Shifting the Clean Energy Future of the Automotive Sector into High Gear
Investorideas.com released a sector snapshot on cleantech and automotive stocks, featuring Worksport (NASDAQ: WKSP). The electric vehicle (EV) market is projected to grow at a CAGR of 13.2% from 2024 to 2032, reaching approximately 101,177.60 thousand units by 2032. The EV Aftermarket Market is expected to grow at a CAGR of 20.7% between 2023 and 2032.
Worksport reported August 2024 net sales of $1,213,604.28, with an Annual Recurring Revenue rate of $14.56 million. The company announced cost-saving measures expected to result in $1.5 million in expense savings in 2025. Worksport is also expanding into the electric vehicle aftermarket sector, with plans to manufacture accessories for the Rivian R1T electric pickup truck.
Other industry news includes Ford's 45% increase in EV sales year-to-date, Tesla's Q3 production of approximately 470,000 vehicles, and GM's agreement to open access to Tesla Superchargers for its customers.
Investorideas.com ha pubblicato uno spaccato di settore sulle azioni della cleantech e dell’automotive, mettendo in evidenza Worksport (NASDAQ: WKSP). Si prevede che il mercato dei veicoli elettrici (EV) crescerà con un CAGR del 13,2% dal 2024 al 2032, raggiungendo circa 101.177,60 migliaia di unità entro il 2032. Si stima che il mercato dell'aftermarket per veicoli elettrici crescerà a un CAGR del 20,7% tra il 2023 e il 2032.
Worksport ha riportato vendite nette ad agosto 2024 pari a $1.213.604,28, con un tasso di Entrate Ricorrenti Annuali di $14,56 milioni. L'azienda ha annunciato misure di risparmio sui costi che dovrebbero portare a un risparmio di spese di $1,5 milioni nel 2025. Worksport sta inoltre espandendo la sua attività nel settore dell'aftermarket per veicoli elettrici, con piani per produrre accessori per il camioncino elettrico Rivian R1T.
Altre notizie del settore includono un aumento del 45% nelle vendite di veicoli elettrici da parte di Ford dall'inizio dell'anno, una produzione di circa 470.000 veicoli da parte di Tesla nel terzo trimestre e l'accordo di GM per aprire l'accesso ai Supercharger Tesla per i propri clienti.
Investorideas.com publicó una instantánea del sector sobre acciones de cleantech y automotriz, destacando a Worksport (NASDAQ: WKSP). Se proyecta que el mercado de vehículos eléctricos (EV) crecerá a un CAGR del 13.2% desde 2024 hasta 2032, alcanzando aproximadamente 101,177.60 mil unidades para 2032. Se espera que el mercado de aftermarket para EV crezca a un CAGR del 20.7% entre 2023 y 2032.
Worksport reportó ventas netas de agosto de 2024 por $1,213,604.28, con una tasa de Ingresos Recurridos Anuales de $14.56 millones. La compañía anunció medidas de reducción de costos que se espera resulten en un ahorro de $1.5 millones en gastos para 2025. Worksport también se está expandiendo en el sector del aftermarket de vehículos eléctricos, con planes para fabricar accesorios para la camioneta eléctrica Rivian R1T.
Otras noticias de la industria incluyen un aumento del 45% en las ventas de EV de Ford hasta la fecha, la producción de aproximadamente 470,000 vehículos por parte de Tesla en el tercer trimestre y el acuerdo de GM para abrir el acceso a los Supercargadores de Tesla para sus clientes.
Investorideas.com은 청정 기술 및 자동차 주식에 대한 섹터 스냅샷을 발표하며 Worksport (NASDAQ: WKSP)를 소개했습니다. 전기차(EV) 시장은 2024년부터 2032년까지 연평균 13.2% 성장할 것으로 예상되며, 2032년까지 약 101,177.60천 대에 도달할 것으로 보입니다. EV 애프터마켓 시장은 2023년부터 2032년까지 연평균 20.7% 성장할 것으로 예상됩니다.
