Although Tesla Inc (TSLA ) is the first brand you think of when EVs and renewable energy come to mind, there are many companies that promise to bring the vision of a world that is powered in a planet and human-friendly way to life.
Powering Remote Places In A Planet-Friendly Way
Worksport Ltd (WKSP )whose tonneau covers are available on Amazon.com Inc (AMZN ), as well as on Walmart Inc (WMT ) and eBay Inc (EBAY ), does not only promise to extend the driving range of EV pickups and bring affordable solar-powered TerraVis tonneau covers to the world, but also to bring the ability to power remote locations with its portable COR battery. The COR battery promises to enhance lifestyles of all kinds as it can be used power remote locations, therefore upleveling our camping experiences while allowing us to work and live in entirely new locations.
Solar rays are one of the best clean power options considering that experts estimate the Sun will be providing powerful energy for about five billion years before it runs out of hydrogen. This gives plenty of time to the world to tap into this abundant energy source, but Worksport already got there while even Tesla is still playing small on the solar field compared to its overall energy business that is rapidly expanding after a period of consistent growth. This week, Worksport promised to provide more updates on these products soon. Perhaps the best part about Worksport's renewable technology is that it will turn pickups into renewable energy microgrids on four wheels, whether they run on electricity or combustion engines.
Even Amazon Is In The EV Universe
Besides being an important middleman for these companies to offer these products to the world, Amazon got its own representative in the EV game when it backed Rivian Automotive Inc (RIVN ). Amazon also made a deal with Rivian to electrify its fleet with 100,000 electric trucks, with the first batch being delivered to the e-commerce giant last year. Although this exclusive deal might not stick around if Rivian decides to sell these vans to other companies, Amazon will still want Rivian to succeed as it is its largest shareholder. By the looks of it, Rivian has what it takes to grow to become the next great EV stock. Its Hummer EV SUV and R1S capture the essence of top SUV EVs, with both being quite a package with their tech specs, power and speed. Also, R1S and R1T were the only large SUV and electric truck to receive the highest safety rating from the Insurance Institute for Highway Safety this year. Rivian will be doubling production this year as management confirmed it still expects to produce 50,000 units despite a slower start due to retooling of the assembly line. Although the EV startup is burning cash, the dynamics even Tesla is well acquainted with, Rivian still stayed with $12 billion of cash and cash equivalents. Rivian also showed it is getting closer to profitability by narrowing its net loss to $1.4 billion in the latest reported quarter, down from previous quarter's $1.7 billion and 2022's comparable quarter's $1.6 billion.
It's not only Tesla whose EV and energy storage business are booming as this boom has touched upon many industries and lives across the globe along with disrupting the automotive industry.
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