DSG Global Inc (OTCMKTS:DSGT) has been in the news over the past week or so after the company placed large orders through its subsidiary Imperial Motors to meet the increased demand for electric vehicle products.
The stock has attracted the interest of investors as well due to these developments and on Tuesday, the DSG stock rallied by as much as 50%.
DSG Global Inc (OTCMKTS:DSGT) revealed that it has placed large orders for Skywell buses, vans, trucks, and Jonway TerraE trucks among others. However, that is not all. The company has also placed an order for SUVs from Skywell and electric bike equipment from Rover.
More importantly, DSG revealed in its press release that the dates of the arrivals have been decided and the products are going to hit the ports in San Francisco and Fairfield over the last days of 2020. The President of Imperial Motors, Rick Curtis spoke about the decision of placing these orders as well.
He stated that the orders were placed due to the rising demand for electric vehicles. However, he went on to add that there is going to be a further spike in demand next year. The company is looking to hire experienced professionals in the first quarter of 2021 in order to improve its capabilities.
While the demand for electric vehicles is rising, it should be noted that DSG Global has also been successful in setting up an extensive dealer network by way of which it sells its products.
Last month, the company announced that it received specific commitments from its network of dealers. It is an important development since the company aims to sell most of its electric vehicle products through this particular network.
DSG Global revealed that it’s subsidiary Imperial Motors managed to get such commitments from as many as 58 dealers across the United States. It is another feather in the cap for the company and one that could have a long-term effect on its growth.
Disclaimer: We hold no position in DSGT stock.