Ford And Worksport Are Entering New Candidates Into The Electric Pickup Race

Despite higher EV costs than its competitors, Ford Motor F is not slowing down its EV efforts. On its Capital Markets Day this week, the legendary Blue Oval revealed it is gearing up for its second generation of EVs, unveiling a new SUV and pickup models that promise to live up to the EV king himself, Tesla Inc TSLA.

Worksport Ltd WKSPWKSPW, a tonneau cover company that takes great pride in its high-quality products with patented revolutionary technology that aims to serve the multi-billion-dollar light truck industry, just revealed it received an approval regarding samples it had sent to a large U.S. customer.

Ford’s "Catch-Up To Tesla" Strategy

Besides the electric version of America’s most beloved pickup, the Ford F-150, named the Lightning, and great debut of its electric Mustang Mach-E, Ford is expanding its EV linup with a long-range SUV and a more affordable pickup. While the legendary automaker expects to create one of the most affordable batteries in the U.S., a quest that Tesla is also on, Ford is also determined to reach an annual production of capacity of two million electric vehicles by the end of 2026, expecting to reach the target of 600,000 produced vehicles this year. Although it is certainly not close to dethroning Tesla, Ford, just like its Detroit peer, General Motors GM, are determined to do reach the EV throne someday in the future. Ford even secured its battery supplies with its recent lithium deals and it was the first of the big automakers to carve out its EV unit, the Ford Model e, and report the EV financial results separately, acknowledging the historical shift that is upon the automotive industry.

Worksport Just Achieved Another Milestone On Its Path To Revenue-Generation

Worksport just revealed its hard-folding light truck cover samples have been approved by its national U.S. customer and reseller of automotive aftermarket accessories. Upon approval, this customer has agreed to purchase sizable quantities of Worksport’s flagship product that is to be distributed across the U.S. 

As a reminder, Worksport’s tonneau covers will be coming in various sizes and configurations to serve pickups made Ford itself, as well as Chevrolet, Jeep, Dodge, RAM, Nissan, Honda, Hyundai and Toyota. Moreover, its upcoming solar-powered Terravis tonneau cover as well as the company’s COR remote power generation and storage system promise to transform both electric and traditional combustion engine pickups into renewable microgrids on four wheels. Moreover, Worksport has entered into agreements to equip two electric pickups: a tech-advanced Atlis XT and the luxurious Hercules Alpha, both of which will be facing off the Cybertruck – the electric pickup with which Tesla aims to redefine the pickup landscape.

All in all, 2023 has already been claimed as the year of the electric pickup and the recent news only suggest that many new impactful developments on this front are on the horizon.

DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.