2050 Motors Inc (OTCMKTS:ETFM) Bulls Target One Year Highs

2050 Motors Inc (OTCMKTS:ETFM) has started bottoming out, thanks to renewed investor interest that has triggered a spike in share price and trading volume. Confirmation that the company has embarked on a restructuring drive has helped fuel a bullish momentum of the stock.

ETFM Share Price Analysis

The appointment of an electric vehicle industry pioneer into the company’s board of directors is the catalysts fuelling a spike in 2050 Motors share price activity. After the recent spike, the stock is staring at key resistance at the $0.01 level. ETFM Daily ChartThe stock has shed more than 80% in market value over the past two years after coming under pressure from bears. A plunge below the $0.01 mark has all but dealt the stock’s sentiments a big blow amidst fears about the company’s ability to continue as a going concern. However, it appears the company has moved to put its house in order.A rally followed by a close above the $0.01 critical resistance mark, should reaffirm the stock’s prospects after one of the worst routs in the recent past.2050 Motors has since embarked on a restructuring drive as it seeks to reinvigorate its growth prospects. The restructuring drive has helped shore the stock’s sentiments in the recent past awaiting to see if recent developments have what it takes to continue pushing the stock up the charts.

About 2050 Motors

2050 Motors is a development stage company that imports markets and sells electric cars in the U.S. The company also develops lightweight efficient vehicles as well as associated technologies. Some of the technologies the company is working on include alternative renewable fuels and hybrid electric vehicles.

Why is 2050 Motors Surging?

Shares of 2050 Motors are surging in response to a restructuring drive that the company is banking on to reinvigorate growth in the industry. The company has embarked on a three-phase strategy. The first phase entails ensuring the company complies with all SEC filings.The second phase entails launching a distribution channel across the U.S for eBike. The company also intends to expand to other markets east of Mississippi and in Texas. The company has since confirmed the formation of an advisory board that will oversee the restructuring drive.The company has also engaged the services of business professionals, expected to spearhead the next phase of growth in the electric vehicle market. The Chief Executive Officer Vik Grover has since confirmed the appointment of DayMak Inc. CEO, Aldo Baiocchi as one of the members of the advisory board. Baiocchi joins the company with vast experience in the EV market having pioneered the eBike market.

“I have been in discussions with Aldo for many months on the substantial upside potential of the EV market, especially regarding eBike. As I have said earlier, the time could not be better to attack this high-growth opportunity and build a substantial player in the EV market here and abroad,” said Mr. Gover.

EV Market Push

With the advisory board in place, 2050 Motors is planning to focus all its attention and resources in building an EV business. The company has been in the red zone for the longest time when it comes to supply agreements for electric bikes in Canada.According to the CEO that should change soon, as plans are underway to set up show rooms that will host electric vehicles as well as eBike and eScooters. The company has also commenced talks that could lead to the signing of a partnership in New York City for the opening of a 4,000 square foot showroom in the Tri-State Area. 2050 Motors is also eyeing a high profile location in Chicago where it hopes to set up a showroom.

“Other major markets across the Eastern Seaboard, the Gulf Shores, and possibly Texas are expected to follow while online sales will allow 2050 to target customers anywhere,”2050 Motors in a statement.

Bottom Line

After a long period on the deathbed, 2050 Motors has moved to reinvigorate its prospects. The company has touted a new chapter of growth as it moves to pursue opportunities in the EV space.The opening of showrooms and sales channels in diverse markets is a development that continues to strengthen the stock’s sentiments in the market. At current levels, ETFM looks to be a good risk/reward play.We will be updating our subscribers as soon as we know more. For the latest updates on ETFM, sign up below!Disclosure: We have no position in ETFM and have not been compensated for this article.