Worksport Ltd. (NASDAQ: WKSP), a key U.S.-based manufacturer and innovator of hybrid and clean energy solutions for the light truck, overlanding, and global consumer goods sectors, is excited to announce a new sales partnership with a prominent Midwest distributor, renowned for its 50-year legacy in the automotive industry.
Additionally, the Company is pleased to highlight its early execution and the growing opportunities within Worksport’s product lineup according to the statement released on Thursday.
Having recently projected a robust 300-433% year-over-year revenue increase for 2024, Worksport is rapidly expanding its brand across the United States.
The Company kicked off full-scale production in January 2024, launched direct-to-consumer sales in late March 2024, and has quickly received significant interest from dealers and consumers.
Worksport’s strategic expansion into the Midwest underscores its aggressive growth plans and an expanding presence in the automotive industry.
“This partnership goes beyond simply broadening our distribution network; it’s about enhancing the Worksport brand’s visibility among American consumers and strengthening our position in the market,” stated Steven Rossi, CEO of Worksport.
Worksport believes it is poised to seize substantial market opportunities presented by their cutting-edge product lines. An overview of Worksport’s product opportunities:
Tonneau Covers: With an estimated market size of 7.77MM covers annually, Worksport aims to aggressively capture the market with its strategically positioned covers. Worksport targets growth of its cover segment to a 9-figure revenue operation within 3 years.
Worksport Soft Covers: Currently sold under both the Worksport brand and private label, these entry-level products are expected to drive consistent revenue and increase market share.
Made-in-America AL3 Hard Covers: Worksport holds $6 million in strategically prepared inventory, poised for rapid turnover. Direct-to-consumer sales of the Worksport AL3 cover are showing very promising early signs.
Highly Anticipated AL4 Covers: These unique covers are expected to drive significant additional demand. More information will be available soon, with an anticipated launch to Worksport’s dealer and distribution network in early Q4 2024.
Clean Energy Products: Worksport is scheduled to launch multiple products in the clean-tech space, expecting to enter and vitally alter multi-billion-dollar markets;
First-to-Market Solar Cover: Targeting a summer launch, this product is anticipated to revolutionize the market with its integrated solar technology. The “SOLIS” tonneau cover is highly anticipated for the best-selling vehicles in the United States, like the Ford F-150, RAM 1500, and Chevy Silverado.
Modular Portable Battery Generator: Complementing the Company’s solar cover, this system, branded as “COR”, will offer versatile energy solutions that resonate with eco-conscious consumers. This system will have many peripheral benefits, Worksport anticipates growing the COR product line, offering multiple product applications.
Worksport’s Extreme Climate Heat – Pump: Having displayed very promising early -testing results, Worksport’s innovative heat -pump is rapidly progressing in development. It targets a market expected to exceed USD $142 Billion by 2024.
Robust Intellectual Property and Strong Assets: Worksport is underpinned by a robust intellectual property portfolio, which not only protects its innovation and branding but also strengthens its competitive position in the market.
“With over 160 issued and pending patents and trademarks, our robust IP portfolio is pivotal as we introduce groundbreaking products and continue to capture and create significant market segments,” Rossi added.
