Owing to a variety of factors, including protracted %SupplyChainDisruptions, the price of %ElectricVehicles is going the wrong direction, reaching an all-time high average at $66,000 last summer. Amid a growing choir of voices for a transition away from fossil fuel-powered vehicles to EVs, there is an opportunity for new models to capture share by meeting demand for affordable, reliable electric cars and trucks.
%Tesla ($TSLA) has talked about an affordable electric car for more than 15 years, introducing its Model 3 in 2016 at a base price of $35,000. However, Tesla hasn’t been able to keep the price down. In 2022, Model 3 prices ranged from $47,000 to $62,000, depending on the trim package. Bigger sticker prices are a theme amongst EVs new and used. According to auto shopping database iSeeCars, used EV prices rose 54.3% year-over-year in July 2022, compared to just 10.1% for conventional gasoline-powered cars.
Economy-type EVs, such as the %Nissan ($NSANY) Leaf and %GeneralMotors ($GM) Chevrolet Bolt experienced the biggest price spikes on a percentage basis. Mitigating some of the gains was Porsche (OTC: POAHF) with prices for its Taycan declining 3.5% y-o-y, although it still averaged a hefty $138,033.
Later this year, Liteborne Motor Corporation, a unit of %DSGGlobal ($DSGT), plans to introduce its new %AuriumSEV (%SportElectricVehicle) into the North American market. Liteborne has an exclusive agreement with Skywell Automotive Group, a premier EV manufacturer in China. Per the agreement, Liteborne has exclusive rights to distribute Skywell’s complete lineup of EVs throughout North America. Skywell’s portfolio includes a full range of advanced passenger vehicles, large and medium-sized buses, light buses, logistics vehicles, and special purpose automobiles.
The agreement to market the Skywell lineup under the %Liteborne moniker was savvy to put the company immediately in the thick of the EV market without spending the billions of dollars necessary for R&D, production facilities, and more.
The Aurium SEV boasts a sporty look, range of 323 miles/520 kilometers, advanced technology throughout and a luxurious cabin at three different affordable price points. The “Comfort” model is well equipped at a starting price of $34,990 with the upper end “Limited” model priced at $48,990.
Ahead of the launch of the Aurium SEV, DSG brought in two highly accomplished executives in November. Jonathan D’Agostino was appointed CFO, bringing more than 30 years’ experience in finance, consulting, and alternative energy knowledge to the team. D’Agostino’s C.V. includes working as an investment and merchant banker at Lehman Brothers, partnering with Nobel laureate Luc Montagnie to commercialize a preventative healthcare business, co-founding Beachside Capital, 25% ownership of XL Airways (an airline that operated in France and Germany), and helping design a product that creates green hydrogen on demand for vehicles.
Daniel Lock came on as Executive Director of Operations and Homologation. Lock has spent over 20 years in the automotive market, including most recently serving as Senior Manager of Program Management at Hyundai Transys, a division of Hyundai Motors (OTC: HYMTF) specialized in producing automotive parts. Earlier in his career, Lock was a program planning manager at Gentherm (NASDAQ: THRM) and product design engineer at Visteon (NASDAQ: VC).
Liteborne CEO Alan Wagner is familiar with the skillsets of both D’Agostino and Lock, having worked previously with them on projects. “We each know how the others think, and I am delighted to have such a cohesive team as we introduce the Aurium SEV to the North American market which will be our most exciting project yet,” he said in a news release.
The new executive team is meeting with Skywell to finalize the homologation process in the coming months and structure the marketing plan to create awareness about the new EVs.
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DSG Global, Inc. (OTCQB: DSGT) Full Corporate Write-Up: Click Here.
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