Connect with us

Feedm

EV Front – Product Launches and Updates

Published

on

Stock Market Tumble

Over the next few years, many EV pickup trucks are scheduled to appear on the road along with Ford’s (NYSE: F) F-150 which has been the bestselling vehicle in the U.S. for decades. Even the F-150 will have its electric version by 2022. Interest in electric pickups is growing. Besides Ford’s F-150, the early leaders are Tesla (NASDAQ: TSLA) Cybertruck, Nikola (NASDAQ: NKLA) Badger and Rivian’s R1T. The F-150 But none of these vehicles exist yet, including General Motors’ (NYSE: GM) Chevy Silverado, America’s  No. 2 seller whose EV version is scheduled for 2025. But Worksport (OTC: WKSP) just launced its TerraVis System yesterday, and the world’s first solar charging system for pickup trucks could entirely redefine this race with the immense potential it is bringing to the table.

Worksport’s technological breakthrough  

TerraVis is believed to be the world’s first add-on solar accessory that will both electrify conventional trucks as well as be able to increase the range of electric pickup trucks. Since its creation, Worksport has been committed to provide its users with an innovative yet affordable tonneau covers.  Now, it will enable them to do more with their trucks while providing them with a meaningful energy source without any carbon footprint. Worksport has been developing and refining this highly advanced technology for many years. It now has a rich portfolio of protected intellectual assets.

Rivian has released a new progress update

Rivian recently provided electric pickup prototypes and production images. At one point, Rivian was even on track to bring an electric pickup truck to the market a whole year before everyone else. Last month, the company announced Rivian R1T this won’t happen before June next year but it could still be the first electric pickup to make it to market. Pre-production already started last month but there’s a lot of work to do. Despite the progress, its CEO RJ Scaringe said that they still need to build the body manufacturing and the general assembly line. This is expected to be done this fall along with installing about 500 robots. Rivian announced that the vehicle will be priced at $69,000 before incentives, but after Tesla announced the Cybertruck with similar specs will come at a cheaper price, Rivian decided to lower its price as well. The final price will be announced when production comes near its end.

Fiat Chrysler’s Ram 1500 TRX

Just a little over a month after Fiat Chrysler (NYSE: FCAU) unveiled its 702-horsepower family SUV, the Dodge Durango SRT Hellcat, here comes the announcement of a quickest pickup truck ever. The TRX has largely the same engine like that of Durango Helicat which debuted in 2015 when it was originally developed for the Dodge Challenger Hellcat. It is also used in high-performance versions of the Dodge Charger sedan and the Jeep Grand Cherokee SUV, marking the first time this engine has been used by a pickup. The production of this pickup ‘beast’ is planned for October at Fiat Chrysler’s Michigan factory.

TRX Vs. Raptor

Besides being used for trucks capable of off-road drives, the TRX name does resemble T-Rex, a predatory dinosaur that was considerably bigger than the Velociraptor. Coincidentally, Ford’s competing truck is named after that dinosaur. TRX is a high speed off-road pickup. This implies it will compete directly with Ford’s popular Raptor. But Ram has a huge supercharged V8 which can produce much more power than the Raptor’s turbocharged V6. But the Raptor is based on America’s favorite, Ford’s F-150… The next evolution of the Raptor is also expected to be revealed soon.

The pickup battle is far from over

During an online presentation for journalists, Michael Koval Jr., head of Fiat Chrysler’s Ram truck brand, stated that T-Rex destroys raptors. As for the battle between the Ram TRX versus the Ford Raptor, that fight is far from over. But, when it comes to any electric pickup battle, the truth is that it hasn’t even started yet. The story is still being written and we only read the first few chapters.

But Worksport could transform any traditional pickup into a super electric vehicle. Therefore, there could be many more contenders in the future thanks to its highly advanced fusion of advanced solar engineering, affordable technology, and enhanced design. Have no doubt, TerraVis is a game-changer.

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

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

BenzingaEditorial

Target Hits The Bull’s Eye With Yet Another Quarter

Published

on

Some of its biggest peers such as Macy’s Inc (NYSE: M) and Best Buy Co.Inc (NYSE: BBY) came out with improving fourth quarter sales and profit outlook as a tiny bit of normalcy begins to return to consumer spending, but now it’s Target’s (NYSE: TGT) turn in the spotlight. Earnings topped estimates as sales rose 21%, boosted by a surge of post-holiday shoppers that cashed in stimulus checks during an unusually strong period for the industry as a government report revealed sales increased 5.3% in January. As of Monday’s close, Target shares have risen nearly 81% over the past year, bringing the company’s market value to $93.19 billion.

