Ultrack Systems Inc (MJLB)

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ULTRACK AND THE EV MARKET

Concord, Ontario--(Newsfile Corp. - December 14, 2020) - Ultrack Systems Inc. (OTC PINK: MJLB), a total fleet-management GPS tracking and monitoring solution provider, is pleased to inform investors that the Company has successfully integrated its tracking solutions into EV vehicles such as the BMW i8 and all Tesla models.

Dealership and leasing clients of Ultrack have increased their EV fleets inventory over the last 5 years and exclusively use our tracking platform for their BMWi8 and Tesla models. Ultrack is preparing to expand further into the EV market in 2021 by updating our platform with specific features related to the EV sector.

Ultrack CEO Michael S. Marsbergen stated: "Ultrack Systems Inc. has been working in the EV market for quite some time and we believe EV is the future. Developing technology and strategic relationships will ensure that Ultrack can always have a growing footprint in this space. We are paving the way for further expansion into the EV market and are targeting to arrive in Q2 of 2021. Ultrack will feature an add-on that will track EV battery state of charge and the condition of the battery system remotely from our portal.

The global electric vehicle market was valued at $162.34 billion in 2019, and is projected to reach $802.81 billion by 2027, registering a CAGR of 22.6%. Asia-Pacific was the highest revenue contributor, accounting for $84.84 billion in 2019, and is estimated to reach $357.81 billion by 2027, with a CAGR of 20.1%. North America is estimated to reach $194.20 billion by 2027, at a significant CAGR of 27.5%. Asia-Pacific and Europe collectively accounted for around 74.8% share in 2019, with the former constituting around 52.3% share. North America and Europe are expected to witness considerable CAGRs of 27.5% and 25.3%, respectively, during the forecast period. The cumulative share of these two segments was 40.1% in 2019, and is anticipated to reach 51.0% by 2027.
[From www.alliedmarketresearch.com/electric-vehicle-market/amp]