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Worksport

Worksport Ltd through its subsidiaries, designs, develops, manufactures, and owns the IP on a variety of tonneau covers, solar integrations, and NP (Non-Parasitic), Hydrogen-based true green energy solutions for the sustainable, clean energy, and automotive industries. The company's product includes soft vinyl tonneau covers and hard aluminum tonneau covers.

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GM lanza la Sierra EV, su tercera camioneta eléctrica, compitiendo con Ford, Rivian y Tesla por el liderazgo en el mercado de EE.UU.

GM está apuntando a liderar en vehículos eléctricos tipo pickup

Worksport Ltd

Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) is having its Robotaxi Day this week. The &lsquo;We, Robot&rsquo; event will be held on October 10th&nbsp;in Hollywood as Tesla booked the massive&nbsp;Warner Bros. Discovery Inc. Studios to unveil its latest model. Considering the impressive venue and the fact&nbsp;that Tesla had delayed this&nbsp;event in order to make some important changes, expectations are high and there are many speculations of what the EV king plans to unveil, the day promises to be &quot;one&nbsp;for the history books&quot;.
Optimizing the charging process.&nbsp;
Yet, the week got kicked off by Nissan Motor Co Ltd (OTC: <a class="ticker" href="https://www.benzinga.com/stock/nsany#OTC">NSANY</a>)&nbsp;deciding to join Bayerische Motoren Werke Aktiengesellschaft (OTC: <a class="ticker" href="https://www.benzinga.com/stock/bmwyy#OTC">BMWYY</a>), Ford Motor (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/f#NYSE">F</a>), and Honda Motor Co (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hmc#NYSE">HMC</a>), or more precisely the trio&rsquo;s EV integration joint venture.&nbsp;Through its investment, Nissan revealed it will become an equal 25% investor&nbsp;in ChargeScape. BMW and Honda had presented ChargeScape&rsquo;s software that optimizes charging. Through ChargeScape, BMW, Honda, Ford and now Nissan, will provide bidirectional charging, allowing EVs to send power back to the grid when needed, while optimizing the charging process by coordinating with real-time grid demands. Also, BMW, Ford, Honda and Nissan will be providing financial incentives to EV owners to reduce energy use during peak times.&nbsp;
Bringing more clean energy to the EV table.
Having already established a reputation for its &lsquo;made-in-the-USA&rsquo; hybrid and clean energy solutions for light trucks, Worksport Ltd. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/wksp#NASDAQ">WKSP</a>) is preparing for a market release of its solar-powered tonneau cover, SOLIS&nbsp;&nbsp;and the COR portable energy system. This clean energy power duo that promises off-grid power on the go has the potential to propel Worksport&rsquo;s mid to long-term revenues. Worksport already has an ongoing collaboration with Hyundai who secured access to these groundbreaking accessories. Also, Worksport will be releasing one of the most in-demand tonneau cover models, AL4 premium tonneau Cover, in the fourth quarter, with innovative four-fold design that offers enhanced functionality and ease of the use. By launching three new product lines, Worksport is aiming to strengthen its positioning and expand market reach. In the fourth quarter, Worksport will also be implementing cost-saving measures to&nbsp;enhance margins and&nbsp;lower operational overhead&nbsp;without compromising growth. With these key strategic advances that will undoubtedly accelerate revenue growth and boost margings, Worksport is aiming for&nbsp;cash flow positivity un 2025.&nbsp;
While Tesla still holds the EV crown, long gone are the days it had the EV throne to itself. Besides already sharing the crown with BYD Company Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/byddy#OTC">BYDDY</a>) on some fronts, both traditional automakers and newcomers are also shaping the EV landscape that is in the making, such as Worksport whose SOLIS and COR off-grid clean power duo promises to revolutionize the pickup experience altogether.&nbsp;
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.

BMWYY

BYDDY

NSANY

The EV Evolution Goes On With New Developments

Company Shares Strategic Plan; Prepares for Multiple Product Releases Aimed at Revenue Growth
West Seneca, New York, Oct. 07, 2024 (GLOBE NEWSWIRE) -- Worksport Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WKSP#NASDAQ">WKSP</a>) ("Worksport" or the "Company"), a U.S.-based manufacturer and innovator of hybrid and clean energy solutions for the light truck, overlanding, and global consumer goods sectors today announced key strategic updates along with updates on upcoming product launches aiming to accelerate revenue growth.

