Substantial Order Fuels Worksport To Uplevel The Electric Pickup Race

Four years after being announced, one of the most anticipated EVS of the decade, Tesla Inc (NASDAQ: TSLA) Cybertruck is about to hit the world’s roads. RAM is also getting its first EV this year with the electric version of ProMaster Van, which will be followed by the electric 1500 pickup next year. But bringing an electric pickup to life is by no means an easy task, even for Ford Motor (NYSE: F) who last week announced it will be doubling the output of its hybrid F-150 in response to slow EV sales.

But an innovative tonneau cover maker Worksport Ltd (NASDAQ: WKSP)(NASDAQ: WKSPW) promises to give an exceptional addition to the electric pickup. Today, Worksport revealed it gained a significant long-term supply agreement with an established automotive aftermarket reseller in the U.S., as it continues to work on introducing the SOLIS solar-powered tonneau cover, integrated with its pioneering COR remote battery system that will do much more than just extend the range of electric pickups.

Worksport Continues Its Positive Growth Momentum With A Substantial Order

Today, Worksport revealed it signed an agreement that will bring in $16 million in annual sales of its hard-folding and soft-folding covers. The impressive figure is based on the customer’s annualized forecast and is an estimate that does not include the customer’s expectations of YoY sales growth. This agreement came upon the customer’s approval of samples that Worksport had previously provided and marks an important step at Worksport’s U.S. facility that already received a $1.6 million order for its hard-folding covers along with a $720,000 order for the soft-folding versions, both from the same customer.

Worksport continues its growth journey as it plans to add three more assembly lines to its existing one, while announcing initiatives to enhance its manufacturing capabilities with robotics and automation. Worksport CEO emphasized the company’s commitment to strengthen its positioning as a cleantech innovator in the sector, with Hyundai Motor Company (OTC: HYMTF) being among the first automakers who recognized its value.  Last year, Tech Times reported that Worksport entered into agreement with Hyundai America Technical Center to create customized prototypes of the SOLIS, along with a modified version of the COR energy storage system for the bed geometry of the Hyundai Santa Cruz. The Hyundai Santa Cruz 2024 is advertised as combining the best parts of an SUV and an open-bed vehicle, blending modern technology with premium comfort that promise an extraordinary vehicle. Together with Worksport’s revolutionary technology that will power pickups to reach and power up remote locations, the extraordinary experience is a given. The Hyundai Motor Group is known for working with innovative tech startups, and today it also launched an end-to-end mobility solution to assist the visually impaired.

Meanwhile, Tesla Continues To Dominate The EV Field

Also this week, Reuters reported that Tesla is close to reinventing EV making with a quiet technological breakthrough. A combined a series of innovations could empower Tesla to die cast nearly all the complex underbody of an EV in one piece, as opposed to about 400 parts in a conventional car. Meanwhile, the Big Three Detroit automakers, namely Ford, General Motors (NYSE: GM) and Stellantis N.V. (NYSE: STLA) continue to struggle with the United Auto Workers strike that can only help Tesla strengthen its competitive advantage. On Monday evening, UAW President Shawn Fain warned that the strike will expand if serious progress isn’t made in negotiations with Ford, General Motors and Stellantis by Friday, September 22nd. After the unprecedented strike kicked off on Friday, Ford laid off 600 assemble workers at its Michigan facility. Workers are requesting a 40% pay increase and so far, General Motors offered its workers a 20% increase, while its CEO Mary Barra received a 34% increase over the last four years. GM CEO is the highest paid of the three CEOs. This is the first time in history that workers at all three Detroit automakers are on strike. This unprecedented strike could cost GM, Ford and Stellantis over $5 billion over just 10 days along with disrupting global supply chains, but helping Tesla fortify its leadership position.

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