GM And Ford Show Electric Pickups And SUVs Refute The EV Slowdown
General Motors (NYSE:GM) CEO Mary Barra assured investors that electrification is well underway with May being GM’s best ever EV sales month, defying the slowdown even the EV king, Tesla Inc (NASDAQ:TSLA), is struggling with. The EV push is owed to ongoing growth for Cadillac Lyriq, Chevrolet Blazer EV, GMC Hummer EV and Chevrolet Silverado EV, but more will be known when GM reports its second quarter results in July. Barra also noted that GM still expects 2024 to be a record year of EV sales.
Despite the slowdown, GM insists it remains committed to its EV future. Barra also stated that the market will determine the timing of its EV transition and when will GM phase out gasoline-powered vehicles. GM did not officially alter its commitment to make all-electric vehicles by 2035, although some confusion was caused by Barra’s interview on Tuesday where she mentioned the EV transformation is going to happen over decades. But, the bottom line is that despite both GM and Ford Motor (NYSE:F) scaling back their EV ambitions, they remain on the EV track.
On Wednesday, Ford reported its EV sales in the U.S. surged 88% during the first five months of the year, also defying the trend that Tesla reported. In May alone, Ford reported its EV sales in the U.S. rose almost 65% YoY as it sold 8,966 EVs. More specifically, Ford reported its E-transit van experienced a 77% rise, the electric F-150 pickup, the Lightning, reported an impressive 91% growth and Mach-E also went up 45.9%. What’s even more impressive is that Ford achieved such impressive growth amid intense competition from the EV king itself, Tesla, with the F-150 going against the Cybertruck and the Mach-E going up against Model Y on the SUV front. This is another blow for Tesla, after Ford already refuted Tesla CEO’s claims that everyone had a tough first quarter, during which Ford sold 20,223 EVs. But, Ford still expects its EV business to widen its EBIT loss this year, as it guided it to be between $5.5 billion and $5 billion for the full year.
A U.S.-based manufacturer and innovator of hybrid and clean energy solutions for the light trucks, Worksport Ltd. (NASDAQ:WKSP), aims to revolutionize the automotive accessory market with its integrated solar technology aimed at pickup trucks. Worksport is expected to release the world’s first solar-powered tonneau cover this summer. The highly anticipated SOLIS will be available for the best-selling vehicles in the U.S., including the Ford Motor F-150,Stellantis (NYSE:STLA) RAM 1500, and GM Chevy Silverado. In addition, Solis will gain a power partner, a portable battery generator, COR that will provide off-grid power on the go to even those who don’t drive pickups, while easing the range anxiety of electric pickup drivers. Usurprisingly, Worksport has recently projected a robust 300 to 433% YoY revenue growth for full the full year and this projection is only based on its automotive accesory business, with the above launches bringing further revenue potential.
Worksport just revealed it made a new sales partnership with a prominent Midwest distributor, renowned for its 50-year legacy in the automotive industry. This strategic expansion into the Midwest is merely an example of Worksport’s aggressive growth plans and its expanding presence in the automotive industry it aims to redefine with its clean energy innovations. With its soft covers, made-in-America AL3 Hard Covers and highly anticipated AL4 covers, Worksport aims to strengthen its brand's visibility among American consumers and strengthen its position in the market as it gets ready to make a big debut in revolutionizing transportation with its groundbreaking clean energy solutions.
All in all, electric pickups and SUVs seem to have what it takes to refute the EV slowdown.
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