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While the EV industry is facing a slowdown amid an uncertain and turbulent economic climate, Rivian Automotive Inc (NASDAQ:RIVN) and Worksport Ltd (NASDAQ:WKSP) showed they continue their march towards an all-electric future by expanding their operations.
Worksport just announced it got awarded a major grant.
Worksport Ltd is a U.S.-based innovator commited to making clean energy solutions for light trucks and consumers in general. Through the Excelsior Jobs Program for job creation and wage support, the State of New York awarded Worksport with a major grant worth up to $2.8MM.
Along with the world’s first solar-powered tonneau cover SOLIS that Worksport will release this summer, it is also expanding its clean energy intellectual property portfolio with a portable battery system COR and a high-performance extreme-climate heat pump. The SOLIS tonneau cover is expected to be available for major brands, providing options for partnership with the EV King, Tesla Inc (NASDAQ:TSLA), as well as Ford Motor (NYSE:F) and General Motors (NYSE:GM), among others.
In April, Worksport already received a strategic low-cost power award from New York Power Authority. Worksport continues to rapidly expand its operations. Worksport expects to create up to or over 280 new jobs from 2025 until the end of this decade. If achieved, it will receive cash benefits for the creation of these jobs that will amount to $2.8MM received over the following decade.
Rivian surpassed Wall Street revenue estimates and kept its targets.
For its first quarter, Rivian reported revenue of $1.2 billion, surpassing LSEG’s $1.16 billion estimate. For the quarter that ended on March 31st, net loss widened from last year’s comparable quarter when it amounted to $1.35 billion to $1.45 billion due to a three-week-long manufacturing halt during which Rivian upgraded its assembly line, which will reduce costs over the long haul. The loss of $1.24 per share was worse than LSEG’s estimate of $1.17 per share loss.
Due to sustained demand for its EVs, Rivian reiterated its annual production forecast of 57,000 units. Rivian also managed to lower its annual capital expenditure forecast by $550 million to $1.2 billion by deciding to start making its more affordable R2 midsize SUV at its Normal, Illinois plant, instead of beginning production at a proposed plant in Georgia. Unlike Tesla and its EV peers, Rivian did not succumb to discounting, but opted to introduce less expensive models. Despite being so much weaker than Tesla, it somehow shielded itself. Then again, Rivian did beat Tesla in being the first to bring an all-electric truck to life as the R1T reached the road well before the Cybertruck.
Rivian and Worksport actually have something in common. They both tell a tale of how one does not have to be big to make a difference as very often, it is the small players who challenge the established norms by bringing innovation and creativity to the table.
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This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.
