GM and Ford's Earnings Beat Could Be A Double-Edged Sword For Their EV Transformation

Last week, Ford Motor F and General Motors GM topped Wall Street estimates with their first quarter results. But, they did it on the back of their internal-combustion engine vehicles, more precisely, trucks, that managed to offset EV losses. Both Ford and General Motors have responded to the EV slowdown by turning back to their traditional expertise, with Ford also focusing on hybrids. Yet, the EV revolution has not stopped, with EVs still growing, just at a slower pace. Therefore, both GM and Ford risk losing the pace as the EV evolution continues to fuel innovation. 

One such example is an innovative truck accessory maker committed to bringing clean energy solutions to the market, Worksport Ltd WKSP.

Worksport shows determination lead the market with a new generation of revolutionary accessories.

Worksport just announced a monumental partnership with Chief of Chaos, the masterminds behind the explosive growth of global leaders like Uber Technologies Inc UBER and many others. With Chief of Chaos’ expertise, Worksport will be able to plot explosive growth for its innovative product lines. This collaboration is set to propel Worksport and its groundbreaking intellectual property into the spotlight. Worksport’s nano-grid, consisting of theSOLIS solar-powered tonneau cover and COR portable battery system, are being eagerly anticipated by the marketwith first units of the SOLIS scheduled to arrive this summer. Moreover, Worksport awoke ongoing OEM interest from global automakers like Hyundai  Motor Company with its power duo. Along with Hyundai, the SOLIS will also be available for the dimensions of major brand trucks, including those of Ford Motor and General Motors. With SOLIS and COR, Worksport is anticipated to tap into a market potential that exceeds $3 billion in annual revenue.

Going back to ICEs can't help Ford and GM much to reach an all-electric destination.

Amidst industry challenges, Ford’s EV division is facing mounting losses. During the first three months of the year, Ford lost $132,000 on each EV unit. Ford kicked off the year with first quarter’s EV loss amounting to $1.3 billion. The EV transition is undoubtedly not without its complexities and uncertainties, along with an increasingly competitive environment, but it’s hardly likely that going back to internal combustion engines will help GM and Ford reach their destination as they need to find a way to stay relevant and make it in the all-electric future.

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

This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.

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