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Worksport Announces Key Strategic Updates Along With Updates On Upcoming Product Launches Aiming To Accelerate Revenue Growth

While Ford Motor (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/f#NYSE">F</a>) remains focused on hybrids in the near-term, General Motors (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gm#NYSE">GM</a>) has been significantly&nbsp;increasing its EV portfolio, and Hyundai Motor Company (OTC: <a class="ticker" href="https://www.benzinga.com/stock/hymtf#OTC">HYMTF</a>) is maintaining its EV sales momentum as it works on solidifying its EV positioning.
On Wednesday, Ford announced that it&nbsp;sold a total of 504,039 vehicles during the third quarter, which marks a YoY improvement of 0.7%. Year-to-date, Ford experienced a sales rise of 2.7% as it sold 1,548,172 vehicles.Hybrids led the way as Ford sold 48,101 of them, with sales growing as much as 38%. &nbsp;Ford revealed its struggling EV business also grew 12.2% to 23,509 sold vehicles but EV sales growth slowed, causing Ford to lose its EV lead to its Detroit peer, General Motors. During the first nine months of the year, Ford sold 67,689 EVs, up 45% on an annual&nbsp;basis. This places Ford just behind General Motors who sold 70,450 EVs through September. On Tuesday, GM reported that this figure that includes a rise of about 60% during the third quarter. But both Ford and General Motors continue to trail Hyundai Motor Company, who remains a distant second to the EV king, Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>).
Meanwhile, Tesla revealed on Tuesday its third quarter deliveries grew 6.4%&nbsp;YoY. &nbsp;Out of 462,890 units that Tesla delivered, Model 3 and Model Y making up 439,975 of those deliveries. During the quarter, Tesla also revealed it produced 469,796 vehicles, with 443,668&nbsp;of them being also Model 3 and Model Y.&nbsp;
At its recent CEO Investor Day, Hyundai announced its plans for boosting profitability by diversifying its hybrid and EV lineups. Hyundai Motor Company&nbsp;and Kia Corporation also just announced a joint venture to enhance competitiveness in future EV batteries by launching a new manufacturing process to develop lithium iron phosphate (LFP) battery cathode material. In addition, Hyundai has an ongoing partnership with the innovative clean-energy pickup accessory manufacturer, Worksport Ltd (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/wksp#NASDAQ">WKSP</a>) for the solar-powered SOLIS tonneau cover whose alpha launch was released this month, along with its off-grid power partner, COR portable battery generator. Moreover, Worksport just announced it expanded its sales to Federal Government Agencies, after supplying its flagship made-in-USA&nbsp;AL3 Tonneau Covers for regular fleet purchases. Therefore, Hyundai already secured access to cutting edge solutions Worksport has to offer, like the SOLIS and COR power duo. Worksport is only an example of game-changing solutions that will undoubtedly support traditional automakers like Hyundai, Ford and GM to gear up for the EV era and possibly, catch up to Tesla sometime in the future.
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&#39;s reporting and has not been edited for content or accuracy.

