In June 2019, Workhorse obtained US$25 million for the continued development of the N-GEN delivery van. The trucks were expected to have a 100-mile range on electric power. In 2018, UPS announced that it would partner with Workhorse to develop and manufacture a fleet of 50 plug-in electric trucks. Moog plans on using the SureFly as a demonstrator for autonomous delivery vehicles. bought the SureFly program for $5 million. In December 2019, aerospace company Moog Inc. The SureFly would be built for air medical services, military organizations, agricultural customers, and for urban commuting. In December 2018, Workhorse announced that they were debuting its SureFly, an electric vertical take off and landing octocopter at the 2019 North American International Auto Show. The W-15 became the basis of the Lordstown Endurance pickup truck. Lordstown Motors paid a licensing fee to Workhorse, and the truck will be produced in the future without the gasoline range extender. In March 2020, Workhorse confirmed that it had transferred the W-15 pickup truck project to Lordstown Motors through a licensing agreement. A gasoline range extender supplies further range. It is scheduled to have 460 horsepower and a battery range of 80 miles. North Carolina's Duke Energy has stated that it will buy 500 of the vehicles, and the city of Orlando is also interested. In November 2016, Workhorse announced that they were working on an electrically powered pickup truck, called the W-15. On November 9, 2021, Workhorse confirmed it's SEC and Department of Justice investigations in a regulatory filling which stated that the investigations were related to the trade of securities in the company leading up to the award of the USPS contract to Oshkosh. The report also stated that Workhorse was being sued by some shareholders in the company, which accuses them orchestrating its USPS as part of an insider trading scheme. In November 2021 it was reported that Workhorse faced a Department of Justice investigation as well as a SEC investigation that was first reported in a September 2021 report by shortselling research firm Fuzzy Panda who accused the company of fraud which was followed up by a Cincinnati Enquirer report which found that top Workhorse executives and board members sold off $60 million worth of stock and that part of the selling occurred following interactions with postal officials which signaled their USPS bid was in trouble. President and COO Duane Hughes became the new CEO of Workhorse. In February 2019, Steve Burns, co-founder of AMP Electric Vehicles and CEO of Workhorse decided to resign from the company. On January 4, 2016, the Company was approved by Nasdaq Capital Market and its common stock started being quoted on Nasdaq under the symbol “WKHS” (NASDAQ: WKHS). In 2015, AMP changed its company name to Workhorse Group Incorporated. In March 2013, AMP Electric Vehicles took over Workhorse Custom Chassis, LLC's assets and began offering a range of electric vehicles. Navistar then shuttered the plant in 2012 to cut costs after having suffered heavy losses. By 2005, they were taken over by Navistar International, which had been selling them diesel engines. Workhorse Custom Chassis, LLC was founded in 1998 by investors who took over the production of General Motors' P30/P32 series stepvan and motorhome chassis. 1.1 Lordstown Plant & Licensing Agreement."By withdrawing our protest, we can also better focus our time and resources on initiatives that we expect will be more productive for our company." The stock has tumbled 40. ![]() "The federal government has announced its intention to replace its fleet with electric vehicles, and we believe that the best way for us to work with any governmental agency is through cooperation, not through litigation," Dauch said. On Wednesday, new Chief Executive Rick Dauch said he has been examining the history of the USPS bid and protest filing since he became CEO six weeks ago. The company had indicated earlier this year that it would fight the USPS decision to award the Next Generation Delivery Vehicle (NGDV) contract for battery-electric vehicles and fuel-efficient internal combustion engine vehicles to Oshkosh Corp.Ī decision which some on Wall Street believed may have been politically motivated. Fell 0.8% in premarket trading Wednesday, putting them on track to open at a four-month low, after the electric vehicle maker said it has withdrawn its U.S.
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