Tesla Inc (NASDAQ: TSLA) is the first brand on everyone's minds when it comes to EVs. But despite its stunning performance this year which fuelled a 500% gain, Tesla is no longer free of competitors. Besides Nikola Corporation (NASDAQ: NKLA) whose Badger is set to compete directly with Tesla's Cybertruck, traditional automakers have begun their electric transformation at large. Only time will tell if they will succeed to adapt to the new era, but the competing landscape will change dramatically for Tesla during the next 24 months. Moreover, America's favorite vehicle will provide us with the first trailer of the EV blockbuster era ahead.
Legacy Automakers And Pickups
On Wednesday, Ford Motor Company (NYSE: F) alerted its employees that it plans to trim its headcount by 1,400 salaried workers by offering them an opportunity to retire this year. Ford is due to deliver one of the most eagerly anticipated electric models in 2022, an all-electric version of its F-150, the best-selling pickup in the US and Canada for 54 years. However, Ford will first roll out a hybrid version of its popular F150 pick-up. It is expected to be in dealerships by the end of the year. A hybrid 2021 F150 is not a plug-in hybrid as it features a battery that is regenerated by the gas engine. The vehicle can manage short distances on electricity, but it switches to the gas engine when acceleration occurs. Hybrid could indeed be the solution to many of the difficulties that have plagued the development of electric pick-ups.
General Motors Company (NYSE: GM) will reveal its battery-electric GMC Hummer "supertruck" in the fall. The truck segment has been profitable for each of Detroit's big three. In the third quarter, Fiat Chrysler Automobiles NV's (NYSE: FCAU) deliveries even rose marginally by 0.1% due to strong Ram pickup truck sales. Usually, the battle is between F-Series, Silverado, and Ram. Although the Italian-American automaker has been slow to adopt the electric trend, it did announce back in July that it will electrify its profit-heavy Jeep brand by 2022. So, this battle is bound to be transferred to the electric playfield at some point.
Worksport Is Set To Enter The EV Race With A Bang
Worksport Ltd (OTC: WKSP) just announced that it landed a $70 million OEM agreement with a U.S.-based EV Truck Manufacturer, but without revealing the name of the EV truck manufacturer. The Canadian-based company recently unveiled its TerraVis solar-powered tonneau cover. Worksport has already established its position as an innovative yet affordable manufacturer of tonneau covers. Now, by incorporating complex solar technology that is able to both generate and store energy, it could easily reduce pickup trucks' dependency on internal combustion engines. TerraVis is tailored to appeal both to traditional pickup drivers who want to upgrade their existing vehicles as well as future owners who want to extend the range and efficiency of their electric pickups.
Which Electric Pickup Truck Manufacturer Could Be On The Other End Of The Deal?
Lordstown Motors from DiamondPeak Holdings Corp (NASDAQ: DPHC), which took over GM's shuttered plant in Ohio, has big commercial plans with its Endurance pickup. Although the production is yet to begin, the company already has 40,000 pre-orders.
Rivian Automotive is already being heavily supported by Amazon.com, Inc. (NASDAQ: AMZN) that made the biggest electric order to date with 100,000 vehicles to power its fleet. It is already annoying Tesla at large by hiring its former employees. Tesla even filed a lawsuit over allegations that Rivian stole its employees as well as sensitive trade secrets. Rivian denied the accusations. Rivian is simply aiming for the stars as it is benchmarking the greatest when it comes to quality. It wants its vehicles to have interiors that go in line with Lamborghini, Bentley, Lincoln, and Audi. Its all-electric R1T pickup truck and R1S SUV will be officially introduced next year.
Atlis Motor Vehicles, an electric vehicle technology start-up designing an electric Atlis XT pickup. The company has been rather silent since April when it showed determination to develop an innovative approach to battery design and significantly reduce charge time. Afterall, great things take time.
A relatively new, Detroit-based manufacturer, Hercules Electric Vehicles, intends to introduce an all-electric pickup truck, the Hercules Alpha by 2021. By its announced specs, its vehicle could indeed become the Hercules of electric trucks.
The decreasing price of batteries and vehicles suggests that EVs are becoming much more affordable. Once their price comes near to that of vehicles with internal combustion engines, the market will continue growing on its own, without even needing any subsidies. The auto industry could be reborn over the coming months as a serious of electric pickups make their debut. Considering Nikola got a $3 billion market boost from order of 2,500 e-trucks, this start up also has the potential to become a big EV player. Moreover, we don't even know which pick truck manufacturer will gain new superpowers thanks to Worksport's trademark technology. The future is promised to no one, not even the almighty Tesla and its flamboyant CEO, Elon Musk.
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