Autonomous Vehicles Come to the Fore With Growing Concern Over Collisions
However, with the rising number of vehicles, the number of accidents has also drastically increased.
FinancialBuzz.com News Commentary
NEW YORK, March 19, 2019 /PRNewswire/ --The global vehicle count reached its highest ever point in 2016, as the total stood at 1.32 billion cars and trucks combined. Year-over-year, the total vehicle count grew by 4.6% and has nearly doubled in volume compared to 20 years ago. However, with the rising number of vehicles, the number of accidents has also drastically increased. The National Highway Traffic Safety Administration (NHTSA), the Centers for Disease Control and Prevention (CDC), and the Federal Motor Carrier Safety Administration (FMCSA) have all compiled extensive research and statistics regarding U.S. accidents. Annually, the economic cost of car accidents in the U.S. is estimated to amount to approximately USD 242 Billion. The staggering number can be a result of car owners looking to repair or even purchase a brand-new vehicle as a result of an accident. The alarming number has also prompted automotive manufacturers to begin conceptualizing autonomous vehicle models as national governments believe the rapid production of autonomous vehicles will help reduce the number of car accidents by eliminating human error. According to data compiled by Mckinsey, the global automotive industry is expected to records profits within the region of USD 28.31 Billion to 89.49 Billion by 2020. SinglePoint Inc. (OTC: SING), Ford Motor Company (NYSE: F), Kandi Technologies Group, Inc. (NASDAQ: KNDI), Horizon Global Corporation (NYSE: HZN), ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO)
As a result of the staggering number of accidents, the automotive aftermarket industry has also become a major marketplace. The automotive aftermarket sector is a secondary market of the overall automotive industry that deals with manufacturing, distributing, and repairing vehicle parts. Specifically, parts are categorized into sectors such as tires, batteries, brake parts, filters, body parts, lighting, electronic components, and more. The market is mainly growing due to the increasing vehicle sales, however, the rising number of accidents is also helping drive the market growth. According to data by Grand View Research, the global automotive aftermarket is expected to reach USD 486.36 Billion by 2025, while also registering a CAGR of 4.2%. The industry is being driven by the rising prevalence of electric, hybrid, and autonomous vehicles. "Dramatic changes are ahead for the automotive aftermarket. These include changing customer expectations, accelerated adoption of new technologies, and shifts in competitive power," said Mckinsey partners Bernd Heid, Christian Huth, Sebastian Kempf, and Geng Wu, "The advent of new technologies and the market shifts that accompany them are compelling aftermarket players to assess their position and be strategic about maintaining positions of strength in a fast-changing environment."
SinglePoint Inc. (OTCQB: SING) yesterday announced the, "official launch of ShieldSaver. SinglePoint acquired ShieldSaver early 2018 with the intent to disrupt the $12 Billion-dollar automotive glass industry. ShieldSaver is now operational in Sacramento International Airport (SMF) and Wally Park's Denver International Airport (DIA) locations. The company has recently completed its first round of end to end transactions with the newly built interface. This is a huge success for the company and has already sparked interest from other leading companies in the space.
Recently, Dan Shikiar, founder of ShieldSaver joined Greg Lambrecht, CEO of SinglePoint in this video interview to provide an overview and insight to ShieldSaver and how the concept was developed.
SinglePoint ShieldSaver Video Interview
'With the new application SinglePoint led in developing over the past year, we have started to grab a lot of attention. Opportunities have started to pile up after our first showcase – people who see the ShieldSaver platform absolutely love it. We feel this market is underserved and is ripe for new technologies to streamline for customers and providers,' states Dan Shikiar founder of ShieldSaver.
'We spent over 9 months with our development team completely rebuilding the ShieldSaver platform. We feel it is one of the most sophisticated apps to date for automotive glass space, and has the potential to expand beyond that vertical to the automotive repair market as well,' states Greg Lambrecht, adding, 'Our model for ShieldSaver mirrors that of AirBnB, 1-800-FLOWERS, and other sales aggregators that bring the experience to the consumer.'
Now that the mobile application has been developed and data is being recorded, SinglePoint and ShieldSaver will start the build out of a blockchain solution to append this data. This will help in access and distribution of the data to the key parties that need it.
The Automotive Glass Market surpassed $12 Billion in 2017 and is predicted to exhibit around a 7% CAGR between 2018 and 2024. ShieldSaver has entered into strategic partnerships with some of the largest companies in the space, including Mygrant Glass, Wally Park, LAZ Parking, and others further positioning the company for rapid growth.
About SinglePoint, Inc: SinglePoint, Inc (SING) is a technology and investment company with a focus on acquiring companies that will benefit from the injection of growth capital and technology integration. The company portfolio includes mobile payments, ancillary cannabis services and blockchain solutions. Through acquisitions into horizontal markets, SinglePoint is building its portfolio by acquiring an interest in undervalued companies, thereby providing a rich, diversified holding base. Through SingleSeed, the company is providing products and services to the cannabis industry."
