With Ford Motor F slashing the price of its F-150 last week and Tesla Inc TSLA cybertruck reportedly rolling off the assembly line, the battle of the electric pickups is on the horizon with many wondering if someone will even have a shot once Tesla makes its mark in the pickup arena. But, new models are coming, including Hyundai Motor Company HYMTF 2024 Santa Cruz pickup that will be empowered with a customized solar-powered tonneau cover from Worksport Ltd WKSP WKSPW.
Today, Worksport has revealed its plans to boldly enhance its production capabilities with advanced automation and robotics as it continues to work to deliver the eagerly anticipated SOLIS solar truck tonneau covers by the end of the year.
Worksport Commits To Boosting Its Production Capabilities
In a move considered vital for attracting future OEM clients, CEO Steven Rossi has announced that Worksport has committed to invest $1,500,000 over the following 18 months in automation tools, notably centered around robotics. As it continues to build its production capacity at its U.S. facility in West Seneca, N.Y. after completing one out of five assembly lines last week, Worksport is speeding up its exhilarating evolution into a full-fledged entity. With the maiden assembly line expected to kick off production over the next few weeks, Worksport is ascending to a new chapter of delivering state-of-the-art light truck covers to a growing market and coming another step closer to making its EV promise with its proprietary products, COR remote battery system and SOLIS covers.
The Battle Of The Electric Pickups Has Began
Rivian Automotive Inc RIVN who was the first EV maker to bring the electric pickup to the road recently announced that its second quarter deliveries nearly tripled, with its shares rising more than 41% this month. Two years after its supposed launch, the Cybertruck has finally rolled off the Texas plant production line on Saturday, as Tesla showed via a tweet. Technically, Tesla has made only one Cybertruck so far but based on 1.9 million orders, it already seems to be winning the electric pickup wars. Although mass production won't start until next year, but once it does, Tesla CEO Elon Musk promised to rapidly boost the output to 50,000 next year and then aim for 375,000 Cybertrucks per year. Therefore, it could take several years for Tesla to satisfy the demand for its futuristic electric pickup. Once the Cybertruck reaches the road and mass production levels, it won’t leave much space to other electric truck manufacturers to compete. However, one should also remember that Tesla only demands for $100 in refundable pre-order fee so this isn’t a guarantee of an eventual sale. But Cybertruck’s popularity seems real even if it is still just a concept and then again, Tesla remains the EV king with the know-how that legacy automakers can only wish they are equipped with as the industry and the world transition to an all-electric future. Fortunately for others, Worksport's revolutionary technology might help their models give Tesla a run, or more precisely, a ride, for its money.
DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.