Each of the company logos represented herein are trademarks of Microsoft Corporation Dow Jones & Company Nasdaq, Inc. This page has not been authorized, sponsored, or otherwise approved or endorsed by the companies represented herein. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Workhorse currently carries a Zacks Rank of 4 (Sell). Moreover, with auto bigwigs like General Motors ( GM Quick Quote GM - Free Report), Honda ( HMC Quick Quote HMC - Free Report), Volkswagen and others gearing up efforts to capitalize on the trending EV race, prospects are dim for Workhorse. However, the company has since struggled to meet production targets.Īlso, the biggest headwind for Workhorse is its lack of manufacturing capabilities and constant supply-chain constraints. government thumbs-up to begin production of the van last year, thus garnering a slew of orders in early 2021. Workhorse is famous for its flagship C-Series electric van, which is a short-range electric van designed for the so-called last-mile service, such as deliveries to homes and businesses. Workhorse Group is an EV manufacturer, specializing in delivery vans and the development of a stepvan chassis. government as the company accelerates its vehicle electrification efforts. Additionally, Dauch aspires to drive the company ahead and wants to keep avenues open for future contracts with the U.S. Dauch has further stated his intention to cooperate with the government on future electric vehicles (EV), rather than challenge it through litigation. Reportedly, Dauch sees multiple business opportunities for Workhorse’s last-mile delivery trucks and drone system, and wants to kindle the company’s focus on taking advantage of those. The dismissal of the lawsuit comes from Workhorse’s newly-appointed CEO, Rick Dauch, who took over just six weeks ago, following several quarters of the company not achieving production targets. Workhorse’s decision to withdraw the suit comes just two weeks after a short-selling research firm published a report on the start-up, alleging fraud and accusing the company of hiding a Securities and Exchange Commission (SEC) investigation from investors. Nonetheless, the picture seems to have suddenly changed with Workhorse deciding to abruptly drop the suit. Also, Workhorse claimed that the Postal Service unfairly blamed its truck for a mishap that injured a worker evaluating the prototype. Workhorse called the USPS' decision "arbitrary, capricious, and without rational basis". Court of Federal Claims in mid-June, against the USPS’ decision to award the contract to Oshkosh. This was followed by Workhorse filing a suit in the U.S. However, this February, Workhorse lost the long-awaited USPS’ multibillion-dollar contract for the next mail truck to rival Oshkosh, ending a contest that started in 2015. Workhorse was one of the few companies that went into the final stage of the bidding process. The USPS set out to replace its current mail trucks in 2015, in an effort to make the fleet more fuel efficient and give mail carriers state-of-the-art facilities, like advanced safety features and air conditioning. The court accepted Workhorse’s dismissal late Tuesday - just a day before the first oral arguments on the USPS’s motion to dismiss the suit were scheduled to commence. ( WKHS Quick Quote WKHS - Free Report) recently announced that it is voluntarily withdrawing its lawsuit protesting the United States Postal Service’s (USPS) decision to let Oshkosh’s ( OSK Quick Quote OSK - Free Report) Defense arm build the next-generation mail truck.
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