Ford's Signature EV Is In A Solar-Powered Treat
2024 didn’t have such a good start for Ford Motor (NYSE: F). Its EV losses in 2023 were almost $4.7 billion while this year’s loss could expand to another $5 billion. Ford entering the new year with an 11% sales drop in January amid a general industry slowdown. In response, Ford made it clear it is rethinking its EV strategy after already announcing its plans to delay or cut its $12 billion EV spending commitment. Even the electric version of its flagship pickup and America’s best-selling pickup couldn’t help Ford make the EV cut.
Even Tesla Is Challenged On The Electric Pickup Front
However, electric pickups are a different kind of challenge, one even the EV king couldn’t easily figure out. Tesla Inc (NASDAQ: TSLA) openly admitted the challenges that come with making an electric pickup. Tesla CEO Elon Musk openly spoke of enormous difficulties of mass producing the Cybertruck. Before 2023 ended, Tesla finally succeeded to get its long-anticipated electric pickup on the road. However, even Tesla will need time to reach the desired volume. Moreover, Musk openly admitted that it will take at least a year for the electric pickup to become a significant cash flow contributor for Tesla. Even the mighty Tesla had to lower the price of its EVs to get through last year.
EV Prices Keep Going Down In Response To The Slowdown
Ford also slashed the price of its electric Mustang Mach-E after its sales took a 51% dive in January as the model lost its eligibility for a $3,750 US tax credit on January 1st. On February 20th, an emailed statement showed Ford lowered prices on 2023 models of its battery-powered crossover SUV Mustang Mach E from $3,100 to $8,100. Ford is also scaling back its EV plans, which include lowering its production goals of the Mach-E, as well as its flagship EV, F-150 Lightning electric pickup truck. Back in December, Ford revealed it will halve its electric F-150 production goal this year.
However, Ford’s Flagship EV Is In For A Solar-Power Treat
Worksport Ltd (NASDAQ: WKSP), a pioneer who aims to integrate clean energy or more precisely, solar technology with automotive accessories, just announced it entered the planning phase to develop its pioneering solar-powered tonneau cover, SOLIS, to Ford Motors’ Lightning.
Worksport’s groundbreaking products could be game-changing for Ford.
While having in mind the challenges posed by the Ford F-150 Lightning’s specifics, Worksport is conducting comprehensive tests to accurately measure the maximum additional mileage its solar-powered tonneau cover can provide, when integrated as a passive charging option. Based on the previous calculations of Worksport’s engineering team, the SOLIS has been found to potentially increase the range by up to 10 miles. Along with SOLIS, Worksport plans to offer its portable COR battery in a bundle tailored for the F-150 Lightning. This innovative power duo is expected to allow for the utilization of solar power without depleting the vehicle’s onboard power reserves. The COR battery system is currently undergoing rigorous testing on its way to the manufacturing stage for its Alpha launch. With SOLIS and COR, Worksport will provide Ford F-150 Lightning drivers not only with an enhanced range through clean renewable energy, but also with clean, off-grid energy power on the go. While the SOLIS solar cover preparations are getting closer to completion, its planned launch will strategically align with the finalization of the COR portable battery system.
Despite The Slowdown, No One Is Doubting EV Growth
Ford Motor CEO, Jim Farley, reiterated that the Blue Oval still believes that EV growth will continue. However, Farley noted that mass market adoption demands a greater affordability, for the EV prices to be more in line with those of their traditional internal combustion-engine counterparts. Therefore, EV adoption will take more time as lowering such hefty costs cannot happen overnight. But, Worksport’s revolutionary products promise to, at the very least, relieve drivers of range anxiety.
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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