WKSP - EVs Entered 2021 With a Bang
With bans on new petrol cars on the horizon, 2021 is set to be the busiest year for the automotive industry that is charging ahead towards an electric future. Nio (NYSE: NIO) saw its stock surge 12% on Monday after it reported record monthly, quarterly, and yearly delivery numbers for the end of 2020. Tesla (NASDAQ: TSLA) also impressed investors with its 2020 delivery figures, jumping 3% on Monday.
Nio and Tesla
Tesla missed its target by just a few hundred vehicles as it delivered nearly 500,000 vehicles in 2020. On the other hand, Nio delivered a record 7,007 electric vehicles in December, contributing to 43,728 vehicles for the whole year, marking YoY growth of 121% and 113%, respectively. On January 9 th , Nio plans to reveal its new sedan model and detail the latest developments on its autonomous driving technologies. It will be the fourth day of its Nio Day event.
Rivian
Business Insider reported EV startup Rivian is close to landing a massive new investment that could bring its value to $25 billion. This startup that counts on Amazon as both its investor and customer is set to start delivering its R1T pickup and R1S SUV this summer. Rivian’s R1T and Tesla’s Cybertruck are expected to make a splash in the pickup market.
Worksport
Worksport Ltd (OTC: WKSP) revealed it has raised over $1.1 million from its Regulation A public offering. Although the offering can remain open until November this year, it could be closed ahead of schedule considering over 25% of the target amount has been received. 2020 was a year filled with milestones for this innovative truck tonneau cover company with an intellectual property portfolio of over 30 patents and trademarks. Worksport launched its The TerraVis solar system and entered partnerships with Atlis and Hercules whose electric pickups are eagerly anticipated.
Outlook
Some companies saw the writing on the wall early enough and have a fighting chance of riding the storm, such as Volkswagen (OTC: VWAGY), Renault (OTC: RLNY)-Nissan (OTC: NSANY), Hyundai (OTC: HYMTF)-Kia and Groupe PSA, which includes Peugeot (OTC: PUGOY). New entrants keep coming. Some traditional automakers will be forced to admit defeat, just like centuries-old banks that collapsed during the 2008 crisis. This is why even big oil is getting scared of electric vehicles as they are threatening their whole existence. The automotive industry is to face more change during this decade than it did during the last century, as bans on the sale of new petrol and diesel cars will arrive by 2025 in Norway. UK, Denmark, Germany, India and Sweden will board the ban train by 2030.
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