The UAW Strikes Signal The Automotive Sector Is In For A Profound Change

GM Saved The Day

Mack Trucks Union Members To Join Striking Detroit Autoworkers

The Strikes Are Harming A Very Lucrative Segment

At GM, Chevrolet and GMC midsize pickups, Chevrolet Traverse, Cadillac XT4, as well Buick Enclave SUVs and Chevrolet Malibu sedan were affect. The strikes also halted production of Ford-made Ranger midsize pickup, Ford Bronco, Explorer and Lincoln Aviator SUVs, along with Stellantis-made Jeep Wrangler SUV and Gladiator.

Yet, in West Seneca, NY, an automotive parts manufacturer is working full speed. 

The tonneau cover specialist, Worksport Ltd (NASDAQ:WKSP), recently revealed it signed a long-term supply agreement for its hard-folding and soft-folding covers that could bring in $16 million in annual revenue. Worksport already has an order of $1.6 million for its hard-folding covers and another of $720,000 order for the soft-folding covers from the same customer. 

Catching up to Tesla who only continues to evolve is a daunting endeavor as the EV king is a moving target. The UAW strike will undoubtedly make it harder for GM, Ford and Stellantis to play the already costly EV game and cast a shadow on 2023’s pickup theme.

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

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