Additional Production Line Needed to Meet Demand. Additional Factory Growth Planned in Short-Term.
West Seneca, New York, Dec. 7, 2023 – Worksport Ltd. (Nasdaq: WKSP; WKSPW) (“Worksport” or the “Company”) is announcing the completion of its second assembly line for its innovative hard-folding covers. The company believes it is in a significant advancement for sustainable automotive innovation, marking a pivotal moment in the Company’s expansion strategy. This development follows the Company’s impressive 2,399% year-over-year revenue growth in Q3 2023 vs 2022 due the recent new US National After Market customer, a testament to its production capabilities and market demand.
Rapid Growth and Scaling Production
In August 2023, Worksport began production, setting the stage for this momentous achievement. The completion of the second assembly line is a strategic step in fulfilling the substantial $16 million annual sales agreement recently announced. The increased production capacity is a direct response to the growing demand for Worksport’s innovative products, including its hard and soft folding tonneau covers, the much-anticipated SOLIS solar cover, and the forthcoming COR portable energy storage system.
Steven Rossi, CEO of Worksport, expressed his pride in this progress, stating, “The completion of our second assembly line not only signifies our commitment to growth and innovation, but also our dedication to meeting our customers’ needs and sales objectives. We are excited to see the impact this will have on our production capabilities and overall growth trajectory.”
Staff Expansion and State-of-the-Art Automation
To support this expansion, Worksport is actively increasing its staff, with the expectation of having both assembly lines fully operational by the end of this month. The Company is also exploring advanced automation options to enhance its state-of-the-art production lines, ensuring efficiency and quality in its manufacturing processes.
Future Developments and Product Innovation
Worksport recently initiated the test phase for its COR portable energy storage system, anticipating updates on an Alpha release soon. This innovative system, along with the SOLIS solar cover, is designed to provide solar power to pickup trucks. The COR system also offers the versatility of being used independently for off-grid power, catering to a broader consumer base beyond pickup truck owners.
Worksport is committed to keeping its stakeholders informed of the factory’s development and future advancements. The Company’s vision, combined with its recent achievements, positions Worksport for growth in the automotive accessory industry, especially in the realm of sustainable and renewable energy solutions.