Worksport는 2024년 8월 순매출이 $1,213,604.28에 달하며, 연간 반복 수익률은 $14.56 백만입니다. 이 회사는 2025년까지 $1.5 백만의 비용 절감 효과를 창출할 것으로 예상되는 비용 절감 조치를 발표했습니다. Worksport는 또한 전기차 애프터마켓 부문으로의 확장을 계획하고 있으며, Rivian R1T 전기 픽업 트럭을 위한 액세서리를 제조할 계획입니다.
산업의 다른 소식으로는 포드의 EV 판매가 올해 45% 증가했으며, 테슬라는 3분기에 약 470,000대의 차량을 생산했고, GM은 고객을 위한 테슬라 슈퍼차저에 대한 접근을 열기로 합의했습니다.
Investorideas.com a publié un aperçu sectoriel sur les actions cleantech et automobiles, mettant en avant Worksport (NASDAQ: WKSP). Le marché des véhicules électriques (VE) devrait connaître une croissance d'un TCAC de 13,2 % entre 2024 et 2032, atteignant environ 101 177,60 mille unités d’ici 2032. Le marché de l'aftermarket pour les VE devrait croître à un TCAC de 20,7 % entre 2023 et 2032.
Worksport a annoncé des ventes nettes de 1 213 604,28 $ en août 2024, avec un taux de revenus récurrents annuels de 14,56 millions $. L’entreprise a annoncé des mesures d'économie de coûts qui devraient générer 1,5 million $ d'économies de dépenses en 2025. Worksport s'implante également dans le secteur de l’aftermarket pour véhicules électriques avec des projets de fabrication d'accessoires pour le camion électrique Rivian R1T.
Parmi les autres nouvelles du secteur figurent l’augmentation de 45 % des ventes de VE de Ford depuis le début de l'année, la production d’environ 470 000 véhicules par Tesla au troisième trimestre, ainsi que l'accord de GM pour ouvrir l'accès aux Superchargeurs Tesla pour ses clients.
Investorideas.com veröffentlichte einen Sektor-Überblick über Cleantech und Automobilaktien und widmete sich Worksport (NASDAQ: WKSP). Der Markt für Elektrofahrzeuge (EV) wird voraussichtlich von 2024 bis 2032 mit einer jährlichen Wachstumsrate (CAGR) von 13,2% wachsen und bis 2032 etwa 101.177,60 Tausend Einheiten erreichen. Der Markt für EV-Aftermarket wird für den Zeitraum von 2023 bis 2032 ein Wachstum von 20,7% CAGR erwartet.
Worksport berichtete für August 2024 von Nettoumsätzen in Höhe von 1.213.604,28 USD und einem wiederkehrenden jährlichen Umsatz von 14,56 Millionen USD. Das Unternehmen kündigte Kostensenkungsmaßnahmen an, die 2025 zu Einsparungen in Höhe von 1,5 Millionen USD führen werden. Worksport erweitert zudem seinen Einfluss im Bereich des Aftermarket für Elektrofahrzeuge und plant, Zubehör für den elektrischen Pickup-Truck Rivian R1T zu produzieren.
Weitere Branchennews sind der 45%ige Anstieg der EV-Verkäufe von Ford seit Jahresbeginn, eine Produktion von etwa 470.000 Fahrzeugen durch Tesla im dritten Quartal sowie die Vereinbarung von GM, den Zugang zu Tesla-Superchargern für seine Kunden zu eröffnen.
- Worksport's August 2024 net sales reached $1,213,604.28
- Worksport's Annual Recurring Revenue rate increased to $14.56 million
- Worksport expects $1.5 million in expense savings in 2025 from cost-saving measures
- Worksport is expanding into the EV aftermarket sector with accessories for Rivian R1T
- None.
Insights
The electric vehicle (EV) market is experiencing significant growth, with projections indicating a 13.2% CAGR from 2024 to 2032. This growth is driven by increasing consumer and business recognition of the environmental and economic benefits of electric mobility. The EV aftermarket is also expanding rapidly, with a projected 20.7% CAGR between 2023 and 2032.
