Workhorse Group

Workhorse losses grow as stock surges, production ramps up

Electric delivery van and drone maker Workhorse Group Inc. (NASDAQ: WKHS) reported a dramatically wider second-quarter loss because of interest paid on borrowed money linked to its stock, the value of which grew explosively during the quarter.

Two senior secured convertible notes with HT Investments MA LLC raised $95 million in cash in December 2019 and in June this year. Workhorse paid net interest of $124.3 million because it is paying principal and interest on the loan in company stock. Net...

https://www.freightwaves.com/news/workhorse-losses-grow-as-stock-surges-production-ramps-up

Lordstown Motors going public in reverse merger

Vice President Pence and Endurance pickup

Startup electric pickup truck maker Lordstown Motors Corp. (LMC) will go public in a reverse merger that will bring it the much-needed cash to retool a former General Motors (NYSE: GM) car plant.

The deal with DiamondPeak Holdings Corp. (NASDAQ: DPHCU) will bring $675 million to LMC at a valuation of $1.6 billion. Assuming the merger closes in the fourth quarter, LMC will trade under the ticker symbol RIDE.

“We evaluated hundreds of companies for more than a year and Lordstown stood out as a...

https://s29755.pcdn.co/news/lordstown-motors-going-public-in-reverse-merger

Ryder gets first two Workhorse electric vans

Workhorse delivery vans to Ryder

Ryder System Inc. (NYSE: R) took delivery of two Workhorse Group (NASDAQ: WKHS)  electric delivery vans, seemingly ahead of a large order from United Parcel Service (NYSE: UPS).

Workhorse announced the deal with Ryder on Tuesday. On Monday, Workhorse got the go-ahead from the California Air Resources Board (CARB) to sell its C-Series zero-emission vans. Under California’s Advanced Clean Truck regulation, all trucks in the state must run on electricity by 2045.

Neither Workhorse nor UPS responded...

https://s29755.pcdn.co/news/ryder-gets-first-two-workhorse-electric-vans

The Daily Dash: HOS changes could be delayed; improving drivers’ mental health

FMCSA considers hours of service changes

The Daily Dash is a quick look at what is happening today in the freight ecosystem. In today’s edition, the Federal Motor Carrier Safety Administration said it is considering a petition to delay the hours-of-service changes, Workhorse gets the OK to sell electric vans in all 50 states, Forward Air branches out and drivers get tips to improve their mental health.

HOS changes, we hardly knew ye?

The flexibility afforded truck drivers with the upcoming hours-of-service changes may be short-lived, if...

https://www.freightwaves.com/news/the-daily-dash-hos-changes-could-be-delayed-and-improving-drivers-mental-health

Workhorse gets jolt for zero-emissions electric vans

Workhorse zero-emissions electric vans

Workhorse Group Inc. (NASDAQ: WKHS) can sell its zero-emission C-Series electric delivery vans in all 50 states after a California ruling buttressed a federal finding in the company’s favor.

Now, Workhorse just has to build the vans.

The Cincinnati-based manufacturer is building a couple of trucks a day at its Union City, Indiana plant. The goal is 300 to 400 vans this year. United Parcel Service (NYSE: UPS) and DHL have placed orders for about 1,100 vans.

The California Air Resources Board (CARB)...

https://s29755.pcdn.co/news/workhorse-gets-jolt-for-zero-emissions-electric-vans

The Daily Dash: More states consider electric-truck mandates; stay safe and ignore HOS; why electric?

Freightliner eCascadia

The Daily Dash is a quick look at what is happening today in the freight ecosystem. In this edition, California is mandating electric-truck sales, and some other states may follow suit. Plus, drivers facing life-or-death situations shouldn’t worry about hours-of-service violations and why are investors so interested in electric-truck makers? 

As California goes, so goes the nation

When California announced the world’s first electric-truck sales mandate, it garnered headlines and its fair share of...

https://s29755.pcdn.co/news/the-daily-dash-more-states-consider-electric-truck-mandates-stay-safe-and-ignore-hos-why-electric

Electric truck story stocks drive market enthusiasm

Hyliion Class 8 hybrid truck

Talk about a V-shaped recovery. 

Shares of electrification startup Nikola Corp. (NASDAQ: NKLA) experienced the bounce back this week that few still predict for the nation’s economy following the COVID-19 pandemic.

Storytelling, more than products and revenue, is stoking market enthusiasm for electric trucks, including Workhorse Group (NASDAQ: WKHS). The early stage maker of electric delivery vans is attracting heady interest because of a possible windfall from startup Lordstown Motors Corp. 

Tortoi...

https://s29755.pcdn.co/news/electric-truck-story-stocks-drive-market-enthusiasm

$70 million financing keeps Workhorse’s share surge humming

Parked Workhorse van

Shares of Workhorse Group Inc. (NASDAQ: WKHS) continued their ascent after the company announced a new $70 million financing agreement.

The designer and maker of electric vehicles and truck-mounted delivery drones entered into a financing agreement with institutional investor, HT Investments (High Trail Capital), for a $70 million senior secured convertible note. The note is convertible into common stock by the investor at $19 per share, a 31% premium to the June 29 closing price of $14.51.

The...

https://s29755.pcdn.co/news/70-million-financing-keeps-workhorses-share-surge-humming

Lordstown Motors says first-year electric pickup build is sold out

Lordstown Motors sign

A commercial fleet-focused electric pickup from Lordstown Motors Corp. (LMC) is sold out for its first year – if the startup secures the $450 million needed to retool a former General Motors (NYSE: GM) car plant to make full-size trucks.

LMC revealed a prototype of its Endurance on Thursday with Vice President Mike Pence and U.S. Secretary of EnergyDan Brouillette in attendance.

“I really think this is a pickup truck 2.0,” CEO Steve Burns told FreightWaves in a June 23 interview. “We think we’ve...

https://s29755.pcdn.co/news/lordstown-motors-says-first-year-electric-pickup-build-is-sold-out

Workhorse gets final safety nod to begin electric van ramp-up

Workhorse C1000 electric delivery van

Workhorse Group Inc. (NASDAQ: WKHS) can begin ramping up production of its composite-body electric delivery van now that it has met federal safety standards.

Production of the C-Series 1,000- and 650-cubic-foot vans is trickling through assembly at Workhorse’s plant in Union City, Indiana. Workhorse has about 1,100 orders pending with United Parcel Service (NYSE: UPS) and others. It expects to build 300-400 trucks this year absent supply chain issues.

Workhorse successfully completed Federal...

https://s29755.pcdn.co/news/workhorse-gets-final-safety-nod-to-begin-electric-van-ramp-up

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