Less than three months after my generally upbeat visit to Workhorse Group’s refurbished plant near the Ohio-Indiana border, the electric truck maker’s situation appears dire.
Layoffs and furloughsWorkhorse has laid off 20% of its workforce. Much of the rest is on unpaid furlough and could be called back to work.
The company is choked with inventory. It has less than $7 million in cash on the books and accounts payable for more than twice that amount. At a projected burn rate less than Q1’s $5.5...
https://www.freightwaves.com/news/workhorse-on-the-bubble-or-is-it-worse