TECH - The Acceleration Of The EV Revolution Comes With Business Expansion | Benzinga
Although Tesla Inc (NASDAQ: TSLA) helped create the EV industry, both in the U.S. and China, it is now facing intense competition on both fronts. Fighting for market share, Tesla started a price war at the beginning of the year. Although price wars tend to eliminate weaker players from the race, Tesla rivals responded on both continents. Ford Motor (NYSE: F) lowered the price of its flagship electric pickup, F-150, and so did Tesla’s rivals in China, BYD Company Limited (OTC: BYDDY), Nio Inc (NYSE: NIO) and XPeng Inc (NYSE: XPEV). Moreover, BYD, Nio and XPeng all took another strategic step forward and embarked on new adventures. In addition, innovative companies such as Worksport Ltd (NASDAQ: WKSP)(NASDAQ: WKSPW), an automotive parts manufacturer that specializes in making sustainable solutions for the transportation industry, could help all EV players uplevel their game.
Fueled By Revenue Growth, Worksport Announced Strategic Developments
In August, Worksport reported its revenue grew YoY in the second quarter. Worksport began shipping its soft-folding tonneau covers in August, following a $720,000 purchase order that was revealed in July. It also began manufacturing its hard-folding tonneau covers fueled by $1,600,000 in purchase orders. Now, Worksport is all geared up to deliver the world’s first solar-powered tonneau cover Solis and portable battery system COR. These twin innovations promise not only to extend the range of electric pickups, possibly challenging Tesla whose Cybertruck is due to hit the road this year, but also to disrupt the mobile power markets, redefining camping and outdoor adventures.
BYD posted its best-ever quarterly sales results, a skyrocketing first half profit and reminded ...