Four years after being announced, one of the most anticipated electric vehicles (EVs) of the decade, Tesla Inc TSLA Cybertruck, is about to hit the world’s roads. RAM is also entering the EV market this year with the electric version of the ProMaster Van, followed by the electric 1500 pickup next year. However, developing an electric pickup is not an easy task, as even Ford Motor F, which recently announced it will double the output of its hybrid F-150 due to slow EV sales, is finding out.
But Worksport Ltd WKSPWKSPW, an innovative tonneau cover maker, promises to bring an exceptional addition to the electric pickup market. Worksport recently announced a long-term supply agreement with a prominent automotive aftermarket reseller in the U.S. This agreement will help Worksport introduce the SOLIS solar-powered tonneau cover, integrated with its pioneering COR remote battery system that goes beyond extending the range of electric pickups.
Worksport Continues Its Positive Growth Momentum With A Substantial Order
Worksport has signed an agreement that will generate $16 million in annual sales of its hard-folding and soft-folding tonneau covers. This impressive figure is based on the customer’s annualized forecast and does not include the customer’s expectations of year-over-year sales growth. Worksport’s U.S. facility has already received a $1.6 million order for its hard-folding covers and a $720,000 order for the soft-folding versions, both from the same customer.
To support its growth, Worksport plans to add three more assembly lines to its existing one. The company also intends to enhance its manufacturing capabilities by implementing robotics and automation. Worksport’s CEO emphasized the company’s commitment to position itself as a cleantech innovator in the sector. Hyundai Motor Company HYMTF has already recognized Worksport’s value, and the two companies entered into an agreement last year to create customized prototypes of the SOLIS and a modified version of the COR energy storage system for the bed geometry of the Hyundai Santa Cruz. The Hyundai Santa Cruz 2024 is advertised as a vehicle that combines the best parts of an SUV and an open-bed vehicle, offering modern technology and premium comfort. With Worksport’s revolutionary technology powering pickups to reach and charge remote locations, the overall experience is expected to be extraordinary. The Hyundai Motor Group is known for collaborating with innovative tech startups and has recently launched an end-to-end mobility solution to assist the visually impaired.
Meanwhile, Tesla Continues To Dominate The EV Field
In other news, Reuters reported this week that Tesla is close to revolutionizing EV manufacturing with a technological breakthrough. Through a series of innovations, Tesla could potentially produce nearly the entire complex underbody of an EV in one piece, as opposed to around 400 parts in a conventional car. Detroit’s Big Three automakers, namely Ford, General Motors GM, and Stellantis N.V. STLA, continue to face challenges due to the United Auto Workers strike. This situation could further strengthen Tesla’s competitive advantage. UAW President Shawn Fain has warned that the strike will expand if significant progress is not made in negotiations with Ford, General Motors, and Stellantis by September 22nd. The ongoing strike has already led to layoffs at Ford’s Michigan facility and could cost the automakers billions of dollars and disrupt global supply chains. In the midst of all this, Tesla is well-positioned to solidify its leadership in the EV market.
DISCLAIMER: This content is for informational purposes only. It is not intended as investment advice.