HYMTF

Ford, GM And Hyundai Are Adapting Differently To The Evolving EV Dynamics

On Thursday, Worksport Ltd (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WKSP#NASDAQ">WKSP</a>) announced the expansion of its sales to Federal Government Agencies. Worksport has established a business relationship with a significant U.S. government entity, supplying its flagship Made-in-USAAL3 Tonneau Covers for regular fleet purchases.
This strategic partnership positions Worksport to expand its reach within the government fleet sector, which includes an estimated 2 million pickup trucks nationwide.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/09/40830453/exclusive-worksports-sales-surge-to-1-21m-in-august-ceo-predicts-strong-2024-growth" rel="noreferrer noopener">EXCLUSIVE: Worksport&#8217;s Sales Surge to $1.21M in August, CEO Predicts Strong 2024 Growth</a>
Additionally, Worksport plans to explore opportunities to introduce its forthcoming clean-tech nano-grid products to these newly established relationships.
Ambassador Ned Siegel (Ret.), a key member of Worksport&#8217;s Board of Directors and former U.S. Ambassador, will spearhead Worksport&#8217;s strategic approach to government sales.
Ambassador Siegel will be directly involved in outreach to federal and state agencies, leveraging his extensive network to build strong government relationships.
This outreach will not only focus on Worksport&#8217;s current tonneau cover products but also on pitching cutting-edge solutions like the&nbsp;SOLIS Solar Tonneau Cover and the&nbsp;COR Portable Energy System.
CEO&nbsp;Steven Rossi: &#8220;We expect these relationships to grow, becoming a recurrent source of revenue as we expand our offerings and reach.&#8221;
According to the Federal Highway Administration (FHWA), there may be over&nbsp;2 million pickup trucks in government and state-owned fleets, presenting a vast, addressable market for Worksport&#8217;s products.
Government agencies with the largest fleets of light trucks include the Departments of Natural Resources, Agriculture, and Transportation and Federal, State, and Local Law Enforcement Agencies.
&#8220;Our focus on government fleets isn&#8217;t just about selling our current products,&#8221; continued Rossi. &#8220;With the upcoming launch of our clean-tech solutions, including the&nbsp;SOLIS&nbsp;and&nbsp;COR&nbsp;systems, we see significant growth potential as government fleets increasingly move toward sustainability and energy efficiency.&#8221;
Price Action: WKSP stock closed higher by 3.35% to $0.4167 on Wednesday.
Also Read:
<ul>
<li><a href="https://www.benzinga.com/news/24/09/40811414/exclusive-worksports-portable-cor-battery-adds-7-miles-of-charge-to-tesla-model-3-in-lab-test-acts-a" target="_blank" rel="noreferrer noopener">EXCLUSIVE: Worksport&#8217;s Portable COR Battery Adds 7 Miles Of Charge To Tesla Model 3 In Lab Test, Acts As EV Range Extender</a></li>
</ul>

Government

Market-Moving Exclusives

Exclusives

EXCLUSIVE: Worksport Expands Sales to Federal Agencies, Eyes Growth with Clean-Tech Products

EXCLUSIVE: Worksport Tells Benzinga 'Worksport has established a business relationship with a major U.S. government entity, supplying its flagship Made-in-USA AL3 Tonneau Covers for regular fleet purchases'

EXCLUSIVE: Worksport Tells Benzinga Co. Commences Direct Sales To U.S Government Departments, Says Securing First Order With National Agency

Ford Motor (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/f#NYSE">F</a>) is trying to revitalize the sagging EV demand by addressing range anxiety or more precisely, by providing&nbsp;easier&nbsp;access to charging. Specifically, Ford offered free chargers by the end of the year in hopes to boost EV sales and leases.
<h3>Ford&rsquo;s Attempt To Revive EV Demand</h3>
As of October 1st, all those who buy or lease a Ford Mustang Mach-E, F-150 Lightning pickup truck or E-Transit Cargo van&nbsp;receive the benefit of a free charger as well as of its installation. After its EV roadtrips across Europe and western U.S., Ford came to a realization that by focusing on the charging infrastructure on the road, automakers neglected that homes are the most reliable and consistent charging station for EV owners.&nbsp;
Additional charging help is also on the way.
This month, Worksport Ltd (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/wksp#NASDAQ">WKSP</a>), a well-established innovator and manufacturer of &ldquo;made-in-the-USA&rdquo; pickup accessories and off-grid power solutions, initiated the Alpha launch of its clean power duo, the solar-powered tonneau cover SOLIS and COR mobile battery power generator. Also in September, Worksport announced it conducted successful lab test results of its COR portable energy system as a range extender for Tesla EVs, including the Model 3 and the Cybertruck.&nbsp;&nbsp;
Moreover, Worksport also just revealed it is&nbsp;progressing towards&nbsp;gaining the&nbsp;ISO 9000&nbsp;certification at its state-of-the-art West Seneca, NY factory anticipated&nbsp;by early-mid 2025.
<h3>Worksport&rsquo;s ISO 9000 Certification Update</h3>
With the ISO 9000 certification, Worksport would pave the way for OEM relationships, which means the possibility of indirect and direct sales to global car makers that include EV pioneers like Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) and Rivian Automotive (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rivn#NASDAQ">RIVN</a>), as well as traditional automakers like Ford, General Motors (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gm#NYSE">GM</a>), Hyundai Motor Company (OTC: <a class="ticker" href="https://www.benzinga.com/stock/hymtf#OTC">HYMTF</a>), Honda Motor Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hmc#NYSE">HMC</a>), Stellantis N.V. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/stla#NYSE">STLA</a>), Nissan Motor Co Ltd (OTC: <a class="ticker" href="https://www.benzinga.com/stock/nsany#OTC">NSANY</a>), and Toyota Motor Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tm#NYSE">TM</a>). While there are no guarantees, the ISO 9000 certification is a prerequisite for becoming a vendor and supply partner of the industry&rsquo;s greatest names like Toyota, GM, Ford, Toyota and others. For Worksport, this would be a major strategic milestone in terms of both quality and operational excellence. Considering that only less than 7% of the tonneau cover industry&nbsp;holds this&nbsp;certification, it would position Worksport as a leading manufacturer, especially with its patented solar tonneau covers.&nbsp;
No matter what, the EV revolution is happening.
While these initiatives and novelties won&rsquo;t fix the EV slowdown nor Ford&rsquo;s $5 billion loss from its unprofitable EV unit that is expected this year, it does show that despite challenges, the EV evolution continues.&nbsp;
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.

