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COVID-19 Fueled Demand for Specialized Auto Equipment Despite Headwinds

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US Auto Parts

AutoZone (NYSE: AZO) delivered an upbeat fiscal fourth-quarter earnings report but shares lost their early gains. The quarter reflected DIY demand continued into the summer, but a lack of government aid weighed on sales at the end of the period. Overall, three major industry players did good.

AutoZone

AutoZone earned $30.93 a share on revenue that rose 14% to $4.55 billion. Results exceeded estimates of $25.46 and $4.18 billion, respectively. The same period last year included an extra week, so once adjusted, sales climbed 21% and same-store sales were up 22%. Although this is the largest same-store sales leap in the company’s history, managed notices a slow down during the final four weeks of the quarter which coincides with the end of enhanced unemployment benefits. COVID-19 related costs for the period amounted to $83.9. During the quarter, AutoZone opened 65 new stores across the US, Mexico and Brazil. Following the report, AutoZone shares rose 0.7% but ended up down about 1.3%.

Advance Auto Parts

AutoZone’s stock has lost 1.7% year to date which is better than Advance Auto Parts (NYSE: AAP) which dropped 5 percent. Since its second-quarter earnings were reported one month ago, shares lost about 3.8% during that time and underperformed the S&P 500. But earnings of $2.92 per share for the quarter that ended on July 11th, 2020 marked a 46% increase compared to the same year. Revenue amounted to $2,501 million and exceeded  Zacks Consensus Estimate of $2,360 million. Revenue rose 7.3% from the year-ago quarter. During the second quarter, comparable store sales increased 7.5% year on year. Adjusted operating income climbed 42.2% to $279.3 million on a year-over-year basis.

O’Reilly Automotive

AutoZone’s stock is below the 5% gain for O’Reilly Automotive (NASDAQ: ORLY). However, the performance of the retailer of aftermarket car supplies and tools was not consistent. Shares did manage to double since March lows as business performance was strong throughout the second quarter. Same-stores sales increased 16.2% as O’Reilly serves both the individual DIY as well as the professional DIFM professional customer which improved significantly as the quarter progressed. Analysts find O’Reilly’s dual-market approach is the best developed among its national peers.

What about EV equipment?

There are more competitors to think of as the innovative truck tonneau cover manufacturer Worksport (OTC: WKSP) entered into two agreements well-known electric truck producers which will benefit from its TerraVis™ solar charging system. On September 22nd, Worksport announced it is teaming up with Atlis Motor Vehicles. Electric vehicles come with a whole new set of advanced parts with hefty price tags as compared to their ICE counterparts, so it remains to be seen how will ICE automotive parts players adapt to the electric era.

Outlook

Auto parts stocks were hit by the pandemic because people drove less as they were forced to stay home. Yet at the same time, due the urgent nature of car repairs, followed with economic uncertainty and job losses, more people felt inclined to fix their current cars rather than buy new ones. This latter was stronger this time and AutoZone capitalized on the DIY trend.

This article is not a press release and is contributed by a verified independent journalist for IAMNewswire. It should not be construed as investment advice at any time please read the full disclosure . IAM Newswire does not hold any position in the mentioned companies. Press Releases – If you are looking for full Press release distribution contact: press@iamnewswire.com Contributors – IAM Newswire accepts pitches. If you’re interested in becoming an IAM journalist contact: contributors@iamnewswire.com

BenzingaEditorial

China Is the EV Place to Be

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Worksport Terravis Solar System On Electric Pickup Truck

In absolute terms, China remained the world’s largest EV market last year, with 2.3 million electric vehicles in active use and 1.11 million electric cars sold, according to the China Passenger Car Association. But according to predictions, the best is yet to come as EV sales are expected to grow strongly with the government targeting to sell around 5 million EVs annually by 2025, or a fifth of total vehicle sales. So, no wonder that automakers and EV players around the globe are headed to grab their piece of the pie.

