Project 4

Press Release DIVERSIFICATION INTO ELECTRIC VEHICLE BATTERY INDUSTRY, PIONEERING SUSTAINABLE FUTURE Amped Automotive (AM) is a leading electric vehicle manufacturer whose motivation to lead the industry in creativity and innovation remains unrivaled. To respond to the changing market and innovation trends in the electric vehicle (EV) industry, the company proudly announces its diversification to the EV battery manufacturing sector. This move stems from the organization’s long-standing mission of enhancing the company’s sustainability and long-term growth while fostering the escalating demand for clean energy solutions. Besides contributing to the dynamic needs of the global automotive industry, AM will contribute significantly to a greener future upon implementing the strategy completely. This strategic move is anchored on a clearly defined rationale. Principally, AM has noted unprecedented growth in the EV market. For instance, in 2018, only 2% of the total number of cars sold were EVs. That number has changed significantly as 18% of the cars sold in 2023 were EVs (Davies, 2024). The demand for EVs is poised to surpass that of ICEs by 2030. With such a growth comes the need for EV batteries. In 2023, the demand for EV batteries reached over 750 gigawatt-hours (GWh), which was a 40% increase from the previous year. The above increases in demand for EVs and their parts have influenced AM’s decision to diversify into manufacturing EV batteries. AM is among the few organizations with the capacity to leverage their expertise and technologies to me...