RONN Inc. (OTC:RONN) Stock Takes a Hit: Here is Why

In light of the latest developments from Monday, it is likely that the RONN Inc. (OTC:RONN) stock could come on the radars of investors in a big way this morning. Yesterday, the company came into focus after it announced it was going to begin discussions with industry leaders, possible investors, and the press for the purpose of discussing the plans for the Hyper Hydrogen Concept Automobile in Geneva. In this context, it ought to be noted that the company had already signed a Memorandum of Understanding for the capital investment of $100 million and had started preparations for the development of the successor to the noted Scorpion Hydrogen Hybrid Supercar.

In the news release, the company also revealed that data recently released by World Motor Vehicle Production had revealed a significant rise in worldwide motor vehicle manufacturing. In May 2023, 85.4 million vehicles had been manufactured, and that worked out to a rise of 5.7% since 2021. It was also revealed that the global supercar market would command a valuation of $17.5 billion in 2023. However, it was all set to hit a valuation of $24.9 billion in 2033 and would deliver a CAGR of 3.7% from 2024 through 2033.

The founder and chief executive officer of RONN, Ronn Ford, spoke about the latest developments yesterday. He stated that he had a long-term ambition to create an automobile that could compete with such brands as Koenigsegg, Bugatti, and Pagani. It was also revealed that the vision of RONN included the development of an advanced version of the Scorpion. However, the design insights and specifications with regards to the same would emerge following the conclusion of the meetings in Geneva. In this situation, it could be a good time for investors to add the RONN stock to their watch lists.