Worksport Ltd. Unveils New Models, Driving Rapid Product Expansion
Worksport (NASDAQ: WKSP) has announced the release of new tonneau cover applications for various truck models, expanding its market reach. The company's engineering team has introduced 19 new models over the past six months, compatible with trucks from General Motors, Ford, Toyota, Nissan, and Honda. This expansion aligns with Worksport's growth strategy in the $4 billion tonneau cover market, which sells over 7 million covers annually.
Worksport reported a 275% revenue growth in Q2 2024 and is preparing to launch innovative products in 2024, including the SOLIS Solar Cover and COR Portable Energy System. The company's engineering team, with over 100 years of combined industry experience, is driving this rapid product expansion and innovation in the light truck accessories market.
Worksport (NASDAQ: WKSP) ha annunciato il rilascio di nuove applicazioni per coperture tonneau per vari modelli di camion, ampliando la sua portata di mercato. Il team di ingegneria dell'azienda ha introdotto 19 nuovi modelli negli ultimi sei mesi, compatibili con camion di General Motors, Ford, Toyota, Nissan e Honda. Questa espansione è in linea con la strategia di crescita di Worksport nel mercato delle coperture tonneau da 4 miliardi di dollari, che vende oltre 7 milioni di coperture annualmente.
Worksport ha riportato una crescita dei ricavi del 275% nel secondo trimestre del 2024 ed è pronta a lanciare prodotti innovativi nel 2024, incluso il SOLIS Solar Cover e il COR Portable Energy System. Il team di ingegneria dell'azienda, con oltre 100 anni di esperienza combinata nel settore, sta guidando questa rapida espansione e innovazione nel mercato degli accessori per camion leggeri.
Worksport (NASDAQ: WKSP) ha anunciado el lanzamiento de nuevas aplicaciones de tapas tonneau para varios modelos de camiones, ampliando su alcance en el mercado. El equipo de ingeniería de la empresa ha introducido 19 nuevos modelos en los últimos seis meses, compatibles con camiones de General Motors, Ford, Toyota, Nissan y Honda. Esta expansión está alineada con la estrategia de crecimiento de Worksport en el mercado de tapas tonneau de 4 mil millones de dólares, que vende más de 7 millones de tapas anualmente.
Worksport reportó un crecimiento de ingresos del 275% en el segundo trimestre de 2024 y se está preparando para lanzar productos innovadores en 2024, incluyendo la SOLIS Solar Cover y el COR Portable Energy System. El equipo de ingeniería de la compañía, con más de 100 años de experiencia combinada en la industria, está impulsando esta rápida expansión de productos e innovación en el mercado de accesorios para camiones ligeros.
웍스포트( NASDAQ: WKSP)가 다양한 트럭 모델을 위한 새로운 토노 커버 애플리케이션 출시를 발표하며 시장 범위를 확장했습니다. 회사의 엔지니어링 팀은 지난 6개월 동안 19개의 새로운 모델을 도입했으며, 이 모델은 제너럴 모터스, 포드, 도요타, 닛산, 혼다의 트럭과 호환됩니다. 이 확장은 40억 달러 규모의 토노 커버 시장에서의 웍스포트의 성장 전략과 일치하며, 매년 700만 개 이상의 커버가 판매됩니다.
웍스포트는 2024년 2분기 매출이 275% 성장했다고 보고했으며, SOLIS Solar Cover와 COR Portable Energy System을 포함한 혁신적인 제품을 2024년에 출시할 준비를 하고 있습니다. 100년 이상의 산업 경력을 가진 회사의 엔지니어링 팀은 이 빠른 제품 확장과 경량 트럭 액세서리 시장에서의 혁신을 이끌고 있습니다.
Worksport (NASDAQ: WKSP) a annoncé le lancement de nouvelles applications de couvertures tonneau pour divers modèles de camions, élargissant ainsi sa portée sur le marché. L'équipe d'ingénierie de l'entreprise a introduit 19 nouveaux modèles au cours des six derniers mois, compatibles avec les camions de General Motors, Ford, Toyota, Nissan et Honda. Cette expansion s'inscrit dans la stratégie de croissance de Worksport sur le marché des couvertures tonneau de 4 milliards de dollars, qui vend plus de 7 millions de couvertures chaque année.
Worksport a signalé une croissance des revenus de 275 % au deuxième trimestre 2024 et se prépare à lancer des produits innovants en 2024, y compris la SOLIS Solar Cover et le COR Portable Energy System. L'équipe d'ingénierie de l'entreprise, riche de plus de 100 ans d'expérience combinée dans l'industrie, conduit cette rapide expansion des produits et innovation sur le marché des accessoires pour camions légers.
