Amidst mounting tensions, workers at Ford Motor F, Stellantis STLA, and General Motors GM are grappling with the contentious pact inked by the UAW and the Big Three. This saga unfolds with notable rejections, particularly from the Ford Kentucky plant workers, while GM voices skepticism, alleging disparate compensation between veteran and younger workers. Should the members veto the accord, the UAW faces tough decisions on resuming strikes, renegotiations, or both. Not to be outdone, the EV titan Tesla Inc TSLA finds itself entangled in a labor standoff, as Swedish workers threaten to impede the loading and unloading of its EVs at ports. Meanwhile, XPeng XPEV, a spearhead in the Chinese EV sphere with Volkswagen VWAGY backing, has unveiled a stellar third quarter performance. Adding to the mix, Worksport Ltd. WKSP(NASDAQ: WKSPW) has notched up remarkable third quarter figures.
Worksport Unleashes Astounding Third Quarter Performance
Worksport witnessed a staggering 2399% YoY surge in North American sales, amounting to $458,483 in the quarter ending September 30th. U.S. revenue alone climbed a hefty 3359% to $454,258. These figures underscore Worksport’s burgeoning production, expanded product portfolio, and the commencement of fulfilling substantial sales orders. The quarter saw Worksport’s unveiling of the new SC4 PRO tonneau cover in June, and the selection of a top-notch solar panel provider for the SOLIS cover in September. Notable milestones include bagging a $720,000 order for its soft-folding tonneau covers and a $1,600,000 order for its hard-folding tonneau covers from a renowned U.S. automotive aftermarket accessories customer and reseller. Additionally, Worksport forged a long-term supply agreement with a key U.S.-based aftermarket customer, projecting an annual sales inflow of $16 million from its cutting-edge hard-folding and soft-folding truck bed covers. With its cutting-edge R&D base in truck-centric Springfield, Missouri, and a customized manufacturing line in Western New York, Worksport has cemented its standing within its target audience. Noteworthy is its acquisition of the esteemed “Made in the USA” qualification, resonating with consumers willing to pay a premium for top-quality U.S.-made products. Hyundai Motor Company HYMTF will be among the first beneficiaries of Worksport’s innovative made-in-the-USA SOLIS cover and a tailored COR battery system, designed for the Hyundai Santa Cruz pickup truck.
UAW Sparks a Ripple Effect, Ensnaring Tesla
Following UAW’s tentative agreements with GM, Ford, and Stellantis, non-unionized U.S. automakers such as Toyota Motor TM, Honda Motor Co Ltd HMC, and Hyundai have stepped up their game. Hyundai recently pledged a 25% wage hike by 2028, mirroring UAW’s gains at Detroit’s Big Three, while Toyota and Honda announce solid pay hikes. Contrastingly, Tesla remains obstinate, refusing to engage in negotiations with its Swedish unionized workforce, intensifying the standoff. With EV demand ebbing, Tesla faces prolonged margin strain, compounded by the repercussions of sparking a price war earlier this year. Tesla must grapple with the shifting landscape, while traditional behemoths like GM and Ford are staggered by the UAW discord. In the global EV arena, the likes of Hyundai, Volkswagen, XPeng with Volkswagen’s support, and Li Auto LI have eclipsed Tesla in China sales for October, heightening the pressure on the EV powerhouse. Notably, BYD Company Limited BYDDF emerges as Tesla’s major challenger in the Chinese market.
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