words, with its two-year partnership with Ontario Tech University, Worksport is fully equipped to power many automakers step into the electrification era.

The EV race is a journey like no other we have witnessed – and the participants are going full-speed ahead as they race to reshape the energy matrix of automotive industry.

This article is not a press release and is contributed by a verified independent journalist for IAMNewswire. It should not be construed as investment advice at any time please read the full disclosure. IAM Newswire does not hold any position in the mentioned companies. Press Releases – If you are looking for full Press release distribution contact: press@iamnewswire.com Contributors – IAM Newswire accepts pitches. If you’re interested in becoming an IAM journalist contact: contributors@iamnewswire.com

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BenzingaEditorial

Intel’s Q2 Results Show It Is Not Losing Focus

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Intel Corporation (NASDAQ: INTC) revealed its second-quarter 2021 financial results yesterday. The digitization transformation and switching to cloud services continue to accelerate, and a company like Intel sees that as the opportunity for an even bigger growth. Even with the current semiconductor shortage, Intel is not losing its focus on both innovations and the implementation of new solutions. The company’s CEO, Pat Gelsinger, appointed earlier in 2021, believes we are at the beginning of the semiconductor industry’s decade of sustained growth and that Intel has a unique position to capitalize on that trend. As the momentum is strengthening, execution is increasing, the company’s products are being chosen for top and flagship products. We can also see good results in other companies in the semiconductor business, like Texas Instruments Incorporated (NASDAQ: TXN) and Advanced Micro Devices, Inc. (NASDAQ: AMD).

 Second-quarter results

Intel’s second-quarter results are positive and the proof of the momentum building up, as mentioned by Gelsinger. GAAP revenues for Q2 were $19.6 billion, significantly higher than the expected $17.8 billion, and there was no change when looking back year over year. However, non-GAAP revenues were $18.5 billion, exceeding the April guidance by $700 million, and that is 2% up compared to the previous year. Intel’s Data Center Group (DCG) generated $6.5 billion compared to the expected $5.9 billion. Client computing generated the expected revenues of 9.95 billion, while the actual revenues were $10.1 billion. GAAP earnings per share were $1.24, while the non-GAAP EPS were $1.28, which also surpassed April’s guidance of $1.07.

 The good trend in the semiconductor industry

Another chipmaker, Dallas-based Texas Instruments, also reported Q2 earnings that topped the expectations. These good results were due to revenues growth and an increase in profits. The analysts expected revenues of $4.36 billion, and the company managed to generate $4.58 billion. That is a sales increase of 41% when looking year over year. Expected earnings per share were $2.05, while the analysts expected $1.83. However, the sales guidance for the current quarter was below the investors’ wishes, so the share price dropped upon the news.

 Outlook

As revenue, EPS, and gross margin exceeded the Q2 guidance, Intel raised its 2021 full-year guidance. So expected GAAP revenues are $77.6 billion and non-GAAP revenues are expected to amount to $73.5 billion (which is an increase of $1 billion), resulting in expected GAAP EPS of $4.09 and non-GAAP EPS of $4.80. Planned CAPEX is between $19 billion and $20 billion and free cash flow should be $11 billion, which is an increase of $500 million versus prior expectations. Gelsinger estimates that the semiconductor shortage will start loosening in the second half of the year, but it will take another one to two years until the demand is completely met.

This article is not a press release and is contributed by a verified independent journalist for IAMNewswire. It should not be construed as investment advice at any time please read the full disclosure. IAM Newswire does not hold any position in the mentioned companies. Press Releases – If you are looking for full Press release distribution contact: press@iamnewswire.com Contributors – IAM Newswire accepts pitches. If you’re interested in becoming an IAM journalist contact: contributors@iamnewswire.com

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