HomeMarket NewsMicro Cap Stocks Ford's Flagship EV and Solar-Powered Tonneau Cover Collaboration Ford's Flagship EV and Solar-Powered...

Ford’s Flagship EV and Solar-Powered Tonneau Cover Collaboration Ford’s Flagship EV and Solar-Powered Tonneau Cover Collaboration

Actionable Trade Ideas

always free


2024 marked a turbulent start for Ford Motor. The company submerged in EV losses in 2023 nearing $4.7 billion, a figure set to balloon by an additional $5 billion this year. Adding to Ford’s woes, January painted a gloomy picture with an 11% sales drop, tarnishing the company’s standing amidst a general industry slowdown. To counter these setbacks, Ford announced a reevaluation of its EV strategy, hinting at a possible delay or reduction of its $12 billion EV spending commitment. Not even the electric version of its flagship pickup, the best-selling pickup in America, could salvage Ford from the EV quagmire.

Struggles in the Electric Pickup Market

The challenge in creating electric pickups has proven to be a tough nut, one which not even the EV king, Tesla Inc, could crack effortlessly. Tesla openly acknowledged the hurdles of producing an electric pickup, with CEO Elon Musk sharing insights into the massive difficulties of mass producing the Cybertruck. Despite finally hitting the road in 2023, Tesla admitted that significant cash flow from its electric pickup might take at least a year. Even the formidable Tesla had to reduce the price of its EVs to tide over the previous year.

Response to the Industry Slowdown

Amid Ford’s struggle, the prices of its electric Mustang Mach-E plummeted after a 51% plunge in January when the model lost eligibility for a $3,750 US tax credit. Later, Ford cut prices on 2023 models of its battery-powered crossover SUV, Mustang Mach-E, by $3,100 to $8,100. Additionally, Ford is revising its EV plans, scaling back production goals for the Mach-E and its flagship EV, F-150 Lightning electric pickup truck, with a prior announcement of halving the electric F-150 production target for the year.

Innovation Amidst Challenges

Worksport Ltd, a pioneer in integrating solar technology with automotive accessories, announced its plans to develop a pioneering solar-powered tonneau cover, SOLIS, for Ford Motors’ Lightning. The innovative SOLIS promises to be a game-changer for Ford, offering a potential increase of up to 10 miles in range.

Worksport is conducting comprehensive tests to determine the maximum additional mileage its solar-powered tonneau cover can provide, and in a strategic move, plans to offer its portable COR battery in a bundle tailored for the F-150 Lightning. This power duo is expected to enable the utilization of solar power without depleting the vehicle’s onboard power reserves. The SOLIS and COR combo not only promise an enhanced range through clean renewable energy but also clean, off-grid energy power on the go.

Belief in EV Growth

Despite the slowdown, Ford Motor CEO, Jim Farley, emphasized the company’s unwavering belief in EV growth, acknowledging that mass market adoption demands greater affordability in EV prices to align with traditional internal combustion-engine counterparts. The revolutionary products from Worksport promise to alleviate range anxiety for drivers, a critical step in ensuring wider EV adoption.

DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.

This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.

Swing Trading Ideas and Market Commentary

Need some new swing ideas? Get free weekly swing ideas and market commentary from Jonathan Bernstein here: Swing Trading.

Explore More

Weekly In-Depth Market Analysis and Actionable Trade Ideas

Get institutional-level analysis and trade ideas to take your trading to the next level, sign up for free and become apart of the community.