The Rise of Clean
Energy in the Automotive Sector – From EV’s to Solar; Stocks Mentioned;
(NASDAQ: $WKSP) (NASDAQ: $RIVN) (NASDAQ: $TSLA) (NYSE: $GM) (NYSE: $F) @WorksportLtd
October
22, 2024- Investorideas.com, a
go-to investing platform covering cleantech and automotive stocks releases a
sector snapshot looking at recent news and developments.
Stocks
mentioned in this article include Worksport
Ltd. (NASDAQ: WKSP), a
company who through its subsidiaries, designs, develops, manufactures and owns
the intellectual property on a variety of tonneau covers, solar integrations,
portable energy storage systems and heat-pump technology. The Company is
committed to transforming the pickup truck industry through innovative
technologies that enhance functionality and sustainability.
Other
automotive stocks mentioned include Rivian (NASDAQ: RIVN), Tesla (NASDAQ:
TSLA), General Motors (NYSE: GM), Ford (NYSE:
F).
Looking to the roads of the future, Expert Market Research says, “The electric vehicle (EV) market has witnessed
remarkable growth, with the volume reaching nearly 31,061.20 thousand units in
2023. As more consumers and businesses recognize the environmental and economic
benefits of electric mobility, this market is set to expand significantly.
Projections indicate a robust compound annual growth rate (CAGR) of 13.2% from
2024 to 2032, with estimates suggesting the market could reach approximately
101,177.60 thousand units by 2032.”
Global Market Insights reports, “The electric Vehicle (EV)
Aftermarket Market size was valued at USD 66.1 billion in 2022 and is
anticipated to register a CAGR of 20.7% between 2023 and 2032. The growing popularity of EVs is
fueling innovation and investment in the aftermarket sector, creating
opportunities for businesses to cater to the unique needs of this expanding
sector.”
Setting expectations for growth
moving forward within the sector, Worksport (NASDAQ: WKSP) announced mid-September, “another significant sales month in 2024, with August
2024 net sales surging to $1,213,604.28. This notable performance propels our
Annual Recurring Revenue (ARR) rate to an impressive $14.56 million, which
exceeds the 2023 year-end revenue of $1.53 million. This explosive early growth
highlights the strong demand for Worksport’s Made-in-America products and
positions the Company to beat 2024 revenue guidance.”
Paid
news dissemination on behalf of Worksport
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Last week, Worksport announced the implementation of strategic cost-saving measures designed
to enhance operational efficiency and drive long-term growth. The Company
forecasts these actions will result in $1.5 million in expense savings in 2025,
along with an additional $0.5 to $1 million in related savings, without
negatively impacting revenues or growth.
“We are taking proactive steps to
optimize our operations and position Worksport for sustainable growth,” said
Steven Rossi, CEO of Worksport. “These strategic measures are expected to
improve our margins and strengthen our financial position without compromising
our commitment to innovation and product excellence. We remain focused on
executing our growth strategy and delivering value to our shareholders.”
"Our upcoming product launches
represent significant milestones for Worksport. We are confident that the AL4
Premium Tonneau Cover and our clean energy solutions like the COR Portable
Energy System and SOLIS Solar Cover will drive substantial growth. These
innovations reflect our dedication to meeting market demands and exceeding
customer expectations."
Tapping into the growth of the EV
market, on October 9th Worksport announced its strategic initiative to manufacture aftermarket accessories
for the Rivian (NASDAQ: RIVN) R1T electric pickup truck. With
initial product engineering nearing completion, Worksport's existing tonneau
cover lineup will be the Company’s first products compatible with the Rivian
R1T, marking a significant milestone in the Company's expansion into the
electric vehicle aftermarket sector.
From
the news: Rivian
Automotive, Inc., a prominent player in the EV market, is selling over 10,000
premium electric pickup trucks per quarter, with the Rivian R1T fleet
approaching 100,000 units on the road. This rapid growth presents a substantial
opportunity for Worksport to introduce its cutting-edge products to a new and
expanding customer base of environmentally conscious and tech-savvy consumers.
