In Greater CincinnatiĪ small company doing less than $3 million in sales in the past 12 months, Workhorse has tried to raise its local profile by putting its name on the north gate at local soccer team FC Cincinnati's TQL Stadium in Cincinnati's West End neighborhood. In August, Workhorse disclosed it has sold off 72% of its stake in Lordstown. Workhorse leased the technology to Lordstown Motors in exchange for a 10% stake in Lordstown Motors and a 1% royalty on the first 200,000 pickups sold. The technology for Lordstown Motors' Endurance pickup truck was developed and owned by Workhorse. Burns founded Lordstown Motors after he left Workhorse in 2019. Workhorse described itself as a 'strategic partner' of another Ohio electric vehicle-maker, Lordstown Motors, both founded and run by entrepreneur Steve Burns. 22, Workhorse announced it was recalling 41 vehicles and suspending deliveries of its C-1000 trucks, pending a redesign and review. Hughes was replaced by CEO Richard 'Rick' Dauch, who took the company helm on Aug. Company officials said it needed to delay mass production to beef up its vehicles' payload – the weight of the cargo it can carry. The company withdrew its production and financial guidance in July the same day it announced its former CEO Duane Hughes was stepping aside. Workhorse has had several delays trying to increase production. Workhorse has become the subject of an unspecified investigation by the U.S. For example, dropping off / picking up children to school on the way to / from work. Workhorse: How a tiny, unprofitable electric vehicle company made insiders millionaires Delays and leadership changes Workhorse vehicles are generally exempt from the car fringe benefit rules, provided the private use of that vehicle is restricted to only minor, infrequent and irregular use. The company is also developing drone technology for package delivery. Since losing its bid for the contract, Workhorse is trying to ramp up its production to fulfill orders of nearly 8,000 vehicles. Optimism in its postal contract prospects and overall electric vehicle enthusiasm combined in late 2020 to make Workhorse a 'meme stock' – a company with a strong investor fanbase on social media that can inflate share prices to unsustainable levels. Instead, the contract was award to a Wisconsin rival, Oshkosh, on Feb. Postal Service contract to replace thousands of aging deliver vehicles.

Wall Street analysts and many investors believed Workhorse was the front-runner to win all or part of a massive $6 billion U.S. 4, but recently dropping as low as $7.05 on Sept. Watch Video: Video: Workhorse Group's 'last mile' delivery drone in actionįounded in 2007 and based in the Cincinnati suburb of Loveland, Workhorse is a manufacturer of electric-powered cargo vans.Ī publicly-traded company, Workhorse's stock has soared and crashed in the past year: peaking at $42.96 on Feb.