Hyundai Continues To Expand Its EV Lineup
While legacy automakers General Motors (NYSE: GM) and Ford Motor (NYSE: F) continue to scale down and reassess their EV ambitions, Hyundai Motor Company (OTC: HYMTF) is growing its EV portfolio. After setting a strong foundation with its current EV success in the U.S. with IONIQ 5, IONIQ 6 and Kona Electric, Hyundai will be introducing a three-row electric SUV, the IONIQ 9.
While even the EV king, Tesla Inc (NASDAQ: TSLA) kicked off 2024 by struggling with the slowdown, Hyundai has been enjoying increased interest in its EV offerings. During the first quarter, Hyundai reported that its EV sales surged as much as 62% due to record performances of the IONIQ 5 and Kona Electric.
The IONIQ 9 Promises To Cement Hyundais’ EV Positioning
The Hyundai IONIQ 9 will be Hyundai’s first three-row electric SUV. Therefore, it will compete with three row electric SUVs from Rivian Automotive Inc (NASDAQ: RIVN), namely the Rivian R1S, as well as Kia Ev9 and Volvo EX90. With the pitch of the IONIQ 9, Hyundai aims to cement its status as a leading provider of affordable and efficient EVs. Moreover, its vehicles will also be enhanced by the world’s first solar-tonneau cover thanks to its signed agreement with Worksport Ltd. (NASDAQ: WKSP). Hyundai was the first to express interest in Worksport’s revolutionary power duo, the SOLIS solar tonneau cover and the COR portable battery system, whose alpha versions are expected to hit the market this summer.
Worksport Has Been Issued A New U.S. Patent For Its Innovative Solar Truck Cover
Worksport enlarged its already impressive intellectual property portfolio as the United States Patent & Trademark Office issued new utility patent for its SOLIS solar-powered tonneau cover. Worksport is bringing the world’s first solar-powered tonneau truck that promise to disrupt the market which sells about 7 million truck bed covers per year. Earlier this year, Worksport SOLIS cover will be made compatible with the top three selling vehicles in the U.S., namely Ford F-Series, Chevrolet Silverado, and Ram pickup trucks, along with other major brands. Hyundai signed an agreement back in 2022 to ensure it gains access to both SOLIS and COR to empower its pickups. This innovative product, as part of the power duo together with COR portable battery system, will enable Worksport to target both combustion engine pickups, along with OEM integration for upcoming electric pickup trucks, extending their range.
Along with Ford and GM, even Tesla took a step back. Tesla and Rivian kicked off the year with layoffs. But part of the problem even for Tesla was the lack of new products, with its Model 3 and Model Y being old news, despite the revamping of the Model 3, and the eye-catching Cybertruck not being a mainstream product. Hyundai certainly does not have that problem as it showed its determination to stick to its EV rollout and growth plans.
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