Worksport (NASDAQ: WKSP) hat die Einführung neuer Tonneau-Abdeckungen für verschiedene Lastwagenmodelle bekannt gegeben und seine Marktpräsenz erweitert. Das Ingenieurteam des Unternehmens hat in den letzten sechs Monaten 19 neue Modelle vorgestellt, die mit Lastwagen von General Motors, Ford, Toyota, Nissan und Honda kompatibel sind. Diese Expansion entspricht der Wachstumsstrategie von Worksport im 4 Milliarden Dollar teuren Tonneau-Abdeckungsmarkt, der jährlich über 7 Millionen Abdeckungen verkauft.
Worksport berichtete von 275% Umsatzwachstum im zweiten Quartal 2024 und bereitet sich darauf vor, im Jahr 2024 innovative Produkte einzuführen, darunter die SOLIS Solar Cover und das COR Portable Energy System. Das Ingenieurteam des Unternehmens verfügt über mehr als 100 Jahre kombinierte Branchenerfahrung und treibt diese schnelle Produktentwicklung und Innovation im Markt für leichte Lkw-Zubehörteile voran.
- Introduction of 19 new tonneau cover models for various truck brands
- 275% revenue growth reported in Q2 2024
- Expansion into the $4 billion tonneau cover market with 7 million covers sold annually
- Upcoming launch of innovative SOLIS Solar Cover and COR Portable Energy System
- Engineering team with over 100 years of combined industry experience driving product innovation
- None.
Insights
Worksport's rapid product expansion and innovation in the tonneau cover market present a significant growth opportunity. The company's focus on the $4 billion tonneau cover market with
The diversification into clean energy solutions with SOLIS and COR products could provide additional revenue streams, but their market acceptance remains to be seen. While the company's growth trajectory is promising, it's important to monitor upcoming financial reports to assess if the rapid expansion translates into sustainable profitability.
Worksport's expansion into new truck models aligns well with market trends, particularly targeting the top-selling vehicles in the U.S. The company's ability to rapidly develop products for new truck releases demonstrates agility in a competitive market. The focus on both private and commercial users broadens the potential customer base.
The introduction of 19 new models in six months shows strong R&D capabilities. However, the success will depend on:
- Market penetration against established competitors
- Pricing strategy effectiveness
- Brand recognition and distribution network strength
Worksport's venture into clean energy solutions with SOLIS and COR systems demonstrates forward-thinking product development. The SOLIS Solar Cover, generating 650W of power, could appeal to a niche market of outdoor enthusiasts and worksite professionals. The COR Portable Energy System's 1.7kWh storage capacity and modularity are competitive features in the portable power market.
However, the success of these products will hinge on:
- Performance reliability in real-world conditions
- Cost-effectiveness compared to existing solutions
- Integration capabilities with various vehicle models
Engineering Team’s Expertise Fuels Innovation & Growth in Multi-Billion-Dollar Market
West Seneca, New York, Sept. 04, 2024 (GLOBE NEWSWIRE) -- Worksport Ltd. (NASDAQ: WKSP) (“Worksport” or the “Company”), a U.S.-based manufacturer and innovator of hybrid and clean energy solutions for the light truck, overlanding, and global consumer goods sectors, is thrilled to announce the release of new tonneau cover applications. These covers are available for various models including but not limited to those from General Motors, Ford, and Hyundai, thereby expanding availability and market reach. This initiative showcases the expertise of Worksport’s engineering team and aligns with the Company’s growth strategy, which reflects its commitment to pursuing market opportunities and establishing a foundation for long-term success and industry leadership.
Engineering Innovation: Aligning with Market Trends
The engineering team at Worksport exemplifies versatility, enabling the Company to respond quickly to market demands with nearly every new truck model release. Over the past six months, Worksport is excited to share that it has expanded its cover lineup, introducing 19 new models, including covers that are compatible with General Motors, Ford, Toyota, Nissan, and Honda trucks. Engineered for durability and tailored to meet the needs of both private and commercial users, Worksport’s Automotive Accessories Division is positioned to explore additional market opportunities. New models include:
- Chevy/GMC: Models for the Canyon/Colorado, 1500, and 2500.
- Ford: Ford Ranger and Ford Super Duty models.
- Toyota: Toyota Tacoma and Toyota Tundra models, including 2024 versions with cargo management.
- Nissan: Nissan Frontier and Nissan Titan models, with and without utility brackets.
- Honda: Honda Ridgeline, bed length 5’, model years 2017-2024.
Worksport CEO Steven Rossi shares, “With 16.3 million Ford F-Series trucks on the road, a possibility to capture just
The top 3 selling vehicles in the U.S. — the Ford F-Series, Chevy Silverado, and Ram Pickup — account for over
Rossi adds “On the technology front, our SOLIS & COR clean energy systems are tapping into a rapidly expanding market with massive potential. The Company is actively building a solid foundation for sustained, long-term growth.”
Worksport’s Engineering Team.
