Today's News From The EV And Automotive Universe

Fisker is the latest automaker to adopt the North American Charging Standard (NACS) or simply put, gain access to the charging technology and infrastucture of the EV king, Tesla Inc TSLA. Like Ford Motor F, General Motors GM and Rivian Automotive RIVN, Fisker said its vehicles made from 2025 and onwards will have Tesla’s NCAS port for charging, while other customers will be using an adapter to access Tesla’s charging infrastructure that spans across the U.S. and Canada.

Through its own e-commerce platform and its offerings available via Inc AMZN, Walmart WMT and eBay EBAY, automotive accesory maker Worksport Ltd WKSP also reported today a year-over-year revenue growth for the second quarter of 2023.

Worksport Reports Q2 YoY Revenue Growth And Announces Groundbreaking Strategic Developments

As it began shipping soft-folding tonneau covers after the substantial $720,000 purchase order that was announced in July 2023, Worksport today reported its revenue grew 1,668% for the quarter that ended June 30, 2023, Moreover, U.S. revenue rose 3,567% YoY to $199,851 as its facility at West Seneca, NY, came to life this year. 

Even Better Times Seem To Be Ahead Of Worksport

At the beginning of August, Worksport also began making hard-folding tonneau covers, fueled by purchase orders valued at $1,600,000. More importantly, Worksport is now a step closer to launching its eagerly anticipated SOLIS solar cover and COR portable battery that hold big promise of sustainability to the truck accessory landscape, while also promising to redefine mobile power for the broader consumer markets. It is already known that Hyundai Motor Company HYMTF will be integrating a customized version of SOLIS and COR into its 2024 Santa Cruz pickup that promises to bring the best of an SUV and open-bed vehicle. 

Meanwhile, Tesla continues To Play The Price Card

To boost volume across its entire lineup and gain market share, Tesla started lowering prices at the beginning of the year. On Monday, the EV king even launched a lower range Model X and Model S in the U.S. which are both priced $10,000 less than their regular counterparts. A day before, Tesla once again lowered the prices of its Model Y and Model 3 EVs in China as well. When it reported its June quarter earnings, Tesla showed it is willing to sacrifice its profitability for preserving its EV throne as its operating margin came at 9.6%, which is the lowest of at least five latest quarters.

Worksport And Tesla Actually Have Something In Common

What Tesla and Worksport have in common is that they both show that the future of transportation is all about technology as EVs revolve around software unlike their internal combustion engine counterparts that are all about hardware. Also, both companies are betting on the pickup market with Tesla about to finally enter this lucrative segment by the end of the year with the eagerly anticipated futuristic electric pickup, Cybertruck, while Worksport’s SOLIS tonneau cover and COR portable battery promise to uplevel the lifestyle of pickup owners. 

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

Market News and Data brought to you by Benzinga APIs
Posted In: NewsPenny StocksMarketsTechcontributorselectric vehiclesFiskerNACS
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!