STLA

Automakers Are Doing Their Best To Combat The EV Slowdown

ISO Certification paves the way to OEM relationships which could include direct and indirect sales to global car makers such as Rivian, Tesla, Ford, General Motors, Hyundai, Honda, Stellantis, Nissan, and Toyota. &nbsp;
West Seneca, New York, Sept. 30, 2024 (GLOBE NEWSWIRE) -- Worksport Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WKSP#NASDAQ">WKSP</a>) ("Worksport" or the "Company"), a U.S.-based manufacturer and innovator of hybrid and clean energy solutions for the light truck, overlanding, and global consumer goods sectors is thrilled to announce that it is progressing towards achievement of ISO 9000 certification at its state-of-the-art West Seneca, NY factory anticipated by early-mid 2025. This certification reflects Worksport's commitment to quality manufacturing and is expected to support potential growth in key future markets including government contracts, Original Equipment Manufacturers ("OEM") relationships and larger distribution networks. OEM relationships may lead to future direct and indirect sales opportunities to domestic car brands such as Rivian, Tesla, Ford, General Motors, Hyundai, Honda, Stellantis, Nissan, and Toyota.

Worksport Provides Progress Update On ISO 9000 Certification,  Paving The Way To OEM Relationships Which Could Include Direct And Indirect Sales To Global Car Makers Such As Rivian, Tesla, Ford, General Motors, Hyundai, Honda, Stellantis, Nissan, And Toyota

