Kia, Hyundai and Worksport defy slowing trend in electric vehicles – Hyundai Motor (OTC:HYMTF)

On Thursday, Kia Corporation launched its first compact electric sports utility vehicle. The EV3 is based on its dedicated EV platform and promises to win over buyers with competitive pricing as Kia demonstrates its determination to tackle the global electric vehicle downturn. Back in April, Kia announced its goal of selling about 1.6 million electric vehicles by the end of this decade.

Kia's enhanced electric SUV experience will set new standards

The EV3 is Kia's attempt to overcome the barriers to electric vehicle adoption by producing an affordable vehicle. The long-range model has a range of about 600 kilometers or 373 miles on a single charge. The EV3 will be available in South Korea from July, with a European launch expected later this year and a US launch expected sometime after 2025, with the delay the result of review of electric vehicle tax credit policies in the US.

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

Kia and Hyundai are defying the decline in electric vehicles

Interestingly, Kia and Hyundai Motor North America saw increased interest in their electric vehicle offerings amid declining electric vehicle sales. In addition, Kia posted its best month for electric vehicle sales ever in April, thanks to its new E9 SUV. With 3,623 electric vehicles sold, Kia saw a 61% increase compared to its previous record set in April 2022. Hyundai reported 26% electric vehicle sales growth in April, driven by the Ioniq 5 crossover SUV and the Ioniq 6 midsize car, whose sales rose 59% and 41%, respectively. Hyundai also saw a sharp increase in its hybrid offering, with the Tucson seeing a 44% increase in sales. Hyundai has been researching innovative solutions for the transition to electric vehicles for quite some time. Back in 2022, the 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 a customized version of a mobile battery generator system for an upcoming Hyundai vehicle. Worksport is expected to launch the alpha version of its off-grid energy duo, the first-to-market solar-powered tonneau cover SOLIS, this summer, followed by its innovative portable battery system COR.

Worksport will revolutionize clean energy solutions for light trucks.

Worksport, known for its innovative intellectual property portfolio of clean energy solutions, has just provided its 2024 revenue guidance, predicting year-end 2023 revenue growth of $1.5 million, while 2024 is expected to be between $6 million and $8 million , which corresponds to sales growth in the order of between 300% and 433%. However, this forecast is based solely on Worksport's automotive accessories business, with the introduction of SOLIS and COR bringing further revenue potential.

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

DISCLAIMER: This content is for informational purposes only. It does not constitute investment advice.

This article was written by an unpaid outside contributor. It does not represent Benzinga's reporting and has not been edited for content or content.