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The EV king, Tesla Inc (NASDAQ:TSLA) steered back towards making more affordable EVs in attempt to reassure the world that it is past its prime. Last year, it temporarily lost its EV crown to BYD Company Limited (OTC:BYDDY) who is firing across all cylinders when it comes to EV offerings. But even the price war didn’t help Tesla solve its problems, however, by the reaction of the market, cheaper EVs could be the answer.
The EV slowdown is undoubtedly the new reality, but the EV growth is still happening, just at a slower pace. Along with EV makers, there are also parts makers who continue to innovate at full speed. One such example is Worksport Ltd (NASDAQ:WKSP) who specializes in creating innovative hybrid and clean energy solutions for light trucks. With its latest news, Worksport set the stage for a transformative year of growth.
Fueled by innovation, Worksport signaled major growth is ahead.
Through a memo that highlighted the company’s undervalued stock potential, Worksport guided for a significant increase in 2024 sales. With robust inventory and a stable supply chain, Worksport is expecting to reach production milestones this year, with both B2C and B2B momentum being supported by positive reception, with the latter including purchase orders from three leading U.S. players.
Most importantly for the EV universe, Worksport will the first to bring a solar-powerd truck bed cover this summer after extensive engineering and prototyping. By capturing even 5% of the U.S. market, the patented SOLIS cover could potentially bring in more than $300 million in annual revenue to Worksport. In addition, the patent pending COR portable and independent battery system is nearing the end of its prototyping phase. The power duo made of SOLIS and COR has the potential to disrupt the EV market as its off-grid power on the go promise to extend the range of pickups. As it continues to expand its intellectual property portfolio, through its subsidiary, Terravis Energy Inc, Worksport is also about to entry to the global heat pump market that is estimated to reach $ 142.4 billion in value by the end of the decade. Terravis Energy is nearing the completion of an innovative residential heat pump that promises to surpass existing technological standards by up to 40%.
With its intellectual property, Worksport’s offerings provide a glimpse into a cleaner energy future of the transport industry that the EV revolution promises to bring.
EV euphoria might no longer be in the air, the EV revolution is still alive.
Tesla caused many concerns, first by warning a year of slower growth is ahead, and then with its disappointing first quarter results. However, this week’s news show that although EV demand has slowed down amid a challenging environment, EV makers, along with companies across industries, continue to innovate and find ways to contribute to the EV future. Therefore, innovation just might be the salvation that the EV revolution desperately needs right now as it is key to overcoming current challenges.
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.