On October 4th, Rivian (NASDAQ: RIVN) reported that, “The company produced 13,157 vehicles at its
manufacturing facility in Normal, Illinois and delivered 10,018 vehicles during
the same period.”
“Rivian is experiencing a production
disruption due to a shortage of a shared component on the R1 and RCV
platforms.”
Ford (NYSE: F) reported in early October that, “Ford brand electric
vehicle sales are up 45% this year, second only to Tesla (NASDAQ: TSLA) in the U.S. market. With 67,689 electric
vehicles sold through September, Ford’s electric vehicles are having a record
sales run.”
“Sales of the electric F-150 Lightning more than doubled, helping
overall Ford electric vehicle sales post a 12% quarterly gain. America’s
best-selling electric van, the Ford E-Transit, posted a 13% gain on sales of
2,955 vans.”
“In the third quarter, Ford brand electric vehicles had the highest
transaction prices of all non-luxury electric vehicle brands. Ford maintains a
lease mix that is currently 35 percentage points below that of the overall
electric vehicle segment, helping to better support residual values.”
Tesla (NASDAQ: TSLA) also reported on October 2nd that, “In the third
quarter, we produced approximately 470,000 vehicles, delivered approximately
463,000 vehicles and deployed 6.9 GWh of energy storage products.”
In September, Worksport Ltd. (NASDAQ:
WKSP) announced the successful lab test results of its COR
portable energy system as a range extender for Tesla (NASDAQ: TSLA) electric vehicles like the Model 3 and CyberTruck. The COR Hub +
Battery, which carries over 1.7 kWh of power, was tested with a Tesla Model 3.
Test data showed the capability of adding approximately seven miles of range as
a Level 1 power source.
Worksport views this development as a notable step forward for the
Tesla community and electric vehicle (“EV”) owners at large, addressing range
anxiety, a key factor in broader EV adoption.
From the news: ”Designed for modular functionality, the COR
system enables users to effectively integrate additional COR batteries,
offering 1.5 kWh more power per battery. With each battery, one could Level 1
Charge a Tesla Model 3 an approximate additional 7 miles. The Worksport COR is
intended to serve as a practical tool for power on the go at campsites,
worksites, and in emergency situations. However, the Company anticipates that
future iterations of the COR system will function as a range extender for Tesla
and other EVs.”
Forging strategic alliances in its bet for the EV evolution, General
Motors (NYSE: GM) announced in
September it will open up access to more
than 17,800 Tesla (NASDAQ: TSLA) Superchargers for its customers, with the use of a GM approved NACS
DC adapter, a move that will help accelerate fast and convenient charging
options for current and future EV drivers.
From the news: “With the addition of the Tesla Supercharger
Network, GM customers will have access to more than 231,800 public Level 2 and
DC fast chargers in North America – a number which will grow as GM continues to
help accelerate the deployment of infrastructure in communities and
heavily-traveled corridors through its various charging collaborations. GM
approved NACS DC adapters will first be made available to customers in the
United States, followed by availability for Canadian customers later this year.”
Continued: "GM's ongoing efforts to help accelerate
the expansion of public charging infrastructure is an integral part of our
commitment to an all-electric future," said Wade Sheffer, vice president
of GM Energy.”
Worksport’s (NASDAQ:
WKSP) vision for clean energy
solutions in the automotive sector expands beyond EV’sr with their innovative
technology portfolio.
“As the demand for off-grid power solutions soars, Worksport’s
innovative Solar Truckbed provides a groundbreaking opportunity. With the
global microgrid market projected to grow at over 20.5% CAGR from 2024 to 2032
and the off-grid solar market expected to reach $4.54 billion by 2032, our
Solar Truckbed, combined with the COR portable battery, offers unparalleled
off-grid power for any adventure.”
The automotive evolution is still in its infancy and represents
challenges and opportunities for the companies in the sector and the investors
betting on innovation. But there is no doubt it is charging ahead with
substantial growth in front of it.
Research cleantech and EV stocks at
Investorideas.com
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