R1T, the first electric pickup to hit the road, was the showpiece that launched Rivian Automotive (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rivn#NASDAQ">RIVN</a>). But considering that the&nbsp;R1S SUV&nbsp;became the signature vehicle Rivian got known for, launching the world&rsquo;s first electric pickup wasn&rsquo;t enough to launch Rivian among the EV stars. Even Ford Motor (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/f#NYSE">F</a>) couldn&rsquo;t repeat its F-150 best-selling success on the EV front. Not to mention the EV king, Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>), who&nbsp;successfully launched the Cybertruck after quite a bit of delays, only to face a new set of challenges. Even Tesla ended up short on the electric pickup front, with Cybertruck sales being pale compared to Model Y and Model 3. To sum it up, SUVs won against pickups in the EV race. For now.
Putting it simply, a larger EV means a less efficient EV. To move around, a heavier vehicle needs more energy and therefore, huge batteries. Rivian somewhat solved this equation with R1T&nbsp;that has the range option of&nbsp;420 miles, but it requires a huge and expensive battery pack. Stellantis N.V. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/stla#NYSE">STLA</a>) is claiming its all-electric Ram 1500 REV pickup will outperform its competitors with range, towing, payload, and charging times.&nbsp;Scheduled to arrive to dealerships early next year, this will be Ram&rsquo;s first electric pickup.&nbsp;2025 1500 REV&nbsp;will come with two battery options, resulting in targeted ranges of&nbsp;350-miles and up to 500 miles.&nbsp;This means Stellantis will leave behind not only Rivian, but also the pickup king, Ford and its 2024 Lightning, whose extended range of 320 miles, and the EV king, Tesla, whose Cybetruck has en estimated driving range of 340 miles. However, it&rsquo;s no secret that Stellantis is also struggling, both in North America and in Europe, with Chinese EV makers setting up shop as they continue to expand their global footprint. But, despite challenges and weak results for the first half of the year, including a profit dive of 48%, Stellantis is not giving up. Earlier this month, it revealed its plans to invest $406 million to retool three Michigan plants for EV production. But also, it is slowing down as a week ago, it decided to pause the production of electric Fiat 500 model for four weeks, with the plant in Turin will undergo a significant transformation, involving an investment of &euro;100 million, being equipped for developing a hybrid version of the model. Therefore, Stellantis is yet to fulfill its electric pickup promise.&nbsp;
<h3>The Good News Is That All Electric Pickups Just Got Some Solar Power</h3>
Meanwhile, Worksport Ltd (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/wksp#NASDAQ">WKSP</a>), an innovative maker of hybrid and clean energy solutions for light trucks and global consumer goods, just initiated the Alpha Launch of its solar-power duo that pickups can greatly benefit from. Its off-grid power on the go duo consists of SOLIS solar-powered tonneau cover and COR mobile battery power generator. Worksport is planning to bring this innovative system to market in three phases, beginning with the Alpha release, followed by the Beta release and ultimately, a full-scale market launch. The initial Alpha release of its cutting-edge nano-grid system has officially been initiated, with Worksport announcing that approximately 100 systems have been set for rigorous testing and public exposure.&nbsp;Worksport already revealed that the SOLIS will be available for major truck brands including Ford, General Motors Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gm#NYSE">GM</a>) and the Hyundai Motor Company (OTC: <a class="ticker" href="https://www.benzinga.com/stock/hymtf#OTC">HYMTF</a>). In addition, Worksport revealed earlier this month successful lab test results of the portable COR battery system as a range extender for Tesla, namely its Model 3 and Cybertruck.
Therefore, the above examples show that as technologies improve and economies of scale emerge, electric pickups will be in a much more favorable position in the future.
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&#39;s reporting and has not been edited for content or accuracy.

Electric Pickups Just Got Some Solar Power To Ease Their Struggles

WIIM

Worksport shares are trading higher after the company announced it launched the solis solar array and COR mobile battery power generator.

New Nano-Grid System '<a href="https://www.globenewswire.com/Tracker?data=WkyeP-xg0-zKIG1giac2fw17vDet6ffDyr7K78Hfhf2qReoNiyhFk_aavxtK-Y3Uo0ux0oMZeapoRCs3puOvKNFODEtf8JisTS4Bd1BN7fs=">SOLIS' and 'COR'</a> Stores 4,000Wh or more of Clean Energy Daily, Offering Modular, Portable Power Solutions for Vehicles, Jobsites, First Responders, Military, and Outdoor Enthusiasts. &nbsp;
West Seneca, New York, Sept. 19, 2024 (GLOBE NEWSWIRE) -- Worksport Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WKSP#NASDAQ">WKSP</a>) ("Worksport" or the "Company"), a U.S.-based manufacturer and innovator of hybrid and clean energy solutions for the light truck, overlanding, and global consumer goods sectors, is excited to announce a major update on its innovative, much anticipated, nano-grid system, known as "SOLIS &amp; COR." This system includes the SOLIS solar tonneau cover and the COR portable energy system. The plan to bring this system to market is strategically arranged in three phases: Alpha release, Beta release, and full-scale market launch. The Alpha release phase has been initiated, with approximately 100 systems set for rigorous testing and public exposure during this initial market release.

