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Shifting the Clean Energy Future of the Automotive Sector into High Gear
Vancouver, Kelowna, and Delta, British Columbia--(Newsfile Corp. - October 22, 2024) - Investorideas.com, a go-to investing platform covering cleantech and automotive stocks releases a sector snapshot looking at recent news and developments , featuring Worksport Ltd. (NASDAQ: WKSP), a company who through its subsidiaries, designs, develops, manufactures and owns the intellectual property on a variety of tonneau covers, solar integrations, portable energy storage systems and heat-pump technology. The Company is committed to transforming the pickup truck industry through innovative technologies that enhance functionality and sustainability.
Looking to the roads of the future, Expert Market Research says, "The electric vehicle (EV) market has witnessed remarkable growth, with the volume reaching nearly 31,061.20 thousand units in 2023. As more consumers and businesses recognize the environmental and economic benefits of electric mobility, this market is set to expand significantly. Projections indicate a robust compound annual growth rate (CAGR) of 13.2% from 2024 to 2032, with estimates suggesting the market could reach approximately 101,177.60 thousand units by 2032."
Global Market Insights reports, "The electric Vehicle (EV) Aftermarket Market size was valued at USD 66.1 billion in 2022 and is anticipated to register a CAGR of 20.7% between 2023 and 2032. The growing popularity of EVs is fueling innovation and investment in the aftermarket sector, creating opportunities for businesses to cater to the unique needs of this expanding sector."
Setting expectations for growth moving forward within the sector, Worksport (NASDAQ: WKSP) announced mid-September, "another significant sales month in 2024, with August 2024 net sales surging to $1,213,604.28. This notable performance propels our Annual Recurring Revenue (ARR) rate to an impressive $14.56 million, which exceeds the 2023 year-end revenue of $1.53 million. This explosive early growth highlights the strong demand for Worksport's Made-in-America products and positions the Company to beat 2024 revenue guidance."
Last week, Worksport announced the implementation of strategic cost-saving measures designed to enhance operational efficiency and drive long-term growth. The Company forecasts these actions will result in $1.5 million in expense savings in 2025, along with an additional $0.5 to $1 million in related savings, without negatively impacting revenues or growth.
"We are taking proactive steps to optimize our operations and position Worksport for sustainable growth," said Steven Rossi, CEO of Worksport. "These strategic measures are expected to improve our margins and strengthen our financial position without compromising our commitment to innovation and product excellence. We remain focused on executing our growth strategy and delivering value to our shareholders."
"Our upcoming product launches represent significant milestones for Worksport. We are confident that the AL4 Premium Tonneau Cover and our clean energy solutions like the COR Portable Energy System and SOLIS Solar Cover will drive substantial growth. These innovations reflect our dedication to meeting market demands and exceeding customer expectations."
Tapping into the growth of the EV market, on October 9th Worksport announced its strategic initiative to manufacture aftermarket accessories for the Rivian R1T electric pickup truck. With initial product engineering nearing completion, Worksport's existing tonneau cover lineup will be the Company's first products compatible with the Rivian R1T, marking a significant milestone in the Company's expansion into the electric vehicle aftermarket sector.
From the news: Rivian Automotive, Inc., a prominent player in the EV market, is selling over 10,000 premium electric pickup trucks per quarter, with the Rivian R1T fleet approaching 100,000 units on the road. This rapid growth presents a substantial opportunity for Worksport to introduce its cutting-edge products to a new and expanding customer base of environmentally conscious and tech-savvy consumers.
On October 4th, Rivian reported that, "The company produced 13,157 vehicles at its manufacturing facility in Normal, Illinois and delivered 10,018 vehicles during the same period."
"Rivian is experiencing a production disruption due to a shortage of a shared component on the R1 and RCV platforms."
Ford reported in early October that, "Ford brand electric vehicle sales are up 45% this year, second only to Tesla in the U.S. market. With 67,689 electric vehicles sold through September, Ford's electric vehicles are having a record sales run."
"Sales of the electric F-150 Lightning more than doubled, helping overall Ford electric vehicle sales post a 12% quarterly gain. America's best-selling electric van, the Ford E-Transit, posted a 13% gain on sales of 2,955 vans."
"In the third quarter, Ford brand electric vehicles had the highest transaction prices of all non-luxury electric vehicle brands. Ford maintains a lease mix that is currently 35 percentage points below that of the overall electric vehicle segment, helping to better support residual values."
Tesla also reported on October 2nd that, "In the third quarter, we produced approximately 470,000 vehicles, delivered approximately 463,000 vehicles and deployed 6.9 GWh of energy storage products."
In September, Worksport Ltd. (NASDAQ: WKSP) announced the successful lab test results of its COR portable energy system as a range extender for Tesla electric vehicles like the Model 3 and CyberTruck. The COR Hub + Battery, which carries over 1.7 kWh of power, was tested with a Tesla Model 3. Test data showed the capability of adding approximately seven miles of range as a Level 1 power source.
Worksport views this development as a notable step forward for the Tesla community and electric vehicle ("EV") owners at large, addressing range anxiety, a key factor in broader EV adoption.
From the news: "Designed for modular functionality, the COR system enables users to effectively integrate additional COR batteries, offering 1.5 kWh more power per battery. With each battery, one could Level 1 Charge a Tesla Model 3 an approximate additional 7 miles. The Worksport COR is intended to serve as a practical tool for power on the go at campsites, worksites, and in emergency situations. However, the Company anticipates that future iterations of the COR system will function as a range extender for Tesla and other EVs."
Forging strategic alliances in its bet for the EV evolution, General Motors announced in September it will open up access to more than 17,800 Tesla Superchargers for its customers, with the use of a GM approved NACS DC adapter, a move that will help accelerate fast and convenient charging options for current and future EV drivers.
From the news: "With the addition of the Tesla Supercharger Network, GM customers will have access to more than 231,800 public Level 2 and DC fast chargers in North America - a number which will grow as GM continues to help accelerate the deployment of infrastructure in communities and heavily-traveled corridors through its various charging collaborations. GM approved NACS DC adapters will first be made available to customers in the United States, followed by availability for Canadian customers later this year."
Continued: "GM's ongoing efforts to help accelerate the expansion of public charging infrastructure is an integral part of our commitment to an all-electric future," said Wade Sheffer, vice president of GM Energy.
Worksport's (NASDAQ: WKSP) vision for clean energy solutions in the automotive sector expands beyond EV'sr with their innovative technology portfolio.
"As the demand for off-grid power solutions soars, Worksport's innovative Solar Truckbed provides a groundbreaking opportunity. With the global microgrid market projected to grow at over 20.5% CAGR from 2024 to 2032 and the off-grid solar market expected to reach $4.54 billion by 2032, our Solar Truckbed, combined with the COR portable battery, offers unparalleled off-grid power for any adventure."
The automotive evolution is still in its infancy and represents challenges and opportunities for the companies in the sector and the investors betting on innovation. But there is no doubt it is charging ahead with substantial growth in front of it.
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