The USA Adds Homemade Hard Tonneau Covers To Its Portfolio But Needs To Speed Up Its EV Progress

BloombergNEF’s Electric Vehicle report 2023 forecasted an impressive outlook of EV sales, both in the U.S. and globally, while also cautioning that the USA needs to fasten its progress if it wants to reach net-zero road transport emissions by 2050. But, Renault SA RNLSY chairman warned of the EV sector’s overreliance on China, as the country’s recent export restrictions that further intensified technology war with the U.S. that are bound to result in global supply chain disruptions. Meanwhile, as Tesla Inc TSLA continues to run the EV show in the U.S. while making as many key components in-house or directly under its control, Worksport Ltd WKSP announced today that certain of its hard tonneau covers are eligible for the prestigious “Made in the USA” label. Worksport’s solar-powered tonneau cover SOLIS and remote power system hold a big promise for electric pickups, with Hyundai Motor Company HYMTF being among the first whose Santa Cruz pickup will be equipped with this revolutionary technology, bringing to the table the comfort of an SUV and open-bed vehicle designed for extraordinary adventures.

Worksport continues on its mission to make a difference with made-in-USA aftermarket automotive accessories and its ground-breaking off-grid energy solutions.

By gaining this label, Worksport proved its commitment to maintaining a supply chain that ensures its products are crafted and assembled in the United States, utilizing both domestic and imported components. Due to the belief that domestically manufactured and assembled products are of superior quality, a recent survey noted that more than 83% of consumers are willing to pay a premium of up to 20% for such items. This label is a validation of Worksport’s strategic acquisition of a U.S. manufacturing facility in West Seneca, New York and the recent relocation of its headquarters to the same facility. By centralizing production, management and quality control, Worksport is more than equipped to guarantee consistent product quality while also achieving greater operational efficiency. While the Tesla Cybertruck is due to finally hit the road this year, Worksport’s solar-powered technology will give electric pickups a big boost as it is able to extend the range of the vehicle, an issue that is being addressed to widen EV adoptability. 

BNEF Forecasted An Impressive US EV Trajectory

With the incentives of the Inflation Reduction Act (IRA), to portion of EVs in passenger vehicle sales is expected to grow from 2022’s 7.6% to nearly 28% by 2026. BloombergNEF’s projection is about 20% off from the Biden administration’s goal for EVs to make up half of vehicles sold in the country by the end of the decade, but the goal is said to be potentially reachable within four years of additional growth. 

As for the global figures, EV sales are expected to expand from 2022’s 10.5 million to almost 27 million in 2026, with EV share in global automotive sales growing from 2022’s 14% to 30% in 2026. When looking at specific markets, EVs are estimated to account for half of vehicles sales in China while reaching a 42% share in Europe by that time.

The EV Future Relies On A Combination Of Factors…

The realization of BNEF’s optimistic forecast depends on a variety of factors besides the actual model of electric vehicles, such as the support in the form of policies, improvements in battery technology, the development of the charging infrastructure, etc. Tesla is working hard to deliver its battery promise but it still hasn’t reported any significant progress while at the beginning of the month, Toyota Motor TM claimed it achieved a significant breakthrough in solid battery development that will halve the battery’s size, weight and price. One thing is certain, whoever makes such technological advancements will not only be able to catch up to the EV king himself, Tesla, but also significantly speed up EV progress. Worksport’s intellectual portfolio certainly qualifies this revolutionary automotive parts company to enter the EV game.

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