The EV Revolution Has Its Share Of Obstacles, But It Isn't Slowing Down
While Tesla Inc (NASDAQ: TSLA) is facing a good deal of trouble, besides its CEO’s involvement with Twitter, other EV players like Worksport are going full speed ahead. Last week, federal safety regulators revealed they have launched multiple investigations into Tesla. The Associated reported the investigations are concerned with “steering wheels coming off some SUVs” as well as a fatal California crash that may have involved the company's automated driving system. Meanwhile, even legacy automakers such as General Motors (NYSE: GM) and Ford Motor (NYSE: F) have put their money where their mouths are from an organizational standpoint as they are evolving their businesses for a new electric future.
Worksport’s Speedy Progress
A company that is paving its way in EV history with its solar-powered tonneau covers, Worksport, has just announced its $4 million custom European manufacturing line has arrived its U.S. acility one month earlier than anticipated. Worksport is now able to begin final preparations at its 222,000 square feet New York factory to start producing its well-known hard-folding tonneau covers and later, its proprietary SOLIS solar-charging and game channing tonneau covers. Installation will begin immediately and is expected to take a few weeks after which several weeks of training will be needed in order to start conducting test runs. Although its hard-folding tonneau covers are expected to be market ready upon production, the newsly redesigned COR advanced hot-swap battery system must be tested and completed before its companion SOLIS cover becomes available to the world. As a reminder, Worksport’s proprietary technology has helped bring to life the upcoming electronic pickups Hercules Alpha and Atlis XT.
GM Is Considering Using ChatGPT In Vehicles
According to AutoNews, the legacy automaker will be using Open AI’s offering to develop automotive virtual assistants as part of its broader long-term collaboration with Microsoft Corporation (NASDAQ: MSFT). Basically, the ChatGPT will replace the owners' manual where we look for information on vehicle’s features but it will be specifically customized for automotive operations.
The collaboration started in 2021 with GM’s Cruise subsidiary of self-driving vehicles with the objective is to combine hardware and software expertise. Considering the wide range of expertise that fits under this umbrella of joined forces, many new exciting developments are likely on the horizon that promise to disrupt transportation ecosystems.
Ford Is Having F-150 Trouble
While celebrating its 120th anniversary this year, Ford Motor is going full speed ahead towards and all-electric future, forging a path that could easily define its future for the next century. Unfortunately, the eagerly anticipated electric version of America’s best-selling pickup, F-150, is still not there yet. Earlier this month, the automaker revealed it is recalling 18 vehicles due to potentially having a battery cell defect that caused a fire on February 4th while the vehicle was charging. Production and shipments to dealers were suspended but are due to resume this week. The Lighting is of particular interest to the world as besides being a major launch for the legacy automaker, it’s also the first mainstream electric pickup truck on the market, with fewer than 20,000 units being sold by now.
Rivian’s Disappointing News
Shares of Rivian Automotive Inc (NASDAQ: RIVN) dropped as the startup received disappointing news from its main electric van customer and e-commerce giant Amazon as its 2023 order for 10,000 vehicles came in at the low end of what it had told Rivian to expect, according to a Wall Street Journal report. However, the market will change its sentiment if Rivian succeeds to end the exclusivity portion of this 2019 agreement and sell its electric delivery vans to new customers. Then again, Rivian’s recent results have caused a great deal of concern so it needs to show it is on a path toward profitability to avoid becoming yet another failed EV startup.
Obstacles In Addition To A Challenging Macroenvironment
Concerns are rising that Tesla is losing its way, especially as it is now facing intense competition from rivals who are betting heavily on an electric future. As the EV revolution has finally kicked off, this should be Tesla's glorious moment, yet its future is being questioned. The unfavourable macroeconomic environment certainly isn’t helping, especially with the recent banking sector turmoil that is pushing investors to think more about safety. Yet, the EV ride is as risky as it gets as future is promised to no one, so plenty of bumps on the road are to be expected as the transport universe gets to break its present limitations and reach new horizons.
DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.
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