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The Slowdown Is Forcing EV Makers To Tweak Their Concepts

Upwallstreet
·3-min read

The pickup king, Ford Motor (NYSE: F), is considering a shift in EV strategy as even the electric version of its best-selling pickup, F-150 wasn’t enough to fuel Ford into the electric future. Although Ford topped estimates with its fourth quarter results and guided for a strong year ahead, its EV losses worsened and the legacy automaker is scaling back its EV efforts.

Earlier in January, Stellantis N.V. (NYSE: STLA) CEO warned of an EV bloodbath as Ford lowered its F-150 outlook in response to weaker sales. Stellantis boss warned that cutting EV prices too fast and on models where they make little money is a race to the bottom and one that Stellantis is trying to avoid. Although the EV king, Tesla Inc (NASDAQ: TSLA) fueled demand by cutting prices multiple times, the price war it ignited also brutally harmed its profitability last year. Even Tesla admitted challenges in ramping up the production of its Cybertruck. Like General Motors (NYSE: GM), even Tesla paused some of its EV expansion plans. Moreover, Tesla clearly showed it is expecting significantly lower growth this year compared to 2023 with its annual outlook.

Although records are being set on the EV front, the slowdown is real.

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Meanwhile, a pickup accessory maker, Worksport Ltd (NASDAQ: WKSP), just announced it completed the production of first 1,100 AL3PRO hard folding covers that are compatible with trucks made by Ford, as well as by General Motors, Stellantis, Nissan Motor Co Ltd (OTC: NSANY) and Toyota Motor (NYSE: TM).

Worksport delivered on its “Made In The USA” tonneau cover promise.

Today, Worksport announced it has completed production of the first 1,1000 of its new all-aluminum hard folding covers made from more than 90% domestically sourced materials and produced at its state-of-art West Seneca, NY manufacturing facility. The AL3PRO hard folding tonneau covers are compatible with RAM trucks from Stellantis, GMC and Chevrolet branded vehicles owned by General Motors, Jeep from Stellantis, along with Nissan and Toyota pickups. Worksport also announced that the AL3PRO cover will soon be compatible with the widely popular Ridgeline from Honda Motor Co Ltd (NYSE: HMC). This robust, user-friendly, easy to install and functional aluminum construction with a modern design that promises to be durable and long-lasting is available on Worksport's e-commerce site. Worksport also plans to sell these covers also on Walmart (NYSE: WMT), Amazon.com Inc (NASDAQ: AMZN) and eBay Inc (NASDAQ: EBAY) is it continues to expand its B2B dealer network.

Worksport continues to diligently work on its innovative clean energy promise

Worksport’s mission is built upon its belief that clean energy will be powering the future of the industry as it aims to create innovative truck accessories powered by off-grid energy solutions. Worksport is diligently working on the SOLIS solar-powered cover and the COR portable battery system. This powerful clean energy duo promises power on-the-go in the form of a mobile microgrid with initial quality testing for the COR already showing positive results. Worksport is pleased with its progress and announced it will be soon providing updates on these revolutionary products that promise off-grid power.

The EV concept needs to evolve.

Therefore, although the EV slowdown is real, so are the evolutionary inventions that are well underway. Although hybrids might come to Ford’s rescue, there is no going back as the ultimate aim is to get to a future powered by clean energy. But, the EV front is in for some tweaking as automakers, Tesla included, now need to start making EVs for everyone as opposed to focusing only on early adopters and the wealthy.

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

This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.

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