Worksport Ltd. Announces Second Soft Cover Factory and Increases Production in Buffalo, New York
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Insights
The strategic expansion of Worksport Ltd.'s production capabilities, particularly the addition of a second overseas factory for soft folding tonneau cover production, indicates a proactive approach to scaling operations. This move is likely to have been informed by market research that anticipates a surge in demand within North American markets. The company's ability to operate at full capacity in its current overseas factory suggests robust existing demand, which is a positive indicator for revenue growth potential.
Moreover, the ramping up of hard folding tonneau cover production in the Buffalo, New York facility aligns with a broader industry trend towards diversification of product offerings to cater to varied consumer preferences. The investment in state-of-the-art facilities underscores a commitment to maintaining high-quality standards, which can enhance brand reputation and customer loyalty—a critical factor in driving long-term sales.
Worksport's focus on developing the SOLIS Solar Cover and the COR Battery System represents a significant stride towards integrating sustainability into their product line. The automotive aftermarket is increasingly influenced by consumer demand for eco-friendly options and Worksport's innovation in this area could provide a competitive edge. The potential of these products to offer additional mileage for electric vehicle (EV) pickups and function independently of a pickup truck is a noteworthy development. It reflects an understanding of the growing market for versatile, green tech solutions.
By aligning its expansion strategy with environmental sustainability, Worksport may benefit from regulatory incentives and an enhanced corporate image. This could attract environmentally conscious investors and customers, further driving market demand and potentially leading to increased market share in the green tech segment of the automotive aftermarket.
The announcement of expanding production capacity is a significant operational development that could impact Worksport's financials. Increased capacity often entails substantial capital expenditure, but it can lead to economies of scale and improved profit margins over time. Investors should monitor how the capital investments translate into increased sales volumes and whether the company can maintain operational efficiency during the scale-up.
Additionally, the market will be looking for updates on the development progress of the SOLIS and COR systems, as these products could open new revenue streams and possibly reshape the company's financial outlook. The ability to meet market demand promptly with the new overseas factory could also lead to improved inventory turnover rates and reduced lead times, enhancing customer satisfaction and financial performance.
West Seneca, New York, Jan. 11, 2024 (GLOBE NEWSWIRE) -- Worksport Ltd. (Nasdaq: WKSP; WKSPW) (“Worksport” or the “Company”) is announcing today plans to expand soft folding tonneau cover production to a second overseas factory. With its current overseas factory already at fully capacity. This is in anticipation of expected additional demand as Worksport begins to ramp up sales efforts within the USA and Canada.
In line with this growth, the Company is also ramping up production capacity for its hard folding tonneau covers at its state-of-the-art facility in Buffalo, New York. This increase in manufacturing capacity is to meet the market demand for its products.
"We are excited to expand our manufacturing capabilities globally," said Steven Rossi, CEO of Worksport. "The new overseas factory is expected to leverage our existing expertise in producing high-quality soft folding covers, ensuring we meet the strong demand swiftly and efficiently."
Worksport's commitment to innovation and quality is evident in its recent developments. The SOLIS Solar Cover and the COR Battery System are fully under development, and management expects that they will set a new standard in the automotive aftermarket by combining eco-friendliness with practicality. These products not only may offer additional mileage for EV pickups but also embody Worksport's dedication to sustainable and renewable energy solutions. Moreover, the COR Battery System can be utilized independently of a pickup truck. Management anticipates sharing exciting updates on both SOLIS and COR Systems soon.
"We believe in constant innovation and adapting to our customer's needs," added Steven Rossi. "Our expansion in China and the production boost in our Buffalo facility are just the beginning. We are eager to redefine the truck accessory market while contributing to a greener future."
Production at a second factory overseas is a testament to Worksport's global vision and operational excellence. With this expansion, Worksport is not only addressing the immediate market needs but also solidifying its position in the automotive aftermarket and green tech industry.
About Worksport
Worksport Ltd. (Nasdaq: WKSP; WKSPW), through its subsidiaries, designs, develops, manufactures, and owns the intellectual property on a variety of tonneau covers, solar integrations, and NP (Non-Parasitic), Hydrogen-based true green energy solutions for the sustainable, clean energy, and automotive industries. Worksport seeks to capitalize on the growing shift of consumer mindsets towards clean energy integrations with its proprietary solar solutions, mobile energy storage systems (ESS), and NP (Non-Parasitic), Hydrogen-based technology. Terravis Energy’s website is terravisenergy.com. For more information, please visit investors.worksport.com.
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Investors and others should note that the Company announces material financial information to our investors using our investor relations website, press releases, Securities and Exchange Commission (“SEC”) filings, and public conference calls and webcasts. The Company also uses the Accounts to announce Company news and other information. The information shared on the Accounts could be deemed to be material information. As a result, the Company encourages investors, the media, and others to review the information the Company publishes on the Accounts.
In order to comply with Regulation FD, the Company does not selectively disclose material non-public information on any Account. If there is any significant financial information, it is the policy of the Company to release it broadly to the public through a press release or SEC filing prior to publishing it on one of the Accounts.
For additional information, please contact: Steven Obadiah, Investor Relations,Worksport Ltd.T: 1 (888) 554 8789 E: investors@worksport.com W: www.worksport.com
Forward-Looking Statements
The information contained herein may contain “forward‐looking statements.” Forward‐looking statements reflect the current view about future events. When used in this press release, the words “anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,” “plan,” “project,” or the negative of these terms and similar expressions, as they relate to us or our management, identify forward‐looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (i) supply chain delays; (ii) acceptance of our products by consumers; (iii) delays in or nonacceptance by third parties to sell our products; and (iv) competition from other producers of similar products. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the SEC, including, without limitation, our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at www.sec.gov. As a result of these matters, changes in facts, assumptions not being realized or other circumstances, the Company’s actual results may differ materially from the expected results discussed in the forward-looking statements contained in this press release. The forward-looking statements made in this press release are made only as of the date of this press release, and the Company undertakes no obligation to update them to reflect subsequent events or circumstances.
FAQ
What are Worksport Ltd.'s expansion plans and where will the production be increased?
What new products are Worksport Ltd. developing?
What is Worksport Ltd.'s CEO, Steven Rossi's, view on the company's expansion?
