While Lucid's EV Isn't Going As Planned, Worksport Receives Substantial Orders

The U.S. EV market is experiencing its first growing pains. Even the EV king, Tesla Inc TSLA, the world's top seller EV seller, is struggling with bloated inventory which led it to discount its EV prices at the beginning of the year, along with introducing deals on Supercharger miles. The luxury EV maker, Lucid Group Inc LCID just reported it missed its Q2 delivery estimates. On the other end, Worksport Ltd WKSP whose solar powered tonneau cover SOLIS and remote battery storage system COR hold a great promise for the EV sector, announced it received substantial orders as the revolutionary company transitions from the preparatory phase to scaling of production at its U.S. facility.

Lucid’s Disappointing Q2 Deliveries

During its second quarter deliveries, Lucid delivered 1,404 vehicles, below the expected 1,873, while producing 2,173 vehicles in the quarter, which is less than first quarter’s output of 2,314. Back in May, the California-based automaker confirmed it was on track to produce 10,000 EVs this year but unlike Rivian Automotive RIVN, General Motors GM and Ford Motor GM, Lucid did not meet its EV production target, labeling the luxury EV maker as a broken growth story. However, not all was gloom and doom during the quarter as Lucid signed a long-term strategic technology partnership deal with Aston Martin Lagonda Global Holdings ARGGY under which it will be supplying components and systems to power future Aston Martin EVs.

Worksport Receives Four Substantial Purchase Orders

Worksport has just reported today that it received a total of $720,000 in purchase orders for its innovative soft-folding tonneau covers which represent a value of $180,000. Worksport’s West Seneca NY facility began promptly shipping these orders. Over the following few weeks, a pivotal moment of Worksport’s growth journey is on the horizon when its cutting-edge hard folding tonneau covers production kicks off as the revolutionary tonneau cover maker transitions from its preparatory phase to scaling of production at its U.S. facility.

Reflection Of What Is To Come For The EV Industry

Due to retooling of its factories in order to ramp up EV production, Ford fell from second to fifth place in EV sales during the first half of the year. Ford is aiming for an annul output of 600,000 EVs this year, but with $50 billion invested in new programs and expectation of a $3 billion loss, Carscoops estimates Ford to be losing about $58,000 on each EV it sells and the price war triggered by Tesla is certainly making it even more challenging for Ford to keep up its EV game. Ford rival, General Motors, is still having low EV sales number as it sold 2,316 Cadillac Lyriq EVs and 49 Hummer EVs. In other words, they are all stil far behind Tesla. These are all teasers of upcoming challenges for the next decade or at least five years that the EV industry is in for now that has surpassed the early-adopter market, according to industry analysts. On the other hand, both the EV and transportation industry as a whole are in for remarkable progress and revolutionary technology breakthroughs, such as Worksport’s upcoming proprietary technology of solar-powered tonneau covers and COR portable energy system that promise to jumpstart the EV lifestyle, along with Tesla working to deliver its cybertrucks and battery promise.

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

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