GreenPower Motor

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

Cash-starved Workhorse Group seeks to create new shares

With just $62.4 million in cash on its balance sheet, Workhorse Group desperately needs shareholders to agree to dilute their holdings by authorizing a near doubling of shares in the electric vehicle maker.

Workhorse is using a proxy solicitation firm to corral votes in favor of the measure. It needs 50% plus one of all outstanding shares to pass the measure. Workhorse is seeking to increase the number of authorized shares to 450 million from 250 million in a special shareholder meeting on Aug....

https://www.freightwaves.com/news/cash-starved-workhorse-group-seeks-to-create-new-shares

Workhorse narrows loss but misses on Q4 revenue and earnings

Electric truck maker Workhorse Group narrowed its losses in the fourth quarter but missed on analyst estimates of revenue and earnings per share.

Workhorse shares closed Wednesday 14.81% lower at $1.75, not far above its 52-week low of $1.40.

The Cincinnati-based company is continuing a makeover that began with the hiring of veteran auto supplier executive Rich Dauch as CEO in August 2021. 

Workhorse sold 23 units of a GreenPower Motor Co. chassis cab called the W4 CC, generating most of the...

https://www.freightwaves.com/news/workhorse-narrows-loss-but-misses-on-q4-revenue-and-earnings

Workhorse turns to GreenPower for Class 4 vans while lineup reset

Electric delivery van maker Workhorse Group is going to sell a version of GreenPower Motor Co.’s medium-duty Class 4 vehicle while it redesigns its own product lineup beset by quality and safety issues.

GreenPower’s zero-emissions EV Star is used in cargo and delivery, shuttle, transit and school bus markets. 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. 

The W750 will feature up to 150...

https://www.freightwaves.com/news/workhorse-turns-to-greenpower-for-class-4-vans-while-lineup-reset

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