The skill and dedication of Worksport’s engineers contribute to the Company’s anticipated growth, which continues beyond the current accelerated ramp-up phase. Following a notable
At the core of Worksport’s recent success is its engineering team, based in Ozark, Missouri. With over 100 years of combined industry experience, these seasoned professionals adapt quickly to market demands, positioning Worksport as a responsive player in the light truck accessories market.
Further driving innovation is Worksport’s Technology division in Toronto, responsible for developing innovative products like the SOLIS Solar Tonneau Cover and COR Portable Energy System—both in early production and set for Alpha release this September. This team boasts numerous PhDs and industry veterans, contributing valuable expertise.
Upcoming Products in 2024:
- Worksport SOLIS Solar Cover: A first-to-market, patented solar cover generating 650W of power--perfect for truck owners, worksites, and outdoor enthusiasts. Paired with Worksport’s MPPT, it can charge most major battery systems as well.
- Worksport COR Portable Energy System: Fully modular with 1.7kWh storage and hot-swap capability, the COR system powers high-demand appliances like fridges and microwaves—ideal for pairing with the SOLIS cover.
- Worksport AL4 Premium Tonneau Cover: A four-fold cover expected to be a high demand product of Worksport with improved margins.
Director of Industrial Engineering, Missouri, Statement
“We take great pride in our ability to quickly respond to new market opportunities, delivering cutting-edge designs to our customers,” said Jim Quintus, Director of Engineering at Worksport’s Missouri division. “Our team thrives on innovation, and with years of industry experience, we are highly enthusiastic about how Worksport operates and the immense opportunities ahead. We are with Worksport because we believe Worksport will be a powerful force in the industry and beyond. We’re especially excited about expanding our product lineup with the upcoming SOLIS and COR systems”.
Stay tuned for upcoming investor updates on new product launches, expanded vehicle model coverage, and the continued growth of Worksport’s business. We are excited to share more on our progress and milestones as we push forward with innovation and market expansion.
Investor Inquiries May Be Directed To:
Investor Relations, Worksport Ltd.
T: 1 (888) 554-8789 x128
W1: https://investor.worksport.com
W2: www.worksport.com
E: investors@worksport.com
Key 2024 Press-Releases:
- September 3: Worksport Dealer Sales Update
- August 20: Worksport ($WKSP) Begins COR Alpha Production
- August 14: Worksport Announces Record High Revenues;
275% Q2 Growth - August 1: Worksport Announces Impressive SOLIS Solar Cover Test Results
- June 20: Worksport Announces Record Breaking May Sales
- May 16: Worksport Reports 1,
506% Q1 Revenue Surge - May 8: Worksport Awarded
$2.8M M Grant - April 25: Worksport Signals Undervalued Status, Eyes Major 2024 Growth
- March 6: Worksport to Launch Innovative SOLIS & COR Products This Summer
Read all Worksport press releases: [Link to All Press Releases].
Stay Connected
| | Investor Newsletter: Investors and customers are invited to follow Worksport’s progress as it builds on this momentum and strives to redefine industry standards with each new corporate development. Link to Newsletter. | |
| | Contact Information Investor Relations, Worksport Ltd. T: 1 (888) 554-8789 -128 W: investors.worksport.com E: investors@worksport.com W: worksport.com | |
About Worksport
Worksport Ltd. (Nasdaq: WKSP), 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 has an active partnership with Hyundai for the SOLIS Solar cover. Additionally, Worksport’s hard-folding cover, designed and manufactured in-house, is compatible with RAM, Chevrolet, and GMC models from General Motors, as well as Ford, Jeep, Nissan, and Toyota pickup trucks. 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.
Connect with Worksport
Please follow the Company’s social media accounts on X (previously Twitter), Facebook, LinkedIn, YouTube, and Instagram (collectively, the “Accounts”), the links of which are links to external third party websites, as well as sign up for the Company’s newsletters at investors.worksport.com. The Company does not endorse, ensure the accuracy of, or accept any responsibility for any content on these third-party websites other than content published by the Company.
| Product social media | Investor social media |
| X (formerly Twitter) | |
| Facebook YouTube | LinkedIn Link to Newsletter |
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 social media to announce Company news and other information. The Company encourages investors, the media, and others to review the information the Company publishes on social media.
The Company does not selectively disclose material non-public information on social media. If there is any significant financial information, the Company will release it broadly to the public through a press release or SEC filing prior to publishing it on social media.
For additional information, please contact:
Investor Relations, Worksport Ltd. T: 1 (888) 554-8789 -128 W: investors.worksport.com W: www.worksport.com E: investors@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,” “should," or the negative of these terms and similar expressions, as they relate to us or our management, identify forward‐looking statements. These 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
How many new tonneau cover models has Worksport (WKSP) introduced in the past six months?
What was Worksport's (WKSP) revenue growth in Q2 2024?
What new products is Worksport (WKSP) planning to launch in 2024?
What is the size of the tonneau cover market that Worksport (WKSP) is targeting?