Ford Motor Company (NYSE: F) is a global company based in Dearborn, Michigan. Recently, Ford Motor Company invested USD 1 Billion in Chicago Assembly and Stamping Plants and added 500 new jobs as it prepares to launch three highly anticipated new SUVs that go on sale later this year. The transformation at the plant, which began in March, will expand capacity for the production of the all-new Ford Explorer – including the Explorer ST and Explorer Hybrid – the all-new Police Interceptor Utility and the all-new Lincoln Aviator. The work will be completed in the spring. The additional 500 full-time jobs bring total employment at the two plants to approximately 5,800. With the Chicago investment, Ford is building an all-new body shop and paint shop at Chicago Assembly, and making major modifications to the final assembly area. At Chicago Stamping, the company is adding all-new stamping lines in preparation for the 2020 Ford Explorer, Police Interceptor Utility and Lincoln Aviator. Advanced manufacturing technologies at the plants include a collaborative robot with a camera that inspects electrical connections during the manufacturing process. In addition, several 3D printed tools will be installed to help employees build these vehicles with even higher quality for customers. "We are proud to be America's top producer of automobiles. Today, we are furthering our commitment to America with this billion dollar manufacturing investment in Chicago and 500 more good-paying jobs," said Joe Hinrichs, President, Global Operations. "We reinvented the Explorer from the ground up, and this investment will further strengthen Ford's SUV market leadership."
Kandi Technologies Group, Inc. (NASDAQ: KNDI), listed on NASDAQ, conducts its business operations through its wholly-owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd.. Kandi Technologies Group, Inc. recently announced that Kandi brand electric vehicle Model EX3 and Model K22 have been approved for importation and registration in the USA by the National Highway Traffic Safety Administration. This is another significant milestone after qualifying for a USD 7,500 U.S. Federal tax credit in October 2018. The NHTSA approval is an assurance that Kandi's two EV models conform to NHTSA standards and are registered in the U.S.. The JV Company will begin the process of launching the Model EX 3 and Model K22 for the American market. Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi commented, "we are thrilled Kandi Model EX3 and Model K22 received approval from the NHTSA. The approval has demonstrated our EV models meet all the necessary requirements and standards of the U.S. government. With this, we are confident in introducing our reliable vehicles to the American public. We believe both the EX3 and K22 are competitive in price and quality with advanced tech features that are in demand by American consumers. We are confident that SC Autosports, our U.S. subsidiary, will have a successful launch and grow the EV market in addition to its powersports business."
Horizon Global Corporation (NYSE: HZN) is the #1 designer, manufacturer and distributor of a wide variety of high-quality, custom-engineered towing, trailering, cargo management and other related accessory products in North America, Australia and Europe. The Company serves OEMs, retailers, dealer networks and the end consumer as the category leader in the automotive, leisure and agricultural market segments. Horizon Global Corporation recently reported its fourth quarter and full-year financial results for 2018. "This past year, we took considerable steps to improve operational performance, reset the business in the U.S., and establish a foundation for top- and bottom-line growth in 2019 and beyond," commented Carl Bizon, President and Chief Executive Officer of Horizon Global. "As Interim CEO and then permanent CEO since October, we made impactful changes to our leadership team, including new leaders in Europe-Africa, and, most recently, the addition of Barry Steele as our new permanent Chief Financial Officer. We completed the action plan for the Americas and are now delivering efficiently from our primary U.S. distribution center in Kansas City, with past due orders in the Americas decreased to less than USD 6.0 Million at the end of 2018 from USD 8.5 Million at the end of the third quarter and a seasonal peak of USD 26.0 Million.
ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) is a designer and manufacturer of electric vehicles. ElectraMeccanica Vehicles Corp. recently announced a first-of-kind partnership with Engel & Völkers' proposed Chantrell Creek Estates residential development in British Columbia, Canada to introduce a SOLO electric vehicle carsharing program to provide future residents with greater mobility options in a city that is currently beset with traffic congestion problems and the lack of an effective public transit system. Chantrell Creek Estates is a new residential development that seeks to provide a combination of gentle densification, entry-level housing for younger families as well as downsizing opportunities for established residents in the area. It also seeks to improve the quality of life in the area by preserving the area's most prized features while progressively tackling real issues that face the area like congestion and access to public transportation. "I am pleased to announce our partnership with Engel & Völkers to supply their proposed Chantrell Creek Estates development with SOLO electric vehicles for a state-of-the-art carsharing program," said Jerry Kroll, Chief Executive Officer and Founder of Electra Meccanica. "The SOLO is an affordable, well-engineered electric vehicle ideally suited for applications such as this due to its efficient, fun and cost-effective nature. The SOLO's compact profile is ideally suited for carsharing applications, as it uniquely allows the driver to park approximately 2.5 SOLOs in the parking spot of one standard car. I look forward to providing our investors with further updates on new project wins within the exciting carsharing space as appropriate, where the inherent benefits of the SOLO are increasingly apparent."
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