Worksport's performance is particularly noteworthy, with August 2024 net sales reaching
Worksport's expansion into the Rivian R1T electric pickup truck aftermarket and successful lab tests of its COR portable energy system as a Tesla range extender indicate a strong positioning in the growing EV accessory market. These developments, coupled with major automakers like GM expanding charging networks, suggest a rapidly evolving and expanding EV ecosystem that presents significant opportunities for companies like Worksport.
Worksport's financial performance is impressive, with August 2024 sales of
The company's strategic moves into high-growth markets like EV accessories and portable energy solutions position it well for future revenue growth. The electric vehicle aftermarket, valued at
Investors should note the potential for increased market share and revenue diversification as Worksport expands its product offerings to cater to popular EV models like the Rivian R1T and Tesla vehicles. The company's focus on innovation and cost management, combined with the booming EV market, suggests a positive outlook for Worksport's financial performance and stock valuation in the medium to long term.
Vancouver, Kelowna, and Delta, British Columbia--(Newsfile Corp. - October 22, 2024) - Investorideas.com, a go-to investing platform covering cleantech and automotive stocks releases a sector snapshot looking at recent news and developments , featuring Worksport Ltd. (NASDAQ: WKSP), a company who through its subsidiaries, designs, develops, manufactures and owns the intellectual property on a variety of tonneau covers, solar integrations, portable energy storage systems and heat-pump technology. The Company is committed to transforming the pickup truck industry through innovative technologies that enhance functionality and sustainability.
Read the full article on Investorideas.com
https://www.investorideas.com/news/2024/renewable-energy/10220Clean-Energy-Automotive-Sector.asp
Looking to the roads of the future, Expert Market Research says, "The electric vehicle (EV) market has witnessed remarkable growth, with the volume reaching nearly 31,061.20 thousand units in 2023. As more consumers and businesses recognize the environmental and economic benefits of electric mobility, this market is set to expand significantly. Projections indicate a robust compound annual growth rate (CAGR) of
Global Market Insights reports, "The electric Vehicle (EV) Aftermarket Market size was valued at USD 66.1 billion in 2022 and is anticipated to register a CAGR of
Setting expectations for growth moving forward within the sector, Worksport (NASDAQ: WKSP) announced mid-September, "another significant sales month in 2024, with August 2024 net sales surging to
Last week, Worksport announced the implementation of strategic cost-saving measures designed to enhance operational efficiency and drive long-term growth. The Company forecasts these actions will result in
"We are taking proactive steps to optimize our operations and position Worksport for sustainable growth," said Steven Rossi, CEO of Worksport. "These strategic measures are expected to improve our margins and strengthen our financial position without compromising our commitment to innovation and product excellence. We remain focused on executing our growth strategy and delivering value to our shareholders."
"Our upcoming product launches represent significant milestones for Worksport. We are confident that the AL4 Premium Tonneau Cover and our clean energy solutions like the COR Portable Energy System and SOLIS Solar Cover will drive substantial growth. These innovations reflect our dedication to meeting market demands and exceeding customer expectations."
Tapping into the growth of the EV market, on October 9th Worksport announced its strategic initiative to manufacture aftermarket accessories for the Rivian R1T electric pickup truck. With initial product engineering nearing completion, Worksport's existing tonneau cover lineup will be the Company's first products compatible with the Rivian R1T, marking a significant milestone in the Company's expansion into the electric vehicle aftermarket sector.
From the news: Rivian Automotive, Inc., a prominent player in the EV market, is selling over 10,000 premium electric pickup trucks per quarter, with the Rivian R1T fleet approaching 100,000 units on the road. This rapid growth presents a substantial opportunity for Worksport to introduce its cutting-edge products to a new and expanding customer base of environmentally conscious and tech-savvy consumers.
On October 4th, Rivian reported that, "The company produced 13,157 vehicles at its manufacturing facility in Normal, Illinois and delivered 10,018 vehicles during the same period."
"Rivian is experiencing a production disruption due to a shortage of a shared component on the R1 and RCV platforms."
