Ford And GM Expect EVs Will Stall For A While, But Stellantis, Tesla And Worksport Don't Think That Will Be The Case
After Ford Motor (NYSE: F) decided to cut the output of its electric F-150 pickup, the Lightning, pickup tonneau cover maker, Worksport (NASDAQ: WKSP), continues to defy the EV downshift trend. Today, Worksport announced it will be expanding its B2B dealer network in the U.S. and Canada which means revolutionary products with which Worksport promises to disrupt the definition of pickup trucks will be available on Amazon.com Inc (NASDAQ: AMZN), eBay (NASDAQ: EBAY) and Walmart (NYSE: WMT) marketplaces. The EV king, Tesla Inc (NASDAQ: TSLA) is also not showing any signs of slowing down despite acknowledging challenges on the way.
Worksport Is Aiming To Establish Itself As A Key Player In The Pickup Market, So Being Present On Amazon And Walmart Is The Logical Step
Last week, Worksport launched its first tonneau cover of its ‘made-in-the- USA’ AL3 PRO hard-folding tonneau cover that promises to redefine standards in pickup truck accessories. Its tonneau covers will be compatible with a wide range of popular truck models, including Ford and its star F series, as well as RAM and Jeep by Stellantis (NYSE: STLA), General Motors (NYSE: GM) brands GMC and Chevrolet, Nissan Motor Co Ltd (OTC: NSANY), and ToyotaMotor (NYSE: TM) light trucks. Worksport plans to strategically expand its market reach and extend its compatibility to also include the Honda Motor Co Ltd (NYSE: HMC) Ridgeline. Durable, functional and stylish, this new product is proudly made in the USA with more than 90% domestically sourced components, the AL3 cover is now available on the Worksport e-commerce site and it is on its way to Amazon, eBay, and Walmart through the company’s rapidly exchanging network.
Worksport plans to kick off sales efforts in early February with first client meetings as it runs to catch its estimated $3 billion tonneau cover market with approximately 60 million pickup trucks already on the roads.
Meanwhile, GM And Ford Are Scaling Back Their EV Plans
Back in October, General Motors postponed the opening of its $4 billion electric truck plant in Michigan for a year. In December, Ford told suppliers that it planned to produce about 1,600 F-150 Lightning EV trucks per week as ofJanuary, roughly half of the 3,200 it previously had planned. Back in August, Ford had said the plant that builds F-150 Lightning reach an annual production rate of 150,000 vehicles by October after saying in 2022 it would double EV truck production. But on Friday, it shifted back to gas-powered vehicles by revealing it will cut the factory’s workforce from two shifts two one and reallocate about two thirds of workers mostly to factories that produce gas-powered Bronco SUVs and Ranger pickups. Moreover, Ford delivered the news of F-150 production cuts while Detroit automakers expressed their discontent with the Biden Administration’s proposals to use emissions rules that would result in 67% of all new vehicles in 2032 being EVs. Ford is still guiding for continued growth in global EV sales this year, but still sees it being less than anticipated.
But Stellantis Is Not Slowing Down
Also on Friday, Stellantis CEO Carlos Tavares informed reporters that the automaker has no plans to slow down its EV production. However, Tavares did acknowledge that this year’s US and European presidential elections could change the pace of EV adoption, and although the slowdown is one of the two scenarios, there’s no stopping due to global warming. Later this year, Stellantis will be putting its ram 1500 Rev and its plug-in hybrid peer Ram 1500 Ramcharger on sale.
Tesla Is Also Not Showing Any Signs Of Stopping Despite Challenges
While admitting it is a challenging journey, Tesla is doing its best to ramp up production of its Cybertruck at its Austin, Texas factory. Moreover, Tesla CEO Elon Musk confirmed on a post-earnings call on that the EV king expects to start production of its next-generation mass market EV at this factory during the second half of 2025, which will be followed by its facility in Mexico and another factory outside North America which will be decided upon later this year.
With Tesla continuing to cut vehicle prices in Europe and China, eliminating the obstacle of higher prices and with innovative players like Worksports, addressing driving range anxiety and concerns over charger availability, the EV evolution is undoubtedly advancing in the right direction. With Worksport’s news, even e-commerce titans Amazon and Walmart are making their footprint in the EV universe that is unquestionably the future in the making. As Stellantis CEO noted, when it comes to EVs, the only options are going faster or slower, but either way, there’s no stopping.
DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.
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