TSLA - EV Developments on the US Front
The President’s $2.3 trillion infrastructure proposal contains a very green investment of $620 billion in transportation with $174 billion devoted to EV spending. The plan aims to strengthen the domestic supply chains, retool factories and make affordable ‘made in the US’ EVs to consumers. The plan also includes heavy investment in the charging network with 500,000 EV chargers nationally by 2030.
The race is on
Traditional automakers such as General Motors (NYSE: GM) and Ford (NYSE: F) are pulling out the big guns to compete with Tesla (NASDAQ: TSLA) as well as tech companies such as Amazon (NASDAQ: AMZN), Alphabet (NASDAQ: GOOGL), Intel Corporation (NASDAQ: INTC) and Nvidia Corporation (NASDAQ: NVDA) for their piece of the EV pie. Recently, reports about Apple (NASDAQ: AAPL) joining the EV bandwagon have surfaced, further strengthening the optimism revolving around an all-electric future.
Tesla did an outstanding job at navigating through global supply chain disruptions
The EV king will announce its financial results for the quarter at the end of July but it revealed last Thursday that it delivered 201,250 EVs during the previous three months. Over this period, Tesla built 206,421 EVs, beating Q1 2021’s already impressive figures. Tesla reveals only global numbers.
US sales numbers
Other automakers have also been releasing encouraging sales numbers over the past couple of days. Porsche has delivered 5,367 Taycans since the beginning of the year. Ford sold 12,975 Mustang Mach-Es during the first half of the year, beating the two-door Mustangs by 225 cars. Volkswagen (OTC: VWAGY) delivered 6,230 ID.4s from January through June.
GM is going for the batteries
Last Friday, GM announced it is moving to secure U.S.-sourced lithium which is currently mined and processed outside the country. GM aims to provide its own batteries through a deal with Controlled Thermal Resources to get this metal crucial to EV batteries. This strategic investment aims to increase domestic supply of the metal and in a more environment-friendly manner. CTR named the first stage of the project “Hell’s Kitchen,” and it is expected to begin yielding lithium in 2024, helping GM achieve its goal of eliminating tailpipe emissions from light-duty vehicles by 2035.
Worksport stands to benefit from these developments spectacularly
Worksport (OTC: WKSP) is a Canadian-based but globally recognized designer and producer of tonneau covers with disruptive innovation in its DNA. Its mobile solar technology — the TerraVis is a first-of-its-kind mobile solar power generation system.
This revolutionary technology is a key source of clean energy to recharge upcoming EV trucks as it can provide nearly a third of the power needed for an average daily commute. Then there is the extension, The TerraVis Cor battery system, that is a standalone consumer product that can take power from the cover and store 1.5 kWh of energy in up to 4 battery packs .
Worksport plans to position the technology a Tier 1 original equipment manufacturer. It has already forged OEM supply partnerships with 2 EV truck nameplates, namely Atlis Motor Vehicles and Hercules Electric Vehicles, one of which is in partnership with Nissan (OTC: NSANY) .
The company plans to finish prototyping the TerraVis solar truck bed cover system by the end of the third quarter. Along with Ontario Tech University, it will fine tune it for pre-launch by the end of the year and accelerate toward full manufacturing in 2022. As for TerraVis Cor , it has entered the production prototype phase. The prototype should be fully operational as we enter 2022.
Worksport is well positioned to support EV development, including both innovative startups as well as automotive giants who are undergoing this monumental and once-in-a-lifetime transformation.
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