Worksport

An innovative manufacturer of tonneau bed covers for pickup trucks such as F-150, Worksport Ltd (OTC: WKSP) has just announced that the company received official notice from the trademark office in China that it has been granted exclusive use of its Worksport trademark in the country over the next decade. Worksport’s star product is its TerraVis fusion technology which will be configured for two upcoming electric pickup trucks as the company partnered with Atlis Motor Vehicles and Hercules Electric Mobility.

Worksport is also working on its offering of mobile and solar-charging stations as it plans to support all EV sizes and roll out implementations for recreation, marine, and transportation vehicles. It has already expanded in the consumer market with the advanced TerraVis COR mobile energy storage system (ESS), a standalone product that can be recharged with solar power or by being plugged into a conventional wall outlet, that can assist in emergency and disaster efforts, contractors, vacationers and campers. The latest news is a major addition to Worksport’s growing international Intellectual Property Portfolio that contains over 30 patents and trademarks.

Automakers

As three Chinese EV startups, NIO Inc. (NYSE: NIO), Li Auto Inc. (NASDAQ: LI) and XPeng Inc. (NYSE: XPEV), achieved great momentum last year, U.S. automakers intensified their EV efforts. Ford Motor Co. (NYSE: F) announced in January it will build its iconic US-built Mustang vehicles in China for the very first time. Tesla Inc.(NASDAQ: TSLA) started delivering its locally built Model Y which is the second vehicle after the Model 3 produced at its Shanghai factory. Also in January, Volkswagen AG (OTC: VWAGY) announced it will begin delivering the first EVs produced at two newly built Chinese EV factories.

Outlook

2020 was a breakthrough year for EVs that represented almost 5% of all new car sales, but by the looks of it, 2021 will be even bigger. What better place to take advantage of the trend than at its biggest market? Even Baidu Inc. (NASDAQ: BIDU) that has largely been viewed as an online marketing company selling ads within its web search results is venturing into the fast-growing EV market to diversify revenue sources. The Beijing-based company revealed this week it decided a CEO and brand for the EV venture, adding it would try to launch a new EV model in about three years. As the early $15-trillion GDP Chinese economy recovers from the harm induced by the pandemic, the EV race in China is heating up with many new players determined to give Tesla a run for its money.

This article is not a press release and is contributed by a verified independent journalist for IAMNewswire. It should not be construed as investment advice at any time please read the full disclosure . IAM Newswire does not hold any position in the mentioned companies. Press Releases – If you are looking for full Press release distribution contact: press@iamnewswire.com Contributors – IAM Newswire accepts pitches. If you’re interested in becoming an IAM journalist contact: contributors@iamnewswire.com

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BenzingaPRs

Worksport Receives First Trademark Registration in China for Worksport Brand

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EV Updates

TORONTO – February 18, 2021 — Worksport Ltd (OTC: WKSP) (or the “Company”) has received official notice from the trademark office in China that it has been granted exclusive use of its Worksport trademark in the People’s Republic of China for the next ten (10) years.  A first for Worksport, the China-based trademark allows Worksport to expand its international presence and grow globally without fear of losing brand equity from similar products or trademarks either made in or exported from the vast 1.4 billion-person-strong Chinese market.  Worksport is the leading manufacturer of solar and conventional tonneau covers for the international light-truck markets.

“Winning trademark protection in China is the first part of Worksports ambitious strategy to not only set the stage for a global footprint in solar-powered, light-truck tonneau cover markets, but also to expand our TerraVis™ solar technology systems in a market that is ripe for a fresh new player providing differentiating solutions for renewable, sustainable power production, storage, and deployment.  The TerraVis™ technology will go beyond just automotive light-truck markets. Worksport is already working on an outgrowth TerraVis™ offering of modular, mobile, solar-charging stations for smaller form-factor EVs – and plans to support all EV sizes – as well as roll out implementations for recreation, marine, and transportation vehicle markets,” Worksport CEO Steven Rossi said.