Worksport Initiates Alpha Launch Of Solis Solar Array And COR Mobile Battery Power Generator; New Nano-Grid System 'SOLIS' And 'COR' Stores 4,000Wh Or More Of Clean Energy Daily, Offering Modular, Portable Power Solutions For Vehicles, Jobsites, First Responders, Military, And Outdoor Enthusiasts

On Thursday, General Motors (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gm#NYSE">GM</a>) and Hyundai Motor Company (OTC: <a class="ticker" href="https://www.benzinga.com/stock/hymtf#OTC">HYMTF</a>) announced that they signed a memorandum to&nbsp;explore joint product development, manufacturing, and clean energy technologies.&nbsp;Together, they will try to find ways to leverage their scale and complementary strengths to lower costs and bring a wider range of vehicles and technologies to customers faster.&nbsp;Yet, this agreement won&rsquo;t be limited ot EVs, as it will also explore hydrogen-powered and ICE vehicles, including both passenger and commercial vehicles. With combined expertise and innovative technologies, Hyundai and GM are hoping to enhance their competitiveness in key markets and vehicle segments.
<h3>GM And EVgo Partnership Also Gained A&nbsp;New Chapter</h3>
In addition, GM also disclosed in a separate note that it is expanding its partnership with&nbsp;EVgo Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/evgo#NASDAQ">EVGO</a>). As they continue to expand their charging network, EVgo and GM plan to install 400 fast charging stalls at key metropolitan locations across the US. GM and EVgo plan to install 2,850 DC fast charging stalls altogether, with funds redirected to enhance premium charging experiences at key sites.
Hyundai has an eye for emerging technologies. Back in 2022, Hyundai America Technical Center Inc entered into a formal agreement with a maker of clean energy-powered pickup accessories, Worksport Ltd (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/wksp#NASDAQ">WKSP</a>). Hyundai secured prototypes of a solar-powered tonneau cover SOLIS and a&nbsp;modified version of the COR portable energy storage system that Worksport made,&nbsp;modified for the bed geometry of the Hyundai Santa Cruz Pickup Truck. Worksport is expected to launch the alpha release of this groundbreaking duo this month. Earlier this month, Worksport also revealed it&nbsp;successfully lab&nbsp;tested the COR to extend the range of Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) EVs,&nbsp;namely its&nbsp;Model 3 and Cybertruck.&nbsp;
General Motors and Hyundai followed the footsteps of&nbsp;Nissan Motor Co. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/nsany#OTC">NSANY</a>), Honda Motor Co. Ltd (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hmc#NYSE">HMC</a>), and Mitsubishi Motors Corporation.&nbsp;Back in August, Nissan, Honda and Mitsubishi announced they signed a memorandum to work together on a framework for further intelligence and electrification of automobiles. Last month, Nissan and Honda&nbsp;also announced they signed a second memorandum of understanding based on an agreement signed in March. Together, Nissan and Honda joined forces in research, development, and investment in various technologies to promote the spread and evolution of EVs&nbsp;and software-defined vehicles (SDVs).
<h3>The Automotive Market Is Not The Best Place To Be At Right Now</h3>
Even Europe&rsquo;s largest carmaker, Volkswagen (OTC: <a class="ticker" href="https://www.benzinga.com/stock/vwagy#OTC">VWAGY</a>) is considering shutting down factories for the first time in decades. But despite an alarming situaton, Volkswagen is not abandoning its home, Germany. It&rsquo;s becoming tougher and tougher to compete and this is not only the case in Europe. Volkswagen already suffered a sharp market loss in China thanks to BYD (OTC: <a class="ticker" href="https://www.benzinga.com/stock/byddy#OTC">BYDDY</a>) and BYD is now going for Europe. BYD has been giving headaches to many automakers across the globe, beginning with the EV pioneer, Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) with whom it stands shoulder to shoulder on the EV front, with the two being the world&rsquo;s largest EV makers. Even with aggressive discounting, Tesla does not have the right formula to challenge&nbsp;BYD. From January to August, CPCA reported that BYD held 34.6% of the Chinese NEV market, leading the way, with Tesla taking third place with a market share of 6.5%. When it comes to the retail passenger car market in August alone, including both traditional internal combustion engine vehicles, BYD led with a market share of 19.9% while Tesla ranked 9th with a market share of 3.3%, being surpassed by joint&nbsp;ventures of Volkswagen and others.&nbsp;
<h3>A Future Built On Partnerships</h3>
As it continues to undergo its biggest transformation in a century, the automotive landscape is messy, to say the least. The electric revolution is underway but automakers are having a tough time to evolve. Only time will show who will make the cut in the new EV era and by the looks of it, no one is powerful enough to go at it alone.
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.

