Workhorse on the bubble, or is it worse?

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 furloughs

Workhorse 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

Renewed: Nikola and Trevor Milton’s soap opera 

No one asked for another season of the soap opera featuring Nikola Corp. and its convicted founder, Trevor Milton. But here we are.

Heigh- ho, heigh-ho, it’s off to court we go

When last we left the ongoing drama that is Nikola Corp. and its convicted founder, Trevor Milton, the fuel cell truck and hydrogen fuel distribution company had been unable to collect on a $167.7 million arbitration award in November. Milton moved in January to get the award overturned.

Last month, Nikola sued Milton in...

https://www.freightwaves.com/news/renewed-nikola-and-trevor-miltons-soap-opera

SEC smackdown and SuperTruck news overwhelm convention dispatches  

The annual Work Truck Week and American Trucking Associations Maintenance & Technology Council pile on stakeholder-specific dispatches each March. But this week bigger stories originated outside the convention halls in Indianapolis and New Orleans.

The Securities and Exchange Commission in Washington is as good a starting point as any.

Lordstown Motors gets an SEC comeuppance

Nearly three years after Hindenberg Research set its sights on Lordstown Motors Corp., accusing the former special purpose...

https://www.freightwaves.com/news/sec-smackdown-and-supertruck-news-overwhelm-convention-dispatches

Fuel cell-powered mining trucks next up for GM Hydrotec

An array of fuel cell power cubes from General Motors will power Komatsu’s massive off-roading mining trucks by mid-decade — each operating with more than 2 megawatts of hydrogen power.

The use of multiple fuel cells to provide power to the massive off-highway Komatsu’s 930E electric drive mining truck is an ideal use case for fuel cells, whose only emission is water vapor. The Komatsu model is the world’s bestselling ultra-class haul truck. 

GM and Komatsu will jointly design and validate the...

https://www.freightwaves.com/news/fuel-cell-powered-mining-trucks-next-up-for-gm-hydrotec

Truck electrification is much more than picking a charger

You can buy a charger for an electric vehicle from any number of suppliers. But it’s an incomplete purchase without knowing when the charger is operating, how much juice it can put out at a given time and whether or not it’s occupied.

“The last conversation I’m having is ‘Let’s pick the right hardware, how to deploy it cost effectively, and let me help you operate it so you get the SLA (service life agreement) you want,” Rich Mohr, ChargePoint Holdings Inc. senior vice president for North...

https://www.freightwaves.com/news/truck-electrification-is-much-more-than-picking-a-charger

UAW employees will strike at Mack Trucks after rejecting contract

United Auto Workers-represented employees at Mack Trucks overwhelmingly voted down a tentative agreement Sunday. They plan to strike operations in three states Monday.

The strike involves 3,900 workers at Volvo Group operations plants in Pennsylvania, Maryland and Florida. It coincides with but is separate from an ongoing UAW walkout at Detroit’s three automakers — General Motors, Ford and Stellantis, the parent company of Chrysler, Dodge, Jeep and Ram Trucks.

In a letter to Holly Georgell,...

https://www.freightwaves.com/news/uaw-employees-will-strike-at-mack-trucks-after-rejecting-contract

Lordstown Motors founder buys company assets out of bankruptcy

The soap opera that is Lordstown Motors is taking yet another unusual turn. The company founder and former CEO is paying $10 million to buy the electric pickup maker’s assets out of bankruptcy.

Lordstown’s “selling entities” said in a Securities and Exchange Commission filing Friday that Steve Burns made the only qualified bid for the assets. Burns founded the company in 2019 and brought it public through a merger with a special purpose acquisition company in 2020.

Burns and former Chief...

https://www.freightwaves.com/news/lordstown-motors-founder-buys-company-assets-out-of-bankruptcy

UAW-represented Mack Trucks workers near strike deadline

United Auto Workers-represented workers at Mack Trucks could strike as soon as Monday. The current agreement, signed after a two-week strike in 2019, expires Sunday night.

Most attention is focused on an expanding strike against the Detroit Three automakers — General Motors, Ford and Stellantis. The situation involving 3,900 union members at Volvo Group North America facilities in three states has attracted little attention.

Mack is part of the Greensboro, North Carolina-based Volvo Group which...

https://www.freightwaves.com/news/uaw-represented-mack-trucks-workers-near-strike-deadline

Nikola’s latest hire puts its SPAC sponsors in full control

The hiring of Mary Chan as chief operating officer at Nikola Corp. puts the key players in the special purpose acquisition company that brought the electric truck maker public in charge from the boardroom to the factory.

When Chan takes on the newly created role on Oct. 9, executives of the SPAC sponsor VectorIQ will occupy the chair, CEO and COO roles. She was president, COO and a managing partner at VectorIQ II, a follow-on SPAC that refunded investor money following the bursting of the SPAC...

https://www.freightwaves.com/news/nikolas-latest-hire-puts-its-spac-sponsors-in-full-control

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