The Electric Pickup Is Coming

Pickups are more than a vehicle. They are a lifestyle and a philosophy – and the world's first electric pickup is coming to life as we speak. Besides Tesla Inc TSLA Cybertruck that is due by the end of the year, there will be many other candidates who will attempt to challenge the iconic F-150 by Ford Motor Company F, whose electric version should enter production at the beginning of next year.

The Rivian R1T could be the first electric pickup to hit the market as the startup is planning to start deliveries within the next three months. In order to achieve volume production in a battlefield of limited supply, securing battery supply is key and on April 12^th, Rivian announced that it has trusted Samsung with this task. Its electric vehicles are quite big which translates to larger battery packs. Although Rivian also plans to get into its own battery cell production, it will rely on Samsung SDI battery cells for now as it plans to make hundreds of thousands of electric vehicles per year at its factory in Normal, Illinois.

Meanwhile, Worksport Ltd WKSP, whose tonneau covers go beyond getting the job done, is taking pickups to a whole new level with its solar accessories from its TerraVis line that was revealed back in August. EV players Atlis Motor Vehicles and Hercules Electric Vehicles already signed up to benefit from this revolutionary technology. As a result, Worksport is a Tier One OEM supply partner for the forthcoming Alpha Electric Pickup and it is configuring the TerraVis solar charging system as an OE accessory for the tech advanced Atlis XT electric pickup truck.

The TerraVis fusion is the first of its kind. It is mobile, tech advanced and can even bought by non-truck owners, allowing the company to penetrate further into the consumer market because there isn't a single person in the world who can't benefit from mobile power? The COR battery system can be purchased and used without the TerraVis solar tonneau cover, providing consumers power for job sites, camping, disaster relief and remote events.

Worksport began 2021 with a big bang due to its over-subscribed Reg-A offering that raised more than $4 million by February. Today, Worksport revealed its financial results for the fourth quarter, ending the year on December 31^st with $1.1 million in cash and cash equivalents and as a significantly stronger and more diversified company than it was a year ago.  The Covid-19 pandemic significantly impacted operations but Worksport's capital structure that is free of long-term debt allowed the company to lay the groundwork for significant future revenue growth with its full line of innovative tonneau covers. The received funding will allow the company to retool its plants, enhance its manufacturing capabilities, build inventory, and boost its branding efforts.  With an anticipated surge in consumer spending many expect will follow the end of the pandemic, and the emerging market for EVs and their accessories, Worksport is well-positioned to benefit from these developing trends. After all, tonneau covers are already the #1 accessory for traditional pickups.

Rivian and Worksport are merely two examples that stand as a testament to the enthusiasm investors have for the eagerly anticipated electric pickup. The era of electric cars is well underway, and the stock market is certainly excited as the race of the plug-in pickup trucks is about to begin.

The post The Electric Pickup Is Coming appeared first on IAM Newswire.

Photo by Ivan Diaz on Unsplash