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Found 7 results

  1. Back in early May, we reported that electric truck maker Workhorse was in talks with General Motors to buy the shuttered Lordstown Assembly plant that formerly built the Chevrolet Cruze. The plan seemed founded more on hopes and dreams rather than actual financial reality. Workhorse's only model, the W-15 is a truck with an 80 mile range and a built in range extender, has not exactly been climbing the sales charts. In fact, the company booked only $6,000 in sales in the 2nd quarter of 2019, roughly $70 per day. Following that report, the company's stock plunged 35%. Deliveries of the truck are currently on hold and will resume in the 4th quarter this year. There is currently a $70 Million backlog of orders to fill. Hopes of a solution for Lordstown coming from Workhorse are dim, but there is one thing that could save the deal: a $6.3 Billion contract from the US Postal Service to build the next generation of mail trucks, though Tom Colton, a spokesman for Workhorse said that the Lordstown deal isn't contingent on the contract from the USPS. Under the proposed Lordstown deal, a new company would be formed called Lordstown Motors Corp. which would license the Workhorse technology to produce vehicles based on the W-15 model. Workhorse itself would own a minority stake in the company. The UAW is still in talks with General Motors to reopen the plant and assign new product to it. View full article
  2. Back in early May, we reported that electric truck maker Workhorse was in talks with General Motors to buy the shuttered Lordstown Assembly plant that formerly built the Chevrolet Cruze. The plan seemed founded more on hopes and dreams rather than actual financial reality. Workhorse's only model, the W-15 is a truck with an 80 mile range and a built in range extender, has not exactly been climbing the sales charts. In fact, the company booked only $6,000 in sales in the 2nd quarter of 2019, roughly $70 per day. Following that report, the company's stock plunged 35%. Deliveries of the truck are currently on hold and will resume in the 4th quarter this year. There is currently a $70 Million backlog of orders to fill. Hopes of a solution for Lordstown coming from Workhorse are dim, but there is one thing that could save the deal: a $6.3 Billion contract from the US Postal Service to build the next generation of mail trucks, though Tom Colton, a spokesman for Workhorse said that the Lordstown deal isn't contingent on the contract from the USPS. Under the proposed Lordstown deal, a new company would be formed called Lordstown Motors Corp. which would license the Workhorse technology to produce vehicles based on the W-15 model. Workhorse itself would own a minority stake in the company. The UAW is still in talks with General Motors to reopen the plant and assign new product to it.
  3. When General Motors announced that it would be potentially selling its Lordstown plant to electric car start-up Workhorse Group Inc, there was a fair amount of head-scratching. The company is best for their W-15 range-extended pickup (which has been delayed) and electric vans. They are also known for the Surefly octocopter drone their former CEO Steve Burns is trying to sell. Why the skepticism? Workhorse isn't looking so good on the financial sheets. Back in March, Trucks.com published a report talking about the various financial setbacks the company has been facing. From their story, The news hasn't gotten any better in 2019. Their most recent financial statement to the SEC reveals the company has $2,847,936 of on-hand cash at the end of March. They also reported a net loss of $6,264,172. "Workhorse appears to be a very slow-moving venture that has a lot of risk, and no massive amount of funding. Lordstown is a massive facility, and despite some investments over the years, I don't believe it would be easily converted to build electric pickups without substantial investment," said Jeff Schuster, an industry analyst for LMC Automotive to The Detroit News. But Workhorse has a plan for this. Both the News and Trucks.com report that “newly formed entity” would be created and Workhorse would be a minority stakeholder. The entity "would own Lordstown and use Workhorse technology and intellectual property to build a vehicle." Where would the business get the capital to this is unclear. Workhorse spokesman Tom Colton declined to comment when asked about possible funding sources. “There’s got to be some big contract behind this because Workhorse’s financials and forecasts just don’t merit a plant that makes 450,000 units a year,” said Kristin Dziczek, director of the labor and industry group for the Center for Automotive Research. There is also the issue of utilizing all of that space that Lordstown offers - 6.2 million square feet. Analysis done by LMC says Workhorse would need to produce 410,000 trucks and vans per year to reach full capacity. At the moment, LMC forecasts Workhorse producing between 5,000 to 10,000 vehicles. Again, Workhorse may have a solution. Here is GM Spokesman Jim Cain speaking to The Detroit News, As mentioned earlier, Workhorse is one of the five finalists on building new trucks for the U.S. Postal Service. They are teamed up with VT Hackney - a company that builds specialized bodies for work trucks - Emergency services and Beverage trucks to give some examples. The contract is worth $6.3 billion. But Jalopnik reported yesterday that the post office truck would not be built in Lordstown. As it stands, there are a lot of questions and unknowns about this possible deal. Source: The Detroit News, Trucks.com View full article