Rossi said that the Company was “very excited” about this achievement.  It is indeed a major addition to its growing international Intellectual Property Portfolio of 30+ patents and trademarks, which is rapidly becoming an increasingly valuable Company asset.  This China-based trademark is the Company’s second trademark protection announced this year, with the first being for its TerraVis COR™ line of mobile battery packs in the U.S.  The company looks forward to continuously developing and building the Worksport brand into a reputable force, one that will be a major player in the nearly $15-trillion GDP Chinese economy.  “We expect to expand expeditiously, penetrating the broadening global markets in parallel with our patent- and trademark-protected products in North America,” Rossi said.  “We aim to be a global household brand name, and this achievement is another milestone contributing to our history of successes.”

To stay up-to-date on all the latest Worksport news investors, supporters, and shareholders are encouraged to follow the company’s social media accounts on Twitter, Facebook, LinkedIn, and Instagram, as well as sign up for the company’s newsletters at www.worksport.com and www.goterravis.com.  Worksport will continue to update shareholders, supporters, and investors to maintain the highest level of disclosure and information dissemination as Worksport continues to grow and develop at a very rapid pace.

About Worksport Ltd.

Worksport Ltd. (currently OTCQB: WKSP) develops and manufactures high quality, modular, attractively priced tonneau covers and solar-powered systems for light-duty trucks such as the Sierra, Silverado, Canyon, RAM, Ford F-Series, et al. and consumer adventures & emergency/ disaster-recovery purposes, where portable energy is a necessity.  The modular, redefining Worksport TerraVis™ tonneau cover system is being mindfully designed for the jobsite contractor and off-road, light-duty trucker – for work and play – to sustainably supply extra energy for those additional miles.  Its allied TerraVis COR™ mobile energy storage system (ESS), expected to launch by end of 2021, will be another redefining product targeted for vacationers, second-home owners, and campers.  Plans are also being constructed to address the dire adoption & scaling needs of the EV markets with grid micro-charging stations to provide convenience and efficiency in recharging to smaller form-factor EVs.  For more information, please visit www.worksport.com and www.goterravis.com.

Connect with Worksport:

LinkedIn

Facebook

Twitter

Instagram

For further information please contact:

Mr. Steven Rossi
CEO & Director

Worksport, Ltd

T: 1-888-554-8789
E: srossi@worksport.com

 

Forward-Looking Statements

This document may contain forward-looking statements, relating to Worksport™ operations or to the environment in which it operates, which are based on Worksport™ operations, estimates, forecasts and projections. These statements are not guarantees of future Company performance and may involve risks and uncertainties that are difficult to predict, and/or are beyond Worksport’s control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking statements. Worksport™ disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. No Stock Exchange or Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

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BenzingaEditorial

Evs Are Changing the Automotive Landscape for Good

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Electric vehicle market is expected to reach $985.72 billion by 2027. But, the bigger picture is the renewable energy pull and the changed this dramatic shift will bring. As even the big General Motors (NYSE: GM) is determined to completely phase out gasoline and diesel-powered engines and shift to a 100% electric vehicle lineup by 2035, the general trend and accelerating shift toward EVs will impact the automotive supply chain in many ways and change it for good.

New Supply Base

Existing suppliers and existing OEMs meed to move to capture new business in the electric vehicles market. Ford (NYSE: F) invested $500 million in Rivian and GM almost invested into Nikola (NASDAQ: NKLA) in an effort to take advantage of its electric platform. A number of players in the space, including battery makers and charge-station companies have gone public in recent months.

New Cost Structures

EVs have entirely different components and therefore, they entail a different cost structure that results in higher pricing. Even the CEO of German giant Volkswagen (OTC: VWAGY) was openly afraid of them. But, Volkswagen is determined to become a global market leader in electric mobility and plans to invest more than €11 billion by 2023 and produce 1.5 million electric cars a year by 2025. It already tripled its deliveries of fully-electric vehicles in 2020, and became a market leader in a few countries with its growing ID family thanks to European subsidies.

