3/23/2023 0 Comments Workhorse mail truckWorkhorse is continuing to cooperate with SEC and Department of Justice investigations of the company. When Dauch took over the Cincinnati-based company, he withdrew the legal action, saying that suing the government from which it hoped to win business was unwise. Months of drama followed as Workhorse tried in federal claims court to get the contract award to Oshkosh Truck Co. Postal Service contract for next-generation delivery vehicles. Workhorse became a meme stock in late 2020 and early 2021 as it competed but ultimately was passed over in consideration for the $6 billion U.S. In the GreenPower arrangement, which could be extended, Workhorse gets a product it did not offer that keeps the brand relevant during its engineering and manufacturing makeover.įounded in 2007 as Amp Electric by Steve Burns, Workhorse has stumbled for most of its existence, losing a first-mover advantage in electric pickup-and-delivery vans because of financial and quality missteps. ![]() and Canadian customers from its Union City, Indiana, plant. Workhorse will complete the manufacturing process and deliver finished step vans to its U.S. GreenPower ( NASDAQ: GP) will deliver the cabs and chassis over a 21-month schedule. The W750 will feature up to 150 miles of all-electric range, with a payload capacity of 5,000 pounds and 750 cublic feet of capacity with standard 60kW direct current (DC) fast charging. Workhorse will get 1,500 cabs and chassis that it will fit with its battery-electric system and sell in North America as the W750 step van beginning in Q3. GreenPower’s zero-emissions EV Star is used in cargo and delivery, shuttle, transit and school bus markets. Workhorse has no contracts with customers that include long-term commitments or minimum volumes to ensure future sales of vehicles, the company said in its 10-K filing with the Securities and Exchange Commission on Tuesday. Having completed Federal Motor Vehicle Safety Standards compliance and correcting issues that led to the recall of 41 vans sold in 2021, Workhorse is repairing existing C-1000s and will build 50 to 75 more of the vans from inventory before retiring the product except for service parts. ![]() ![]() Under Dauch, appointed last July, Workhorse ( NASDAQ: WKHS) did a complete product review and determined its products were not ready for prime time. Workhorse will begin building a W56 platform for the Class 5 and 6 delivery van and truck market in 2023 followed by a W34 platform in 2024 that builds on technology and field experiences from legacy E-Gen and C-1000 trucks. Meanwhile, to bridge the gap toward new Class 3-6 trucks in 20, the Cincinnati-based company will finish and sell and a version of GreenPower Motor Co.’s medium-duty Class 4 vehicle.īut even that addition is likely to amount to 250 trucks or a few more by the end of the year, Workhorse CEO Rich Dauch said Tuesday as the company reported a sea of red ink for Q4 and all of 2021. Editor’s note: Updates throughout with Q4 earnings and additional product plansĮlectric delivery van maker Workhorse Group expects to build no trucks in the first half of the year other than a few of its to-be-discontinued C1000 step van from abundant leftover parts.
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