Nissan is in talks with Detroit-based startup Hercules Electric Vehicles to develop an electric pickup truck, Bloomberg reported Thursday.
The automaker that helped popularize electric cars with the Leaf hatchback could buy an electric powertrain from Hercules for use in its Titan pickup and provides components for Hercules’ own truck, according to the report, which cited anonymous sources familiar with the matter.
“The talks are still ongoing and could still fall apart before a deal is signed,” the report said.
Founded in 2018, Hercules is currently taking reservations for the Alpha pickup, advertising a 1,000-horsepower 4-motor powertrain, 300-mile range, and 0-60 mph in 4.0 seconds. The startup is also expected to offer the Worksport solar tonneau cover as an option.Worksport TerraVis solar tonneau charging system
It’s worth noting that the single image of the Alpha on Hercules’ website looks like a current-generation Nissan Titan with a different grille, headlights, and front bumper.
That begs the question of whether this would be a true partnership, or whether Hercules is simply seeking Titan donor vehicles. Nissan has plenty of electric-vehicle experience after all, and shouldn’t need the help of a small startup. However, Nissan has also been looking to cut costs amid slow sales, and may not want to invest too much in an electric vehicle that doesn’t have much relevance outside the United States.
Speaking of the Titan, it only comes with a big 5.6-liter V-8 for the 2021 model year, with EPA-rated fuel economy of 18 mpg combined (15 mpg city, 21 mpg highway). That lags behind most other full-size trucks, many of which have adopted diesels or smaller-displacement gasoline engines to improve fuel efficiency.Hercules Alpha
As trucks from Rivian and Tesla are due soon, major automakers are waking up to the potential of electric pickups.
That’s led some automakers to establish partnerships with startups—similar to what Nissan and Hercules are reportedly considering.
In September, General Motors announced that it would manufacture the Nikola Badger electric truck, although that deal, and the truck’s reveal, appear to be in limbo. Ford has invested in Rivian, and has a deal to use the firm’s “skateboard” platform for some future vehicles.
As electric trucks become one of the auto industry’s latest buzzwords, automakers appear split on how to position these trucks.
Ford is aiming for affordability, and more of a workhorse, with its F-150 Electric. GM is aiming for a macho lifestyle image first with its GMC Hummer EV, while Fiat Chrysler Automobiles (FCA) is likely to skip an electric truck altogether at first, and go for a plug-in hybrid instead.
Similarly, Atlis Motor Vehicles, Mesa, AZ, is also configuring TerraVis™ as an OE accessory for their highly anticipated Atlis XT electric pickup truck.
“We are proud of our accomplishments in the last decade, exponentially growing the company’s foundation with constant improvements in our product offering of high-quality tonneau covers in the B2B market, with no real outside funding or exploration of B2C sales channels,” said Rossi. “Now, for the first time in Worsksport’s history, we are preparing our latest innovation, TerraVis™, for B2B and B2C channels, and are seeking investment partners to provide additional capital for a timely delivery of TerraVis™, in synchronization with the launch of EV pick-up trucks, providing for significant anticipated improvements in operating results at the company. Our new Regulation A qualification is our latest breakthrough that will make it possible for more members of the public to invest directly, similar to a crowdfunding model. We thank in advance all those who may be interested in investing for their support.”
Anyone interested in investing directly into Worksport are encouraged to invest via the company’s investment platform (www.invest.worksport.com). Every investment dollar will be used to further our growth. Minimum investment is $500, and all securities purchased would be registered and tradeable. “We’ve shown the investment community what we can accomplish with no funding. Investors have an opportunity to purchase one common share and one 12-month warrant, directly from the company.” said Worksport CEO Steven Rossi
Any interested investors or shareholders are encouraged to follow the company’s social media accounts on Twitter, Facebook, LinkedIn, and Instagram, as well as sign up for the company’s newsletters on both www.worksport.com and www.goterravis.com, to stay up to date on all of the latest news. Worksport will continue to update shareholders, supporters, and investors to maintain the highest level of disclosure and information dissemination as Worksport continues to grow and develop at a very rapid pace.
Summary of the offering
According to the circular, and subject to change, Worksport will offer a maximum of 40,000,000 Units (the “Maximum Offering”). Each Unit is comprised of one share of common stock (a “Common Stock”), and one Common Share purchase warrant (each whole warrant, a “Warrant”) to purchase one additional Common Share (a “Warrant Share”) at an exercise price of $0.20 USD per Warrant Share, subject to certain adjustments, over a 12-month exercise period following the date of issuance of the Warrant. Interested investors should consult the entire circular at https://invest.worksport.com.