Q4

For the fiscal fourth quarter ended on January 30th, revenue rose 21% to $28.34 billion from $23.4 billion last year, higher than analysts’ expectations of $27.48 billion. Comparable sales, a key metric that tracks sales at stores open at least 13 months and online, went up 20.5% compared to the prior year as digital comparable sales rose by 118% YoY. After strong holiday sales, online sales gained even more momentum as Americans cashed in their $600 stimulus checks in January. As impressive as they are, both metrics show deceleration in terms of growth rates versus the third quarter. In mid-January, Target reported that sales grew 17% during the holidays, which is a slight slowdown from the third quarter’s 21% spike, but it is still a lot better compared to the 9% that Walmart (NYSE: WMT) experienced.

Profit margin was 26.80% and the operating margin amounted to 6.50%. Net income rose 66% to $1.38 billion, or $2.73 per share, increasing from last year quarter’s $834 million or $1.63 per share. Excluding items, Target earned $2.67 per share, exceeding Refinitiv’s average expectation of $2.54.

New customers and more purchases

Target has attracted new customers and inspired more purchases with its e-commerce offerings and wide range of merchandise, from cereal to workout pants, as competitors like Kohl’s Corporation (NYSE: KSS) were forced to temporarily close stores due to the pandemic. Citing internal and third-party research, Target estimates it gained about $9 billion in market share during the fiscal year. Customers shopped more frequently with Target and bought more when they did during the holiday quarter thanks to its e-commerce offerings and wide range of merchandise.

A variety of approaches to shopping

By offering different multiple channels, Target is strengthening customer loyalty. Same-day services saw sales grow by 212% and curbside pickup service sales grew by more than 500% during the quarter. On average, customers who shop in both in stores and online spend nearly four times more than those who shop only in stores and nearly ten times more than those who only shops online.

Fiscal 2020

2020 sales grew by more than $15 billion which is greater than Target’s combined sales growth of the last 11 years. Comparable sales grew 19.3%, reflecting 7.2% growth in store comparable sales, and 145% growth in digital comparable sales.

Target’s 2020 stock price rally is largely owed to improved margins. While the competitive holiday season usually pressures this figure, this wasn’t so much of an issue this year as shoppers happily paid the full price for more convenient and faster fulfillment options, including premium merchandise.

Another quarter in which Target hit the bull’s eye is in the books ended a record year which is not a pandemic-related blip but the payoff of its long-term business strategy. Record growth in 2020 was a result of many years of investment to build a durable, scalable and sustainable business model that enabled the big box retailer to capitalize on the opportunity that was provided by the pandemic.

Outlook

Target remains extra cautious in the face of continued uncertainty as the pandemic has made it too difficult to predict consumer patterns. No sales or EPS guidance for fiscal 2021 were provided. Although shoppers are still cautious, Target is also seeing hopeful consumers who are looking forward to a post-pandemic life, expecting to see shoppers browsing aisles and returning to buying items such as apparel for work or going out as well as new luggage. To find a way to hold on to customer’s wallets after vaccines kick in, the big box retailer plans to invest about $4 billion per year over the next several years to open new stores, upgrade existing ones and enhance its ability to quickly fulfill online orders.

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

Continue Reading

BenzingaEditorial

The US Is Catching Up In the EV Race

Published

on

Worksport Terravis Solar System On Electric Pickup Truck

Europe has overtaken China as the world’s biggest EV market. Encouraged by subsidies and offerings, consumers bought EVs at a record pace last year, nearly doubling the continent’s share of global new electric car sales to 43%. But this success is largely owed to government support programs, some of which will expire this year which is why analysts warn the momentum could be reversed if and when that support is withdrawn. Meanwhile, the U.S. is going full speed ahead and unlike Europe, the US market is not as sensitive to government and company discounts.

The US is “waking up”

Around 65 new EV models launched in Europe last year which is twice as many as in China, with another 99 scheduled to hit the market this year. North America saw 15 launches last year, but 64 are planned for this year. What happened with Europe is that manufacturers had the right products to offer such as Volkswagen AG (OTC: VWAGY), Europe’s biggest auto maker, with its ID.3 and ID.4 models. But, the US is well on its way to catch up as legacy automakers are set to being rolling out electric versions of their iconic models. General Motors (NYSE: GM) went as far as making a Super Bowl ad starring Will Ferrell, who called on American consumers to buy EVs and crush Norway that ended up as the world’s biggest EV market per capita last year.

