![]() ![]() The reason for this new strategy is that during the Q2 conference call, management stated that the Workhorse facility in Union City, Indiana may not be cost-competitive for such a large contract today. How that is exactly going to be accomplished is still a mystery. The bulls see this as a further impetus for Workhorse to be awarded the USPS contract.Ī new twist in the bull case, is the potential to retrofit the Lordstown Motors facility to make the postal service delivery vans, in addition to its core EV pick-up truck. Ohio is a swing state, and Trump wants to get re-elected. ![]() An added plus is that EV trucks have low maintenance costs. Since August 10th, there has been increasing speculation on Workhorse winning the US Postal Service delivery vans. Management remained optimistic stating that it hopes to produce a couple hundred trucks at the end of the December quarter. Management noted that only one truck was delivered in Q2, and only a handful of trucks are expected to be delivered in the current quarter. On August 10th, Workhorse reported Q2 results with revenues of $92k, and a net loss of $131.3M (including a $108.4M non-cash charge mostly due to the change in the fair value of a convertible note due to the sharp rise in the stock price during Q2). Since I wrote an article featuring Workhorse (NASDAQ: NASDAQ: WKHS) published on August 5th, Workhorse stock has been quite volatile in the $15 to $19 range on higher trading volumes. ![]()
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