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BrightDrop has a reservation count of over 25,000 EV units from large fleet operators, including FedEx and Walmart.
BrightDrop CEO Travis Katz – while speaking with a CNBC reporter – highlighted that the EV startup launched by General Motors (GM) is poised to record $1 billion in revenue by the end of 2023. Additionally, Katz said that BrightDrop’s products had recorded a sharp uptick in demand, thereby anticipating generating $10 billion in revenue – and reaching 20 percent profit margins – by 2030. Some of BrightDrop’s customers include FedEx Corp (NYSE: FDX) and Walmart Inc (NYSE: WMT).
With a reported reservation count of over 25,000 EV units from large fleet operators.
Nonetheless, the EV startup anticipates hitting profitability margins by the year 2025.
Notably, BrightDrop offers a smarter way to deliver goods and services, more so during last-mile delivery. According to Mary Barra, GM Chairman and CEO, BrightDrop offer an economically advantaged solution to commercial customers sustainably.
Reportedly, EV delivery vehicles are said to save up to $10,000 per year in comparison to diesel-powered engines. The conclusion is derived from the assumption that electricity is cheaper than petroleum products. Moreover, electricity can be generated from renewable energy sources like the wind and the Sun.
“This isn’t just about saving the environment or saving the planet. This saves companies money. That’s part of why we’re seeing so much interest even in the middle of a lot of economic uncertainty,” Katz said.
BrightDrop and GM Market Outlook
General Motors-backed the BrightDrop EV startup to align its future growth prospects in accordance with the changing governments’ requirements. Moreover, fuel-powered engines have until 2035 to be produced in the United States, hence giving way to electric vehicles.
In a bid to remain profitable over the years, BrightDrop has developed subscription-based software products.
“We’re a tech startup with a subscription-based product offering backed by a global powerhouse – this puts us in a league of our own,” Katz noted.
From a growth strategy standpoint, BrightDrop unlocks B2B expansion of the Ultium platform, including Ultium batteries and Ultium drive motors and software and service subscriptions.
While BrightDrop products are available for United States and Canada customers, the company has plans to expand to worldwide markets as the demand rises exponentially.
General Motors has had mixed results in the past few years as the global markets navigated through the Covid pandemic. According to market data from MarketWatch, GM shares are trading around $38.85 during Thursday’s after-hours session. Notably, GM shares have dropped approximately 38% and 34% in the past year and YTD, respectively. Nonetheless, GM shares have received an average rating of Over 24 ratings, hence the recent spike of 15 per cent in the last month.