The EV revolution forced the automotive industry to evolve. But even the EV king, Tesla Inc (NASDAQ:TSLA) has woken up to a harsh reality of a cooling EV market, a problem that can't be fixed by lowering prices. On Wednesday, Tesla stock tumbled as Wells Fargo analyst labeled Tesla as a growth company that is not growing. But, this doesn't come as a surprise considering that Tesla itself guided for 2024 sales volume growth to be below levels seen over the previous years due to the macroeconomic backdrop and intensified competition. Fortunately, the EV narrative goes beyond Tesla itself.
With its latest news, innovative automotive accessory maker commited to providing clean energy solutions, Worksport (NASDAQ:WKSP) showed the importance embracing emerging technologies for unlocking new value that the industry desperately needs. Worksport recently announced it will be bringing its game-changing solar-powered duo, SOLIS tonneau cover and COR portable battery system to the market this summer. Today, Worksport showed how it aims to revolutionize the industry and push the boundaries of innovation.
Worksport aims to advance power electronics with gallium nitride semiconductors.
Worksport sees silicone-based semiconductors presently used by major chip manufactures such as NVIDIA Corporation (NASDAQ:NVDA) as an opportunity to bring innovation in the automotive industry to the next level. The automotive accessory maker chose GaN-powered semionductors due to their potential to provide superior performance, increased efficiency, while reducing the size and weight compared to existing solutions, such as the ones offered by Nvidia. Also, with improved thermal management, GaN is able to withstand higher temperatures than silicone. Therefore, Workpsort is hoping to raise the bar for efficiency, performance, reliability and durability of energy solutions in the automotive sector.
With its recently announced partnership with Infineon Technologies AG (OTC:IFNNY), a leading producer of GaN semiconductors, Worksport aims to push the boundaries of semiconductor innovation by integrating GaN into future versions of its COR mobile battery system. Infineon markets semiconductors for automotive, as well as industrial, and multimarket sectors. During the past financial year, Infineon reported record results. But due to a weakening macroeconomic backdrop on a global level, even Infineon adjusted its targets for the current year downwards.
Nvidia will also be hosting its GTC AI Conference next week, and therefore, it is expected to deliver AI innovation updates. Although Nvidia reached new heights thanks to its booming semiconductor business that is almost solely responsible for its growth, even Nvidia hinted that something even bigger is on the horizon. The industry has approached the theoretical limit of how much silicone-based technology can be improved. Embracing emerging technologies is the logical next step in bringing the industry to a new level.
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