Car Charging Reports Improved First Half Results
Wednesday, August 17, 2016
According to a report by Bloomberg New Energy Finance, sales of electric vehicles will reach 41 million by 2040. The report further notes that electric vehicles would represent 35% of new light duty vehicle sales.
If the forecast turns out to be correct, sales of electric vehicles would be 90 times what they were in 2015. According to the report, electric vehicle sales in 2015 totaled 462,000, up 60% over 2014.
The bullish outlook was echoed by the International Energy Agency (IEA) in a recent report on the electric vehicles industry. The IEA report noted that the year 2015 saw the global threshold of 1 million electric cars on the road exceeded. At the end of the year, a total of 1.26 million electric cars were on the road.
The bullish outlook for electric vehicles augurs well for Car Charging Group Inc. (OTCPK:CCGI), a Miami Beach, Florida-based company. CCGI owns, operates and provides electric vehicle (EV) charging equipment and networked EV charging services. The company offers both residential and commercial EV charging equipment, enabling EV drivers to recharge at various location types. Its principal line of products and services is its Blink EV charging network (the Blink Network) and EV charging equipment (also known as electric vehicle supply equipment (EVSE)) and EV related services. The Blink Network is based upon cloud-based software that operates, maintains and tracks all of the Blink EV charging stations and the associated charging data.
This morning, CCGI reported its financial results for the first half of its fiscal year 2016. for the quarter, the company’s EV charging hardware sales grew by 60% from $405,979 for the first six months of 2015 to $650,374 for the six months ended June 30, 2016. Revenue from network and transaction fees came in at $208,331 for the six-month period, compared to $116,684 reported for the same period in the previous year.
Mike Calise, CEO at Car Charging Group, said that in the first half of 2016, the company continued to increase revenue from its EV charging equipment sales, as well as network and transaction fees, and significantly reduced its overall operating expenses, which was a direct result of its efforts to drive top-line sales and improve internal efficient. Calise further said that going forward, the company remains focused on maximizing revenues, strengthening its balance sheet, improving customer satisfaction, and implementing strategies to take the company to the next level.
Shares of CCGI have been on a roller coaster ride in 2016, but overall have been in an uptrend on the back of these improving financials. Shares are up $0.01 or 2.13% to $0.48 at last check.
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