The EV Enthusiasm Appears To Be Unshakeable

The stocks of numerous recently listed EV startups show remarkable resilience even as they are undergoing turbulent periods internally. Lordstown Motors Corporation RIDE, Nikola Corporation NKLA, an electric-car maker Canoo Inc. GOEV all have share prices that are in line with, or even above, the prices from when they struck deals to go public by merging with special-purpose acquisition companies last year. Then, there is the equipment part or, more precisely, innovative technology as EVs are more about software than hardware. Besides forging OEM supply partnerships with two EV Truck nameplates, one of which is in partnership with Nissan Motor Co NSANY, Worksport WKSP is tweaking its TerraVis solar fusion that does much more than extend the mileage of EV pickup trucks.

Lordstown

Lordstown Motors Corporation was off to a bumpy start as a public company. It revealed its missed its costs and production targets; it acknowledged it overstated preorders, it informed investors it didn't have enough money to start full production, and it even parted ways with both its CEO and CFO. But considering its price remained unchanged price since May, it is obvious that investors are not concerned.

Nikola

The semi-truck maker has a market capitalization of $6.5 billion, which is more than 60% since it made a deal to enter the public market last year. Only a few months later, the company's executive chairman resigned after a short-seller accused the company of misrepresentation. Although the company denied allegations of fraud, it destroyed multiple vehicles it previously advertised as key to its success, causing its partnership with General Motors Co. GM to fall apart.

Canoo

This spring, the company dropped numerous aspects of its business plan used as a selling point to investors months earlier. Its CEO, CFO, and even co-founder abandoned ship. However, the market capitalization stands at roughly $2.4 billion market capitalization, which is also unchanged when it struck the deal for its public market debut.

Where is this optimism coming from?

The most important thing to note is that none of these companies have begun producing commercial production. However, they each have expressed optimism about their businesses, saying they are pointed in the right direction after the recent turbulence. Executives at all three have highlighted significant progress even amid their struggles, and apparently, it was what investors wanted to hear.

The Upcoming EV Pickup And Its Accessories

The world's first EV pickup trucks are almost here. Ford Motor Co. F previewed its new electric F-150 Lightning pickup, a relatively inexpensive electric version of America's most popular vehicle. Other major contenders like GM, Rivian, Atlis, Nikola, and Tesla (NASDAQ: TSLA) are also set to release their EV pickup trucks on American roads soon. Therefore, to get the maximum EV range possible, the concept of powering these vehicles by adding solar panels to tonneau covers or truck bed covers seems like the natural next step, and Worksport has the first-mover advantage.

Worksport

In simple words, this is a company with massive potential that competes in many multibillion-dollar markets. The specialty-equipment market has a market value that exceeds $12 billion as pickups alone account for more than ¼ of the market.  Other big markets include the tonneau cover market valued at $600 million and the battery storage system market valued at $2.9 billion in 2020. Pickup accessories are the #1 equipment in the industry.

Worksport has been around for over a decade, and it has already proved itself with its lineup of five unique truck bed cover models. Today, it has more than 30 assets in its intellectual property portfolio, including utility patents and trademarks.

Its latest report showed it has $10 million in cash and cash equivalents and is free of long-term debt. In February, it closed its oversubscribed Reg-A offering, raising $4 million. To date, it received over $2.9 million from the exercise of warrants associated with its Reg-A offering while raising an additional $3 million.

Worksport has recently forged a working relationship with Ontario Tech University. It will gain access to the world-class testing facility to complete the validation and fine-tuning for the pre-launch of TerraVis in the fourth quarter and accelerate towards full manufacturing in 2022.

The Unshakeable EV Optimism

The EV market is expected to grow by $30 billion by the end of the decade. But this figure can skyrocket with rumors about Apple Inc. AAPL joining the EV bandwagon.

The dynamics at play are similar to Telsa Inc that has more than quintupled in value since early last year to become the world's most valuable automaker. Even Tesla's share price often goes up without an obvious reason, while negative events often have little or even no impact. It seems investors are more focused on a future narrative of extraordinary growth, and the narrative for all these companies is still believable.

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