Just when the consumer appetite for electric cars was seen growing, and driven by spiraling price hikes in fossil fuel gasoline, economic indicators are now showing those same increases in energy are also sapping the strength of consumers to continue to buy. Historically, consumer spending accounts for 70% of the GDP. A fall off would mean less incentive and buying power to purchase high-priced EVs in the future. Solar Integrated Roofing Corp.’s (OTC PINK: SIRC) subsidiary PLEMCo. remains bullish on EV Charging Stations — especially now after it was Awarded a 5-Year Blanket Purchase Agreement (BPA) contract with the General Services Administration (GSA) to helped build/install a nationwide network of EV Charging Stations
stockmarketpress.com features specialized coverage of related stocks in the solar, roofing, EV charging stations and battery charging energy industry such as Solar Integrated Roofing Corp. (OTC PINK: SIRC), Sunrun, Inc. (NASDAQ: RUN), Blink Charging Co. (NASDAQ: BLNK), Tesla, Inc. (NASDAQ: TSLA), GM (NYSE: GM), ChargePoint (NYSE: CHPT), EVgo (NASDAQ: EVGO), SolarEdge Technologies, Inc. (NASDAQ: SEDG), First Solar, Inc. (NASDAQ: FSLR), SunPower (NASDAQ: SPWR), Gibraltar Industries, Inc. (NASDAQ: ROCK), Spartan Acquisition Corp. II (NYSE: SPRQ). and Canadian Solar Inc. (NASDAQ: CSIQ).
Consumers Finally Growing Weary Of Inflation And Cutting/Changing Spending Habits Endangering Anticipated Wave Of Electric Car Purchases; Solar Integrated Roofing Corp.’s (OTC PINK: SIRC) Subsidiary PLEMCo. Awarded A 5-Year Blanket Purchase Agreement (BPA) Contract With General Services Administration (GSA) For EV Charging Stations
Solar Integrated Roofing Corp.’s (OTC PINK: SIRC) subsidiary PLEMCo., was one of only 16 companies awarded a five-year Blanket Purchase Agreement (BPA) contract with the General Services Administration (GSA) for a Design and Material only contract to service electric vehicles. Further, SIRC’ PLEMCo., is currently applying for a second Electric Vehicle Supply Equipment (EVSE) — BPA, expected to be awarded in mid-July. That one is for Design, Equipment and installation of EV Chargers.
That all remains in force — and higher gasoline prices still represents an important incentive to buy electric vehicles in the future — but overall inflation, led by energy, is a mystery factor. Food, home fuel, housing and cost-of-living expenses are rising faster than some consumers can handle. At 70% of the GDP, consumer spending ability is at risk. Banks, credit card companies, food stores and other key retailers have noticed and are concerned about slowdowns in consumer spending habits.
They have also noticed changed in how consumers are buying less, trading down in brands in commodities and seeking other ways to spend fewer dollars. Consumers Finally Growing Weary Of Inflation And Cutting/Changing Spending Habits Endangering Anticipated Wave Of Electric Car Purchases; Solar Integrated Roofing Corp.’s (OTC PINK: SIRC) Subsidiary PLEMCo. Awarded A 5-Year Blanket Purchase Agreement (BPA) Contract With General Services Administration (GSA) For EV Charging Stations.
A good trend in all this is that electric car companies are aiming more now for mid-priced models, not only luxury vehicles like the Tesla (NASDAQ: TSLA). General Motors (NYSE: GM) and Ford (NYSE: F) are offering mixed electric models. GM is planning an electric line of standard Chevrolets against a $100,000 Hummer model. Ford is focusing on pickup trucks and balancing that with electric muscle cars, such as the Mustang. Dollar-conscious consumers might like lower priced electric cars, as well.
Against this backdrop, the federal government has allocated $5 billion to help build a national network of EV Charging Stations, supporting a national effort to create a nationwide network of electric vehicles. Grants are now federal law. One of the bipartisan Infrastructure Bill’s stated goals is to install EV Charging Stations every 50 miles along the interstate system.
All spending at the Federal, State, Local and Department level for government funded EVSE will be bid and awarded through the GSA. Installation may be done by government entities, contracted out through a secondary bid process or by utilities.
Now, SIRC will be authorized to participate in this program. Consumers Finally Growing Weary Of Inflation And Cutting/Changing Spending Habits Endangering Anticipated Wave Of Electric Car Purchases; Solar Integrated Roofing Corp.’s (OTC PINK: SIRC) Subsidiary PLEMCo. Awarded A 5-Year Blanket Purchase Agreement (BPA) Contract With General Services Administration (GSA) For EV Charging Stations.
According to research firm Technavio, government spending will help the EV Charging Market Station grow by $22.02 billion from 2020-2025. Other factors will help propel expansion in this dynamic market — such as M&A and collaboration between charging company brands themselves and partnerships between charging companies and others allied to the industry. These include OEM EV car/truck manufacturer brands and aftermarket businesses, such as auto repair/tire firms.
David Massey, CEO of SIRC, said, “We are privileged to be one of only 16 companies in the United States to be authorized to potentially supply over 500,000 EV Charging Stations across the country over the next decade. These stations are set to supercharge the increasingly widespread adoption of electric vehicles by consumers and fleets through providing charging stations across the interstate system and filling in current gaps of service.”
Massey added, “We continue to see significant industry tailwinds, as California has announced they will discontinue the sale of internal combustion engine (ICE) vehicles by 2035, potentially requiring 1.2 million EV Charging Stations installations to be completed to support the transition. Washington State has also announced an intention to eliminate ICE vehicle sales even earlier, by 2030. Taken together, the EV charging market is expected to surpass the $28.4 billion mark by 2028 and continue upwards — an exciting opportunity for us to empower through charging installations.
“This contract further supports our strategic shift towards prioritizing our over $30 million electric vehicle (EV) charging station pipeline and over $20 million EV charging project backlog given the immense near-term opportunities. This will serve to further bolster our position as a clear national player in the space, helping to create sustainable value for our shareholders. We look forward to additional announcements regarding EV Charging opportunities in the months ahead,” Massey concluded.
Consumers Finally Growing Weary Of Inflation And Cutting/Changing Spending Habits Endangering Anticipated Wave Of Electric Car Purchases; Solar Integrated Roofing Corp.’s (OTC PINK: SIRC) Subsidiary PLEMCo. Awarded A 5-Year Blanket Purchase Agreement (BPA) Contract With General Services Administration (GSA) For EV Charging Stations
Learn more about SIRC at https://www.solarintegratedroofing.com/corporate-governance/leadership/.
Source: Stock Market Press
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