  4. When General Motors announced that it would be potentially selling its Lordstown plant to electric car start-up Workhorse Group Inc, there was a fair amount of head-scratching. The company is best for their W-15 range-extended pickup (which has been delayed) and electric vans. They are also known for the Surefly octocopter drone their former CEO Steve Burns is trying to sell. Why the skepticism? Workhorse isn't looking so good on the financial sheets. Back in March, Trucks.com published a report talking about the various financial setbacks the company has been facing. From their story, The news hasn't gotten any better in 2019. Their most recent financial statement to the SEC reveals the company has $2,847,936 of on-hand cash at the end of March. They also reported a net loss of $6,264,172. "Workhorse appears to be a very slow-moving venture that has a lot of risk, and no massive amount of funding. Lordstown is a massive facility, and despite some investments over the years, I don't believe it would be easily converted to build electric pickups without substantial investment," said Jeff Schuster, an industry analyst for LMC Automotive to The Detroit News. But Workhorse has a plan for this. Both the News and Trucks.com report that “newly formed entity” would be created and Workhorse would be a minority stakeholder. The entity "would own Lordstown and use Workhorse technology and intellectual property to build a vehicle." Where would the business get the capital to this is unclear. Workhorse spokesman Tom Colton declined to comment when asked about possible funding sources. “There’s got to be some big contract behind this because Workhorse’s financials and forecasts just don’t merit a plant that makes 450,000 units a year,” said Kristin Dziczek, director of the labor and industry group for the Center for Automotive Research. There is also the issue of utilizing all of that space that Lordstown offers - 6.2 million square feet. Analysis done by LMC says Workhorse would need to produce 410,000 trucks and vans per year to reach full capacity. At the moment, LMC forecasts Workhorse producing between 5,000 to 10,000 vehicles. Again, Workhorse may have a solution. Here is GM Spokesman Jim Cain speaking to The Detroit News, As mentioned earlier, Workhorse is one of the five finalists on building new trucks for the U.S. Postal Service. They are teamed up with VT Hackney - a company that builds specialized bodies for work trucks - Emergency services and Beverage trucks to give some examples. The contract is worth $6.3 billion. But Jalopnik reported yesterday that the post office truck would not be built in Lordstown. As it stands, there are a lot of questions and unknowns about this possible deal. Source: The Detroit News, Trucks.com
  5. In a series of tweets today, Trump announced that General Motors will be selling their Lordstown plant to electric truck maker Workhorse. Lordstown was shut down in March of this year and formerly built the Chevrolet Cruze. The details of the plant sale have not yet been announced. Workhorse is a Cincinnati based company who builds EV pickups with a built in range extender, similar in concept to the Chevrolet Volt. Workhorse's sole model is the W-15, capable of driving up to 80 miles on a charge before a gasoline powered range extender kicks in. It uses two motors to provide all-wheel drive. The only configuration available is an extended cab with 6.5 foot bed. They can tow up to 5,000 lbs and have a payload of 2,200 lbs. Pricing starts at $54,500 before tax credits. Workhorse intends to start production for the retail market sometime in 2019. Fleet orders have already started. GM is not denying any of the information in the tweets from Trump. Update: General Motors has confirmed that talks are ongoing. View full article
  6. In a series of tweets today, Trump announced that General Motors will be selling their Lordstown plant to electric truck maker Workhorse. Lordstown was shut down in March of this year and formerly built the Chevrolet Cruze. The details of the plant sale have not yet been announced. Workhorse is a Cincinnati based company who builds EV pickups with a built in range extender, similar in concept to the Chevrolet Volt. Workhorse's sole model is the W-15, capable of driving up to 80 miles on a charge before a gasoline powered range extender kicks in. It uses two motors to provide all-wheel drive. The only configuration available is an extended cab with 6.5 foot bed. They can tow up to 5,000 lbs and have a payload of 2,200 lbs. Pricing starts at $54,500 before tax credits. Workhorse intends to start production for the retail market sometime in 2019. Fleet orders have already started. GM is not denying any of the information in the tweets from Trump. Update: General Motors has confirmed that talks are ongoing.
  7. UPS going Green in a BIG way! Paris and London, both these cities have stated by 2040 all auto's, delivery vehicles, etc. that are powered by ICE or internal combustion engines will be banned from the streets. This has especially package delivery companies in a pickle on how to honor the law and still deliver the packages. UPS has stepped up to the plate to figure this out by buying a fleet of EV package delivery vans from Arrival LTD. Based on their web site, a fairly new company out of skunk mode in 2017 as they sold and are delivering 35 EV vans to UPS for use in London / Paris. Under heavy load these vans will supply 150 miles of range. More than enough to cover their average daily driving of 75-100 miles. These vans in a smaller version will be used by the Royal Mail delivery throughout the UK. Replacement of existing petro mail delivery vans will happen as the vans age / mile out of service. Not leaving all their eggs in one basket, UPS has also purchased a small new fleet of plug-in hybrid delivery vans from Workhorse. These 50 Hybrid vans that are 100 miles pure electric with a generator on board should be able to cover a total of 350 miles. These delivery trucks will cover the rural routes where driving 100 to 200 miles a day is common yet inner city deliveries are less than a 100 miles a day. This continues UPS push as they now have 300 EV vans on the roads in North America and Europe with an addition 700 plug-in Hybrid trucks in both places. UPS says over the next 5 years they will have to replace 35,000 delivery vans and as part of their normal cycle, if they can reduce their cost on fuel by going plug-in hybrid or pure EV and reduce maintenance costs, then changing over sooner rather than later will benefit UPS bottom line. Arrival Web Site Workhorse Web Site Apex Insight Story Digital Trends Story The Detroit Bureau Story Reuters Story Next Greencar Story

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