While Tesla's Electric Pickup Know-How Is Still In The Works, Worksport Opens Its R&D Center In The U.S.
It’s a common fact that pickups are the backbone of the automotive industry which is why their electric counterparts are considered essential to the EV transformation that is upon the industry. This particular vehicle has even caused a headache to the EV king Tesla Inc (NASDAQ: TSLA) whose Cybertruck is expected to arrive later this year after several delays since it was unveiled back in 2019. Because of their size and capability, these electrified workhorses have emerged as a symbol of progress and efficiency that the EV revolution is promising to the transport industry. But, with Rivian (NASDAQ: RIVN) and Ford Motor (NYSE: F) being among the rare ones who brought this vehicle to life on the road, many have started wondering the electric pickup promise is just a dream.
While even Tesla is on a long learning curve when it comes to the electric pickup-know, Worksport Ltd (NASDAQ: WKSP) whose solar-powered tonneau cover will be empowering Hyundai’s Santa Cruz pickup, just revealed it will be opening its cutting-edge automotive product R&D Center in the heart of the U.S. which is known for its truck culture.
Worksport’s U.S. R&D Center A Diverse Group Of Cutting-edge Nasdaq-100 Companies
Worksport has chosen Springfield, MO for its research facility that will be hosting an impressive arsenal of over 70 patents across the automotive, consumer products, manufacturing, and agricultural sectors. Know-how that has been documented throughout Worksport’s intellectual property is one of the company’s key competitive advantages that will now be nurtured and further strengthened while Worksport’s 220,000 square feet manufacturing facility in West Seneca, N.Y. prepares to launch production. The reason why Worksport chose to place its R&D efforts at a separate location is to prevent its focus on innovation to get diluted by daily manufacturing operations. This way, Worksport will be able to refine its operations along the way while incubating new ground-breaking ideas in line with the company’s ambitious expansion plans, led by the development of its SOLIS solar-powered tonneau cover and COR remote power and storage system. The R&D team will be able to follow up with new truck models so the company is able to craft its offerings and refine its existing ones by responding to crucial feedback data.
Through its intellectual creations, Worksport is clearly showing the world how will electric pickups change the world: from empowering us to thrive in what used to be inaccessible locations to conquering landscapes in a greener manner that gives hope of a more sustainable future, these trucks are more than vehicles, they are a fusion of cutting-edge technology and responsible innovation that aims to make the world a better place. This segment is also notoriously hard to break into with many brand partnerships that could also give Tesla a headache as it aims to keep everything in-house.
Tesla Pulled The Indexes Along For A Great June Ride
The S&P 500 had its best monthly performance since October as it gained 6.5% while the Nasdaq rose 6.6%, both pulling out a fourth consecutive positive month. As for the second quarter, the S&P 500 rose 8.3% for a third straight quarter of gains which is its biggest quarterly advance since 2021’s Q4, while the Nasdaq jumped 12.8%. During the first half of 2023, the S&P 500 popped 15.9%, marking its best first half since 2019 while the Nasdaq surged 31.7% which is its best first half since 1983.
Tesla, that makes 4.24% (according to data from June 29th, 2023) of the Invesco QQQ Trust Series 1 (NYSE: QQQ) that includes diverse group of cutting-edge Nasdaq 100 companies that are at the forefront of transformative long-term themes, enjoyed its shares going up 109% year-to-date due to the EV and AI hype combined. Tesla has been on an impressive run since General Motors (NYSE: GM), Ford Motor and Rivian announced they will be adopting its charging standard. During the relentless rise of the tech-focused Nasdaq, Tesla has also propped up the the S&P 500 index. With a market cap of approximately $830 billion, Tesla is also part of the holdings of the SPDR S&P 500 ETF Trust (NYSE: SPY).
Electric Pickups Could Easily Shake Things Up In The EV Revolution
Even Nissan Motor Co Ltd (OTC: NSANY) is reportedly thinking of an electric pickup it unveiled it is planning to launch as many as 19 EVs by the end of the decade, while announcing it will be committing $500 million to convert its Canton Assembly plant to EV production and this is where it used to make its Frontier and Titan pickups. Also one of the reasons why pickups are such a lucrative market is their aftermarket filled with purchasable addons. Pickup drivers like to personalize their vehicles which will be an opportunity for Worksport and it will be interesting to see if Tesla will be willing to play along for a change.
DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.
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This article While Tesla's Electric Pickup Know-How Is Still In The Works, Worksport Opens Its R&D Center In The U.S. originally appeared on Benzinga.com
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