Worksport .(US:WKSP) Newsfileยท2024-10-22 12:00Core Insights - The electric vehicle (EV) market is experiencing significant growth, with nearly 31,061.20 thousand units sold in 2023 and projected to reach approximately 101,177.60 thousand units by 2032, reflecting a compound annual growth rate (CAGR) of 13.2% from 2024 to 2032 [1] - Worksport Ltd. (NASDAQ: WKSP) reported a substantial increase in net sales for August 2024, reaching $1,213,604.28, which boosts its Annual Recurring Revenue (ARR) to $14.56 million, surpassing the previous year's revenue of $1.53 million [1][2] - The company is implementing strategic cost-saving measures expected to yield $1.5 million in savings in 2025, alongside an additional $0.5 to $1 million, while maintaining revenue growth [1][2] Company Developments - Worksport is focused on launching new products, including the AL4 Premium Tonneau Cover and clean energy solutions like the COR Portable Energy System and SOLIS Solar Cover, which are anticipated to drive significant growth [2] - The company is entering the EV aftermarket by developing accessories for the Rivian R1T electric pickup truck, with initial product engineering nearing completion [2][3] - Worksport's COR portable energy system has shown promising lab test results, capable of extending the range of Tesla vehicles by approximately seven miles [3][4] Market Trends - The EV aftermarket market was valued at USD 66.1 billion in 2022 and is expected to grow at a CAGR of 20.7% from 2023 to 2032, driven by the increasing popularity of EVs [1] - Rivian Automotive is selling over 10,000 premium electric pickup trucks per quarter, with its fleet approaching 100,000 units, presenting a significant opportunity for Worksport [3] - Ford's electric vehicle sales have increased by 45% this year, with notable sales of the electric F-150 Lightning and E-Transit, indicating a robust market for electric vehicles [3][5] Strategic Alliances - General Motors is expanding access to Tesla's Supercharger Network, allowing GM customers to utilize over 231,800 public charging stations in North America, which supports the growth of the EV market [5] - Worksport's vision for clean energy solutions extends beyond EVs, aiming to address the growing demand for off-grid power solutions, particularly with its innovative Solar Truckbed [6]