Small Cap

EVGO

VWAGY

GM And Hyundai Join Forces To Boost Competitiveness And Improve Efficiency

This week, Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) debuted its&nbsp;highly anticipated &quot;Giga Train,&quot; its first all-electric battery-powered train, in Germany. Besides being free to ride, the all-electric battery powered train also has an impressive passenger capacity of 500 people.&nbsp;Eventually, it is&nbsp;expected to transport 4,500 employees to and from the factory, based on three eight-hour shifts.&nbsp;
This will hopefully help its reputation in Germany as Tesla faced a backlash for cutting down trees near Berlin to build the Gigafactory, but also committed to plant as many as 1 million trees this year alone to compensate for the ecological damage.
More novelties underway
On October 10th, Tesla is also hosting a Robotaxi day to show off its self-driving technology. Tesla is expected to&nbsp;demonstrate its newest software and a fully autonomous &ldquo;cyber-cab&rdquo; in Hollywood during this event.&nbsp;&nbsp;While the EV future seems much closer, even Tesla cannot manage a self-driving taxi network overnight. Currently, Tesla only holds a permit for autonomous vehicle testing with a driver, but one of autonomous vehicle testing or deployment without a driver.
Tesla&rsquo;s Model 3 and Cybertruck are in for a new accessory
Worksport (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/wksp#NASDAQ">WKSP</a>) that has established itself as a U.S.-based manufacturer and innovator of hybrid and clean energy solutions for the light trucks has a solution to ease range anxiety and its latest test represents a potential window of opportunity for a collaboration with Tesla. This September, Worksport is scheduled to release Alpha versions of its clean energy power duo: the SOLIS solar-powered tonneau cover and COR portable battery system. This week, Worksport issued successful lab test results of its&nbsp;COR portable energy system as a range extender for Tesla&rsquo;s EVs. According to the test data, the COR showed the capability of adding approximately seven miles of range as a Level 1 power source. Carrying over 1.7 kWh of power, the COR Hub + Battery, was tested with Tesla&rsquo;s Model 3. Worksport is anticipating future iterations of the COR system to function as a&nbsp;range extender for Tesla and other&nbsp;EVs. But its power duo that also includes the patented&nbsp;SOLIS cover capable of charging the 1.5kWh&nbsp;COR battery&nbsp;up to&nbsp;2-3 times per day&nbsp;with optimal sun conditions, will be at the disposal of both EV and ICE vehicle owners, providing them with powerful off-grid renewable power on the go. Undoubtedly, with such an accessory, Worksport will provide Tesla drivers and&nbsp;others&nbsp;with power on remote campsites, worksites as well as during emergency situations.
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.

Trading Ideas

Tesla Continues To Lead The EV Way When It Comes To Greener Transport Solutions

Thursday, Worksport Ltd (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WKSP#NASDAQ">WKSP</a>) announced a significant sales month in 2024, with August 2024 net sales surging to $1.21 million. This performance propels the Annual Recurring Revenue (ARR) rate to $14.56 million, exceeding the 2023 year-end revenue of $1.53 million.
Worksport&#8217;s CEO, Steven Rossi, told Benzinga, &#8220;On top of ARR being close to market cap, record sales, and path to cash flow positivity, we are on track to beat our 2024 guidance.&#8221;
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/09/40811414/exclusive-worksports-portable-cor-battery-adds-7-miles-of-charge-to-tesla-model-3-in-lab-test-acts-a" rel="noreferrer noopener">EXCLUSIVE: Worksport&#8217;s Portable COR Battery Adds 7 Miles Of Charge To Tesla Model 3 In Lab Test, Acts As EV Range Extender</a>
&#8220;As we rapidly push towards cash flow positivity and further sales growth, we firmly believe Worksport is significantly undervalued, presenting strong upside potential,&#8221; said Steven Rossi, Worksport CEO.
With this performance, Worksport remains on track toward moving to cash flow positivity within 2025. Yesterday, Worksport announced the successful testing of its COR portable energy system, functioning as a range extender for EVs like the Tesla Model 3.
&#8220;At our current Q2 revenue pace, Worksport is on track to exceed our previously issued 2024 revenue guidance of&nbsp;$6 million-$8 million, based solely on current product lines,&#8221; stated&nbsp;Steven Rossi.
He added, &#8220;Notably, this forecast does not yet include revenue potential from our most exciting products:&nbsp;AL4, SOLIS, and COR lines, which are expected to contribute significantly to future earnings.&#8221;
With projected revenues of $15 million-$20 million from the tonneau cover segment alone in fiscal 2025, Worksport expects continued growth as demand for its premium products increases.
Worksport believes it is on track to becoming a nine-figure ($100 million+ revenue) company in the near-to-midterm, as the upcoming launches of SOLIS and COR product lines mark pivotal milestones in the Company&#8217;s expansion.
Price Action: WKSP stock closed lower by 3.34% to $0.4926 on Wednesday.

