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Positive Developments in the Automotive Industry: Ford, Worksport, Hyundai, Stellantis, and Tesla

Positive Developments in the Automotive Industry: Ford, Worksport, Hyundai, Stellantis, and Tesla

In the ever-changing world of the automotive industry, some much-needed good news has emerged. Companies like Ford, Worksport, Hyundai, Stellantis, and Tesla are making headlines with positive developments that are sure to appeal to investors and traders interested in financial markets. Let’s take a closer look at these exciting updates:

Ford Ends Strike with Tentative Deal

On Thursday, Ford Motor announced a tentative deal with the UAW (United Auto Workers), which led to a 3% rise in Ford shares. This agreement resulted in a 25% wage hike over a 4-1/2-year contract, beginning with an initial increase of 11%. General Motors and Stellantis had previously offered a 23% increase in wages. This deal with Ford serves as a template for other automakers and could potentially lead to total pay hikes of more than 33% for GM and Stellantis workers. By resolving the strike, Ford has avoided potential disadvantages compared to non-unionized EV makers like Tesla Inc.

Worksport Gains Interest from Canada-Based Reseller

Worksport Ltd, a player in the automotive parts zone, announced that its hard-folding tonneau covers have received interest from a leading Canada-based automotive aftermarket reseller. This development indicates the growing demand and appeal of Worksport’s innovative solutions.

Hyundai Stays on Track with EV Plans

While the world eagerly awaits the release of Tesla’s Cybertruck, Hyundai is making progress in the electric pickup front. As one of the first companies to express interest in Worksport’s solutions, Hyundai will be getting a customized version of Worksport’s solar-powered pickup for its Santa Cruz pickup. Unlike its rivals, Hyundai has confirmed that it will not be delaying its EV plans and remains optimistic about continued growth. Thanks to its efforts in reducing logistics costs, Hyundai’s assembly plant and EV factory in Alabama and Georgia respectively are shielded from the effects of the strike.

Worksport’s Continued Growth Trajectory

Worksport continues its growth trajectory by securing partnerships and expanding its presence in the aftermarket and cleantech space. The company has recently received interest in its hard-folding covers from a Canada-based automotive market reseller. Furthermore, Worksport is getting closer to launching its solar-powered SOLIS Solar Cover and portable COR Battery System, which promise to provide additional driving range for electric pickup trucks and offer off-grid power in remote locations.

Tesla Receives Order from BP EV Unit

Tesla has also delivered positive news by securing an order worth $100 million for its chargers from the BP EV unit. This marks the first deployment of Tesla chargers on an independent network, bringing a new revenue stream for the company. These developments come at a crucial time for the automotive industry, providing a much-needed boost for Tesla and the overall automotive world.

DISCLAIMER: This content is for informational purposes only and does not constitute investing advice.