This week, Ford Motors (NYSE: F) announced it should be selling enough electric vehicles in North America to produce its own battery cells domestically by 2025, according to its chief product platform and operations officer Hau Thai-Tang. The renowned tonneau-cover manufacturer Worksport Ltd (OTC: WKSP) officially signed a lease agreement for its new Canadian manufacturing facility where the forthcoming TerraVis solar technology, which will be configured for two upcoming electric pickups, Atlis XT and Hercules Alpha, is proposed to be assembled and developed further.
Worksport’s New Facility Is A Game-Changer
The tonneau cover designer and manufacturer officially signed a lease agreement for its new Canadian manufacturing facility which also creates a valuable relationship with the property’s ownership, a fully integrated, Tier-one, OEM automotive manufacturer and supplier. The property owner will also act as an advisor to help the company develop its manufacturing footprint in Canada, position itself and effectively manage its expected growth. The facility is located in Mississauga, Ontario, in a manufacturing hub just outside of Toronto and it will be upgraded at no further expense to Worksport. Moreover, it could be move-in ready within just a couple months. At first, Worksport will utilize less than half of the available space, taking up more as the business expands, resulting in a huge cost-savings benefit.
It is worth noting that this manufacturing facility will far exceed the needs for any equipment that Worksport will need to meet its expected goals. As an added benefit, the operating space comes already equipped with minimal capital expenditure. Additionally, Worksport has begun to purchase advanced tools to aid in further development of its current and upcoming product lines as well as help it get new products to market faster, including technologically advanced 3D scanners to 3D printers and products.
Besides being the place where the revolutionary solar fusion TerraVis
will be assembled and enhanced, management is also moving ahead with new projects. The R&D departments are working hard on developing new technologies, focussed on creating even more value for the EV & Sustainable Energy market. More details will be disclosed in the future.
Ford Is Aiming To Start Producing Its Own Battery Cells By 2025
In addition to investing $22 billion into vehicle electrification from 2016 through 2025, Ford announced plans to invest $185 million into a new battery lab as a step toward manufacturing its own battery cells for EVs, but not full production like Tesla Inc (NASDAQ: TSLA) has or like General Motors that announced it plans to invest $4.6 billion in investments in two U.S. battery cell production plants with LG Energy Solution.
The Blue Oval has been cautiously adding EVs to its lineup. It launched its first new all-electric car, the Mustang Mach-E, in the U.S. at the end of last year. An all-electric Ford Transit van should follow up later this year and an EV version of the Ford F-150 pickup is expected next year.
Currently, Ford is purchasing cells from suppliers such as South Korea-based SK Innovation but spokeswoman Jennifer Flake announced that the company could be in a position to produce its own EV cells by 2025. The exact timing of production hinges on the overall market, consumer demand, and R&D progress. Ford is also leading a $130 million funding round in a battery start-up, Solid Power, along with Bayerische Motoren Werke AG (OTC: BMWYY) as they hope their EVs will benefit from the next-generation batteries by the end of the decade.
Both EV startups and legacy automakers are going full speed ahead in the EV race, with many exciting new developments on the horizon.
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