Ford reported in early October that, "Ford brand electric vehicle sales are up
"Sales of the electric F-150 Lightning more than doubled, helping overall Ford electric vehicle sales post a
"In the third quarter, Ford brand electric vehicles had the highest transaction prices of all non-luxury electric vehicle brands. Ford maintains a lease mix that is currently 35 percentage points below that of the overall electric vehicle segment, helping to better support residual values."
Tesla also reported on October 2nd that, "In the third quarter, we produced approximately 470,000 vehicles, delivered approximately 463,000 vehicles and deployed 6.9 GWh of energy storage products."
In September, Worksport Ltd. (NASDAQ: WKSP) announced the successful lab test results of its COR portable energy system as a range extender for Tesla electric vehicles like the Model 3 and CyberTruck. The COR Hub + Battery, which carries over 1.7 kWh of power, was tested with a Tesla Model 3. Test data showed the capability of adding approximately seven miles of range as a Level 1 power source.
Worksport views this development as a notable step forward for the Tesla community and electric vehicle ("EV") owners at large, addressing range anxiety, a key factor in broader EV adoption.
From the news: "Designed for modular functionality, the COR system enables users to effectively integrate additional COR batteries, offering 1.5 kWh more power per battery. With each battery, one could Level 1 Charge a Tesla Model 3 an approximate additional 7 miles. The Worksport COR is intended to serve as a practical tool for power on the go at campsites, worksites, and in emergency situations. However, the Company anticipates that future iterations of the COR system will function as a range extender for Tesla and other EVs."
Forging strategic alliances in its bet for the EV evolution, General Motors announced in September it will open up access to more than 17,800 Tesla Superchargers for its customers, with the use of a GM approved NACS DC adapter, a move that will help accelerate fast and convenient charging options for current and future EV drivers.
From the news: "With the addition of the Tesla Supercharger Network, GM customers will have access to more than 231,800 public Level 2 and DC fast chargers in North America - a number which will grow as GM continues to help accelerate the deployment of infrastructure in communities and heavily-traveled corridors through its various charging collaborations. GM approved NACS DC adapters will first be made available to customers in the United States, followed by availability for Canadian customers later this year."
Continued: "GM's ongoing efforts to help accelerate the expansion of public charging infrastructure is an integral part of our commitment to an all-electric future," said Wade Sheffer, vice president of GM Energy.
Worksport's (NASDAQ: WKSP) vision for clean energy solutions in the automotive sector expands beyond EV'sr with their innovative technology portfolio.
"As the demand for off-grid power solutions soars, Worksport's innovative Solar Truckbed provides a groundbreaking opportunity. With the global microgrid market projected to grow at over
The automotive evolution is still in its infancy and represents challenges and opportunities for the companies in the sector and the investors betting on innovation. But there is no doubt it is charging ahead with substantial growth in front of it.
Research cleantech and EV stocks at Investorideas.com
https://www.investorideas.com/Companies/RenewableEnergy/Stock_List.asp
About Investorideas.com - Big Investing Ideas
Investorideas.com is the go-to platform for big investing ideas. From breaking stock news to top-rated investing podcasts, we cover it all. Our original branded content includes podcasts such as Exploring Mining, Cleantech, Crypto Corner, Cannabis News, and the AI Eye. We also create free investor stock directories for sectors including mining, crypto, renewable energy, gaming, biotech, tech, sports and more. Public companies within the sectors we cover can use our news publishing and content creation services to help tell their story to interested investors. Paid content is always disclosed.
Disclaimer/Disclosure: Disclosure: this news article featuring WKSP is a paid for service on Investorideas.com -. This is not investment opinion: Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions. - More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ Global investors must adhere to regulations of each country. Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp
Follow us on Twitter @investorideas
Follow us on Facebook https://www.facebook.com/Investorideas
Follow us on YouTube https://www.youtube.com/c/Investorideas
Contact Investorideas.com
800-665-0411
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/227362
FAQ
What was Worksport's (WKSP) net sales for August 2024?
What is Worksport's (WKSP) Annual Recurring Revenue rate as of August 2024?
How much does Worksport (WKSP) expect to save in expenses in 2025?
What new market is Worksport (WKSP) expanding into with its accessories?