Guidance

EXCLUSIVE: Worksport's Sales Surge to $1.21M in August, CEO Predicts Strong 2024 Growth

EXCLUSIVE: Worksport Tells Benzinga 'Net Sales Surging to Approximately $1.22 Million For August & Management Highlights Focus On Expanding Operations To Support Cash Flow Positivity

EXCLUSIVE: Worksport Tells Benzinga 'On top of ARR being close to market cap, record sales, and path to cash flow positivity, we are on track to beat our 2024 guidance'

EXCLUSIVE: Worksport Tells Benzinga Co. Reports Record High August Sales Month, Trending To Beat 2024 Revenue Guidance

Wednesday, Worksport Ltd (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WKSP#NASDAQ">WKSP</a>) announced the successful lab test results of its COR portable energy system, which is used as a range extender for Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) electric vehicles like the Model 3 and CyberTruck.
The COR Hub + Battery, which carries over 1.7 kWh of power, was tested with a Tesla Model 3.
Test data showed that it can add approximately seven miles of range as a Level 1 power source. Worksport views this development as a notable step forward for the Tesla community and electric vehicle owners, addressing range anxiety, a critical factor in broader EV adoption.
The COR system enables users to integrate additional COR batteries effectively, offering 1.5 kWh more power per battery. One could Level 1 Charge a Tesla Model 3 approximately 7 miles with each battery.
The Worksport COR is intended to be a practical tool for power on the go at campsites, worksites, and emergencies, the company said in the press release.
However, the company anticipates that future iterations of the COR system will function as a range extender for Tesla and other EVs. The system will officially launch with an Alpha Release iteration later this September, entering a growing multi-billion-dollar market.
In tandem with the COR battery, Worksport&#8217;s SOLIS solar tonneau cover is designed to provide a fully off-grid power solution for all types of users, including EV and ICE vehicle owners.
The patented SOLIS cover can charge the 1.5kWh COR battery up to 2-3 times per day with optimal sun conditions, offering a renewable source of mobile energy.
Worksport is exploring strategic partnerships to develop battery-powered Level 2 EV Charging Solutions, leveraging the SOLIS solar array to provide solar power to the systems&#8217; battery banks.
This technology would facilitate faster, on-the-go mobile battery charging for many EVs, including Tesla vehicles. More information about these partnerships is forthcoming, the company said.
Steven Rossi, CEO of Worksport, stated, &#8220;An EV Industry insider told me that EVs tend to run out of power only miles away from a grid-powered EV charge station. Our COR Mobile Battery Generator could provide essential miles required to arrive at a destination charger.&#8221;
Price Action: WKSP stock closed higher by 3.60% at $0.5096 on Tuesday.

EXCLUSIVE: Worksport's Portable COR Battery Adds 7 Miles Of Charge To Tesla Model 3 In Lab Test, Acts As EV Range Extender

EXCLUSIVE: Worksport Tells Benzinga 'COR System Provides Seven Miles of Charge Power to Tesla Model 3 in Lab Test Data; Acts as an EV Range Extender with Unlimited Charge
Power with Modular Batteries'

EXCLUSIVE: Worksport Tells Benzinga Co. Announces Successful Level 1 Tesla Charging With COR Battery Generator

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