While Ford's EV Vision Is Taking Longer Than Expected, Worksport Kicks Off Production Ahead Of Schedule

Last week, Ford Motor F revealed its EV transformation is set to bring a $4.5 billion loss this year, with the legacy automaker increasing its loss estimate despite the increase in EV revenue. Meanwhile, pioneering automotive and energy accessories innovator and maker, Worksport Ltd WKSP has revealed today that it has officially kicked off production at its U.S. facility, a week ahead of its scheduled launch date.

Worksport Announces Earlier Than Expected Production Launch

Worksport's $4 million state-of-art manufacturing line is officially in business. This production line will be releasing the company’s soft and hard folding tonneau covers, as this innovative company works towards releasing the eagerly expected solar-powered tonneau cover SOLIS which will come after the redesigned COR portable battery system. Worksport already received a node from a major U.S. automotive aftermarket accessories reseller with the first batch of made-in-the-USA hard-folding tonneau covers, indicating a promising start as the company continues its path toward revenue growth.

Ford’s "Ford Model e" EV Segment Loss More Than Doubles Compared To Last Year

Ford Model e's revenue rose 39% and the Blue Oval expects to reach an output of 600,000 EVs per year by 2024. But, EV transformation comes at a cost, and a rather big one. Ford previously projected a loss of $3 billion that it now raised to $4.5 billion as it already lost $1.8 billion so far this year. The projected figure is more than twice the 2022’s $2.1 billion loss. During the latest reported quarter, Ford joined forces with Tesla Inc TSLA as it agreed to adopt the Tesla charging standard, also gaining access to Tesla’s supercharging network. Ford also followed Tesla strategy-wise as it lowered the price of its electric F-150 pickup. But it has still a long and painful way to go towards the all-electric future.

Worksport’s Revolutionary Technology Could Contribute To A Powershift On The EV Front

Hyundai Motor Company HYMTF is known to be the first automaker whose Santa Cruz will be equipped with Worksport’s proprietary solar-powered technology, and SOLIS just might be the part of the electric pickup equation that could bring a power shift on this EV front. There’s already an ongoing electric pickup war between Tesla Cybertruck who only recently rolled off the production line at the EV maker’s Giga Texas facility, Ford F-150 the Lightning whose price recently got lowered, Rivian Automotive Inc RIVN's R1T and the upcoming electric Silverado EV pickup truck made by General Motors GM. Meanwhile, although it also entered Tesla’s charging network, Rivian continues to build its own charging network while GM and Hyundai, along with BMW Group, Honda Motor Co HMC, Kia, Mercedes-Benz Group MBGYY and Stellantis NV (NYSE: STLA, revealed last week they made an alliance to build North America’s leading high-powered charging network. Therefore, the race to catch up to Tesla, the EV King, is on.

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