Thu. Sep 28th, 2023
    Worksport Signs Long-Term Supply Agreement, Expects $16M Annual Sales

    Worksport Ltd, a manufacturer of tonneau covers for light truck models, has announced a long-term supply agreement with an undisclosed automotive aftermarket reseller in the U.S. Under the agreement, Worksport is projected to earn approximately $16 million in annual sales for its advanced hard-folding and soft-folding covers.

    Although these estimated sales are based on the customer’s forecast on an annualized basis, it does not include the customer’s expectations of year-over-year sales growth. This agreement comes on the heels of Worksport’s recent manufacturing start at their Western New York facility, where they received a significant $1.6 million order for their hard-folding covers, along with an additional $720,000 order for the soft-folding versions from the same customer.

    Worksport aims to enhance its manufacturing capacities and keep up with the growing demand for its products. The company plans to incorporate robotics and automation into its operations, expanding its assembly lines from one to four.

    This latest development signifies a major milestone for Worksport as they continue to expand their presence in the aftermarket truck cover industry. The company’s specialized tonneau covers, equipped with solar charging for electric trucks, offer a unique and sustainable solution for truck owners.