Legacy automakers are catching up

GM’s EVs are starting to take shape with the new lower-priced Chevy Bolts, the first in its lineup of ‘affordable’ EVs. Ford Motor (NYSE: F) vowed to sell only EVs in Europe and the UK by 2030, making it the largest automaker to commit to all-electric sales on the continent by that timeframe with its first Mustang Mach-E arriving hitting dealerships. Although this vehicle needs to convince Wall Street that Ford is headed in the right direction, Ford’s most eagerly anticipated EV, the electric F-150 is a year away.

Electric pickups are coming

Until recently, the EV revolution was limited to small vehicles, with the most popular vehicles in the US, pickups and SUVs, absent from the offerings. But that is about to change this year as advances in battery technology made it more affordable to insert battery technology into heavier vehicles with many pickups due to hit the market over the next 12 to 24 months, including new entrants, Rivian R1T, Atlis XT pickup and Hercules Alpha, along with revived Hammer for GM not to miss any action.

Worksport expands capacity

Atlis Motor Vehicles and Hercules Electric vehicles partnered with innovative truck tonneau cover manufacturer Worksport to configure its ground-breaking TerraVis system, the world’s first solar charging and power storage system for pickups, into its eagerly anticipated models. This revolutionary technology helped Worksport receive its first trademark registration in China in February.

Expansion

Worksport LTD (OTC:WKSP) announced this morning its strategic manufacturing expansion. The company is in final phases of discussions with a few very-high-value strategic partners, Tier-1 and Tier-2 OEM manufacturing power houses in Canada to expand its manufacturing into North American state-of-the-art facilities with 20,000 to 50,000 square feet of operating space to meet its recent U.S.-based Private Label customer growth.

New ecosystems

These discussions involve logistics for the best and most effective ways to support the company’s growth and ensure scalability in Worksport’s manufacturing processes. The company tapped into both the pickup market as well as the consumer market by extending its solar fusion line with mobile TerraVis COR™ system that can be used independently and recharged via solar or A/C power. The expansion will not only support Worksport’s expanding and maturing footprint, it will give the company control over capital expenses, greatly reducing risks of overextending its financials during periods of intense demand while building its major-player Automotive, Freight & Transport, Marine, and Rail ecosystems, at helm of its CEO Steven Rossi. The company is going all in to exceed customer expectations and all of its efforts directly enhance and benefit the EV market.

Takeaway

While most industry leaders welcome government efforts to fuel new technology markets such as EVs, auto makers worry that subsidies will only have a short-term impact. A global adoption without broader structural changes won’t create a self-sustaining market. What governments should focus on is developing the supporting infrastructure such as charging stations.

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

Continue Reading

BenzingaPRs

Worksport Investing in Increased Manufacturing Capacity to meet Anticipated Demand Surge

Published

on

TORONTO – March 2nd, 2021 — Worksport Ltd (OTC: WKSP) (or the “Company”) is updating its shareholders regarding its strategic manufacturing investments. The company is in final phases of discussions with a few very-high-value strategic partners – Tier-1 and Tier-2 OEM manufacturing power houses in Canada – to expand its manufacturing into North American state-of-the-art facilities with 20,000 – 50,000 sq. ft. of operating space. These discussions involve logistics for the best & most effective ways to support the growth of Worksport.

One of the most important operational facets is ensuring scalability in Worksport’s manufacturing processes.  The chosen factory will be able to support Worksport’s forthcoming rapid operational acceleration which is vital as the Company grows with an expanding and maturing footprint.  “This also means that the Company will have more control over capital expenses, greatly reducing risks of overextending its financials during periods of intense demand as we forge ahead in major-player Automotive, Freight & Transport, Marine, and Rail ecosystems,” said Worksport CEO Steven Rossi.  And elaborating on the facility requirements, Mr. Rossi adds, “Worksport is only considering factory candidates that offer the highest quality infrastructure, conducive for hosting Company-specific systems so as to avoid risks of any major inadequacies.”

With its recent U.S.-based Private Label customer growth, these manufacturing investments are sure to help Worksport exceed those customer expectations relating to quality, efficacy, and reliability of work, all conducive to overall customer satisfaction.

It is also worth noting that as the Company finalizes plans to set the playing field for a powerful manufacturing presence in North America, their optimized Design-for-Manufacturing (DFM) processes will provide capabilities to utilize Just-in-Time (JIT) manufacturing methods for producing products and fulfilling orders on-demand, while also ensuring the highest level of quality assurance.

To stay up-to-date on all the latest Worksport news… investors, shareholders, and supporters 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 investors, shareholders, and supporters 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

LinkedIn

Twitter
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.

Continue Reading
Advertisement

TRENDING

Advertisement

Submit an Article

Send us your details and the subject of your article and an IAM editor will be in touch with you shortly

Trending