Volumes

Tesla (NASDAQ: TSLA) delivered a record of almost half a billion electric vehicles last year, which is more than twice of Volkswagen’s 231,600. Tela smashed previous production and delivery records in the fourth quarter of 2020 during which it shipped more than 180,000 vehicles to customers which is 30 percent more than its previous record that it achieved during the third quarter. It is reasonable to expect that Tesla will deliver even more EVs in 2021 due to its new Gigafactories in Berlin, Germany and Austin, Texas. If anything, Tesla needs to expand rapidly to justify its astronomical valuation. But, Volkswagen’s performance shows an increase of 214% on the previous year and confirms that Germany’s huge auto industry is beginning to mount a challenge to the leader in electric cars. BMW (OTC: BMWYY) sold 44,530 battery electric vehicles in 2020, a 13% increase over the previous year, and over 148,000 plug-in hybrids, whereas Daimler’s (OTC: DMLRY) Mercedes-Benz sold more than 160,000 plug-in hybrids and pure electric vehicles. Even Ford showed with its latest earnings it is not willing not cede the future to anyone.

Battery

In order for EVs to become affordable, the battery needs to become affordable as it makes about one third of the vehicle’s cost. Elon Musk disappointed investors during Tesla’s 2020 investor day as he didn’t show an actual prototype of the revolutionary battery but the company will be making the 4680 batteries in its German plant, along with 50,000 EVs, in what Musk thinks will become the biggest battery cell plant on the planet. The batteries value chain plays a strategic role for Tesla to achieve its ambitions. Moreover, an affordable and better-performing battery is key to a wider adoption of EVs.

Mobile energy

Worksport (OTC:WKSP) announced today it also goes beyond pickup trucks with its independent TerraVis COR mobile energy storage system that can be recharged via the sun or with conventional A/C power. TerraVis COR is an outgrowth of its ground-breaking TerraVis™ tonneau cover system. The working prototypes of the battery are expected within two to three months. The battery could reach the market within six months after development begins as its production is less complex than the one within the TerraVis™ tonneau cover. As the portable stand-alone battery is removable and can be purchased independently, it can be deployed in whatever use the consumer requires. The company is expanding further into a larger energy market where a consumer does not have to be a truck driver to benefit from its use, whether for emergency and disaster efforts, contractors, vacation, camping or in rural areas for agricultural usage. The TerraVis COR system is expected to launch globally this year.

Intellectual Property

New entrants are benefiting from joining forces with established players to get the technology they need to bring their EV models to life. Hercules Electric Mobility Inc. signed a deal with Worksport Ltd to be its Tier One OEM supply partner for its forthcoming Alpha Electric Pickup. Worksport is also moving forward the second agreement with Atlis Motor Vehicles to configure its revolutionary TerraVis™ solar charging system as an OE accessory for the highly anticipated and technologically advanced Atlis XT electric pickup truck. The rich intellectual portfolio that this established and innovative truck tonneau cover developer and manufacturer has will be its biggest asset over many years to come as it brought a ground-breaking fusion of advanced solar power to the EV market.

2021

The EV market is yet to bring many new technologies to life. 2020 was a turning point for EVs and marked a breakthrough in electric mobility. By the looks of it, that was merely the first chapter in the EV book with many new EV models and the first electric pickup coming to stores near you this year.

This article is not a press release and is contributed by a verified independent journalist for IAMNewswire. It should not be construed as investment advice at any time please read the full disclosure . IAM Newswire does not hold any position in the mentioned companies. Press Releases – If you are looking for full Press release distribution contact: press@iamnewswire.com Contributors – IAM Newswire accepts pitches. If you’re interested in becoming an IAM journalist contact: contributors@iamnewswire.com

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