WKSP - The Rise of EV Factories
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There is no arguing that Detroit is thecity that has “put the world on wheels,” but EVs are rapidlywriting a new chapter in the history of the automobile industry.
On their quest for electrification,established automakers like Tesla (NASDAQ: TSLA), General Motors(NYSE: GM) and many more are going full speed ahead as they aim tobuild EVs in the same locations that they get to sell them, due totheir increased weight and transport-related complexities compared totheir internal engine counterparts. These challenges are taking themsouth as it is also more convenient for battery production facilitiesto be geographically close to avoid supply chain and logistics issues.
Most of the money heading southhas come in since last year from established automakers such asGeneral Motors, Hyundai and Ford Motors (NYSE: F) who announced lastyear it will build four factories as part of its gigantic EV push,spending $11.4 billion along with a supplier on three batteryfactories and a truck plant, resulting in 11,000 new jobs. Volkswagen(OTC: VWAGY) and Nissan Motor Co. Ltd. (OTC: NSANY) also continue toexpand their operations in the south, mostly aimed at new EVproduction. Even EV startup Rivian Automotive Inc. (NASDAQ: RIVN) isexpanding with the recent announcement of a new 650,000 square feetexpansion that will make its total West Normal factory area exceed 4million square feet. Not to forget about Tesla with its giga factoryin Germany.
The southern move andexpansion of the Motor City comes with potentially controversialbenefits such as all-in lower pay for workers, millions in tax breaksand a largely non-unionized workforce in many of the right-to-workstates controlled by Republicans. There are also many challenges suchas preservation of historic plantation farms, unearthing of slaveburial grounds and opposition from locals who aren’t welcoming toindustries that will result in heavier traffic.
Meanwhile, an innovator of automotiveaftermarket accessories and off-grid energy solutions, Worksport Ltd.(NASDAQ: WKSP) has expanded manufacturing operations by 222,000 squarefeet with its first North America facility to ensure their qualityproducts reach customers rapidly and cost-effectively. This morningWorksport announced that it appointed a Plant Manager for its West Seneca, NYManufacturing Facility. The new Worksport facility is astate-of-the-art facility in the Buffalo, NY suburb of Seneca, amonumental step as it allows the Company to establish a strategicpresence due to nearby ports and distribution hubs, along with theproximity of the Canadian border. Bringing its production to the U.S.also empowers Worksport means “Made in USA” versions of itspatented products, namely the SOLIS solar cover and Terravis Energygrid-connected fast chargers.
After two-years of careful planning, Worksport is takingcomplete control of its production and sales pipelines for all itscurrent and future products. Since the beginning of the year, it addeda new facility, developed an eCommerce site and it is expanding itsworkforce to fulfill that goal.
In order to determine how many units of SOLIS, its proprietarysolar truck bed tonneau cover, and COR, its portable energy storagenanogrid system, would be needed for initial manufacturing, which isexpected to begin in the fourth quarter of the undergoing year at theWest Seneca, NY facility, presale efforts were needed. The Companyrecently announced presales that are expected betweenUS$350,000-$450,000 in unrealized revenue.
Pioneering a very large market filled withpassion for improving lives and providing help where it’s needed themost, Worksport aims to lead the energy technology revolution.According to its mission, Worksport is here to contribute to a greenerworld by capitalizing on the growing shift of consumer mindsetstowards clean energy with its proprietary solar and greenhydrogen-based technologies. Worksport has also joined forces with theHyundai America Technical Center, Inc. (“HATCI”) to manufactureprototypes of SOLIS and COR for Hyundai automotive products.
Together, SOLIS and COR are expected tosignificantly transform both the internal combustion engine andelectric-powered vehicles, as it empowers them to become mobile solarpower generation systems capable of forming portable nanogrids,producing and storing power anywhere, anytime.
We will see what developments the futurewill bring, but one thing is for sure, companies around the world fromTesla, GM Volkswagen, Nissan and Worksport are not sitting on theirhands.
AboutWorksport Ltd.
Worksport Ltd. (Nasdaq: WKSP), through its subsidiaries,designs, develops, manufactures, and owns the IP on a variety oftonneau covers, solar integrations, and NP (Non-Parasitic),Hydrogen-based true green energy solutions for the sustainable, cleanenergy, and automotive industries. Worksport Ltd. seeks to capitalizeon the growing shift of consumer mindsets towards clean energyintegrations with its proprietary solar solutions, mobile energystorage systems (ESS), and NP (Non-Parasitic), Hydrogen-basedtechnology.
About Terravis Energy, Inc.
Terravis Energy, Inc. designs,develops, and manufactures clean, green energy solutions that powerlifestyle markets, with each segment of the company feeding into thederivation of the brand itself – Latin for “Earth” and“Force”. The company foresees the future of the electric vehiclemarkets and sustainable energy markets through multiple lenses. ItsNon-Parasitic Electric Vehicle (NPEVTM) fast charging platform whichcombines ultra-efficient hydrogen fuel cells with solar to createcompletely carbon-free charge points that can re-energize BatteryElectric Vehicles. Its Terravis Nanogrid™ which is designed topower houses and is modular where excess power can be directed towardutilities such as crypto mining. Its Terravis Microgrid™ system,composed of a number of Terravis Nanogrid™ systems, can power datacentres and entire communities. Its Terravis Wall-e™ platform is astandalone power backup system for homes in cases of power failures,as well as a “power guardian” that can be used in conjunction withthe Terravis Nanogrid™.
For additional information, pleasecontact:
Steven Obadiah
Business Development Manager
WorksportLtd.
T:1-(888) 506-2013
E: investors@worksport.com
W: www.worksport.com
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Contact Details
WorksportLTD
Steven Obadiah
+1 888-506-2013
CompanyWebsite
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