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Kia, Hyundai And Worksport Defy The EV Slowdown Trend

Kia, Hyundai And Worksport Defy The EV Slowdown Trend
Kia, Hyundai And Worksport Defy The EV Slowdown Trend

On Thursday, Kia Corporation launched its first compact electric sports utility vehicle. Built on its dedicated EV platform, the EV3 promises to win over buyers with competitive pricing as Kia shows its determination to shrug off the global EV slowdown. Back in April, Kia stated its goal it is to sell about 1.6 million EV units by the end of this decade.

Kia’s Elevated Electric SUV Experience To Set New Standards

The EV3 is Kia’s attempt to break the barriers to EV adoption by making an affordable vehicle, with the long-range model having a driving range of about 600 kilometres or 373 miles on a single charge. The EV3 will be available in South Korea from July, with a European launch expected late this year and a U.S. launch sometime after 2025, with the delay being the result of assessing the U.S. EV tax credit policy.

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The EV3 is one of more than 31 electric models that Hyundai Motor Group, therefore Hyundai Motor Company (OTC: HYMTF), Kia Corp and premium brand Genesis, plans to introduce by the end of this decade.

Kia And Hyundai Defied The EV Slowdown

Interestingly, amid cooling EV sales, Kia and Hyundai Motor North America experienced an increased interest for their EV offerings. Moreover, Kia had its best ever month for EV sales in April, due to its new E9 SUV. With 3,623 EVssold, Kia recorded a 61% increase compared to its prior record from April 2022. Hyundai reported EV sales growth of26% in April, fueled by Ioniq 5 crossover SUV and Ioniq 6 mid-size car whose sales grew 59% and 41%, respectively. Hyundai also recorded a strong rise in its hybrid offerings as the Tucson posted a 44% sales rise. Hyundai has been exploring innovative solutions for its EV transformation for quite a while. Back in 2022, Hyundai America Technical Center entered into an agreement with Worksport Ltd. (NASDAQ: WKSP) to produce a working model of a solar-powered tonneau cover and customized version of a mobile battery generator system for an upcoming Hyundai vehicle. Worksport is expected to launch the alpha release of its off-grid power duo, first-to-market-solar-powered tonneau cover SOLIS this summer, followed by its innovative portable battery system COR.

Worksport is set to revolutionize the clean energy solutions for light trucks.

Worksport, known for its innovative clean energy solutions intellectual property portfolio just provided its 2024 revenue guidance, forecasting revenue growth from $1.5 million in year-end 2023, while expecting between $6 million and $8 million for 2024, translating to revenue growth in the range between 300% and 433%. However, this projection is based solely on Worksport’s Automotive Accessory Business, with the launch of SOLIS and COR bringing further revenue potential.

After the alpha release of its power duo, Worksport anticipates the market launch of another tonneau cover in the fourth quarter with demand expected to surpass that of all of its existing offerings. Earlier this year, Worksport announced that SOLIS solar cover will be available for the dimensions of Hyundai Motor Company, Ford Motor (NYSE: F), General Motors (NYSE: GM) and Stellantis (NYSE: STLA) light pickup trucks, promising to ease range anxiety in electric pickups and revolutionize the landscape. Therefore, Worksport is expected to provide future updates to its financial guidance as soon as its revolutionary products hit the market.

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.

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