LONDON, Nov. 3, 2020 /PRNewswire/ — Over 3,000 investors with over $110 trillion in assets under management can’t be wrong. That $110 trillion supports “responsible investment”, or ESG investing for a more sustainable future. Mentioned in today’s commentary includes: Microsoft Corporation (NASDAQ: MSFT), BlackRock, Inc. (NYSE: BLK), Facebook, Inc. (NASDAQ: FB), Alphabet Inc. (NASDAQ: GOOGL), Tesla, Inc. (NASDAQ: TSLA).
Some of that $110 trillion dollars is now squarely focused on the electric vehicle (EV) industry. And Tesla (NASDAQ:TSLA) is predicted to be the next trillion-dollar company, with stocks soaring more than 300% this year thanks to record demand, record deliveries and even record-breaking revenues and profits.
Investors in EV delivery and utilities darling Workhouse Group (WKHS) have seen 700% gains. Chinese EV hot shot Nio (NIO) is up nearly 950%. Plug Power (PLUG)–an EV tie-in that is producing hydrogen fuel cell systems–has witnessed a gain of over 530% this year alone. These gains have been remarkable. But there’s still a way to play the EV boom.
With a savvy startup that’s brought two ESG segments into combination for EVs:
It’s Facedrive (FD.V; FDVRF.QX) the company that first upstaged giant Uber and Lyft on the ESG investing scene to bring the world a carbon-offset ride-hailing service with an EV option. And then decided to challenge the entire conventional auto industry by acquiring Washington, DC-based Steer, backed by energy giant Exelon. Steer is a high-tech vehicle subscription service that isn’t planning to simply disrupt the auto industry and change the way we “own” cars …
It’s a seamless, hassle-free technology that is grabbing onto the ESG megatrend by giving subscribers access to their own virtual garage of low-emissions vehicles and EVs.
EV Evolution, Transportation Revolution
There’s a ton of money floating around this space. EV startups are lining up to go public, and some are getting billion-dollar plus valuations. Battery developer QuantumScape, backed by Bill Gates, has been valued at $3.3 billion.
Electrified powertrain manufacturer Hyliion (HYLN) racked up a $1.1-billion market cap on its first day of trading on October 2nd. Facedrive’s been making stealth moves with a series of acquisitions that cover 6 different ESG-focused segments since it launched the world’s first carbon-neutral ride-sharing platform.
Steer is where Facedrive comes out of stealth mode and lays claims to the U.S. market, with the backing of one of America’s biggest energy companies, and with big name tie-ins that included e-commerce giant Amazon, Canadian tier-1 telecoms provider Telus, and a lineup of celebrities from Will Smith to NFL Superbowl superstar Russell Wilson.
Car ownership could be near death if the strong trend continues It’s not necessary to own a car anymore. By early 2019, four out of 10 Americans agreed that owning a vehicle was not necessary.
By Q3 2020, a global pandemic has massively fast-forwarded the sense of urgency to get clean energy off the ground and conventional cars off the road. And the market isn’t just supporting it–it’s got $119 trillion dollars behind it this new ESG-focused megatrend. And that’s exactly the impetus behind Facedrice’s September 8th acquisition of Steer–which plans to put another nail in the coffin of traditional car ownership and leasing.
Steer is a direct response to the need for a revolution in transportation at a time when big money is scrambling for more places to park its ESG-earmarked trillions. And this transportation revolution is as easy as downloading an app and then choosing your favorite EV from your own virtual car showroom. If you couldn’t afford to ride in a Tesla before, this may be your chance. It’s yet another way for more EVs to go mainstream–even faster.
And with this acquisition, Facedrive brought on another big name after attracting the attention of some of the world’s biggest tech players. The September 8th deal included a $2-million strategic investment in Facedrive-Steer by Chicago-based Exelon’s wholly-owned subsidiary, Exelorate Enterprises, LLC.