Update PLEASE READ:
The Moving Forward Act HAS been passed by the house of Representives
NOT the Senate!! I thought it has but looks like it hasn’t
The September Deadline is for the SENATE to come to a conclusion on the bill.
SO they could end up going with any manufacturer they want..
Who Is WorkHorse
UPS Demo of Workhorse HorseFly Truck-Launched Delivery Drone
Why Do We Care About WorkHorse, And How Do We Make Money?
No Repulican Has Won The Election With OUT Ohio Win
Remeber LordsTown? Well WorkHorse Gets 10% of everything They make for the next 2 years. Lordstown is planning on not even using 30% of its facility for now. Which means they have room to help build new WorkHorse Vehicles. So investing in Workhorse is also getting over 100$m from just the preorders alone from the Lordstown EV truck.
Workhorse Group Successfully Passes FMVSS Tests for Its All-Electric Delivery Vans
CINCINNATI, June 23, 2020 /PRNewswire/ — Workhorse Group Inc. (Nasdaq: WKHS) (“Workhorse” or “the Company”), an American technology company focused on providing sustainable and cost-effective electric vehicles to the last mile delivery sector, announced today that it has successfully completed Federal Motor Vehicle Safety Standards (FMVSS) testing for its C650 and C1000 all-electric delivery vans.
The overall FMVSS testing process consists of a multitude of high-level, significant reviews and required approvals for vehicle safety, including seat belt efficacy and additional seating safety and braking system standards, among other areas.
“The successful completion of our FMVSS testing confirms that the design, construction, performance, and durability of our all-electric 650 and 1000 cubic foot C-Series delivery vans meet federal requirements, making Workhorse the only American all-electric OEM designing and manufacturing last mile delivery vehicles to complete this testing,” said Company CEO Duane Hughes. “With this late-stage milestone certification now behind us, we remain well-positioned to execute on our production timeline for the remainder of the year.”
How Many Vehicles In Le Pipe?
Release Updates and Highlights
- Continued production efforts as an “essential” business with deliveries planned for second quarter of 2020.
- Reaffirmed previous production and delivery target of 300-400 vehicles in 2020.
- Receiving increased interest in patented delivery truck mounted HorseFly™ drone capabilities from both government and commercial customers.
“In the first quarter we completed several major roadmap objectives which have us well-positioned to execute on our production timeline as well as improve our long-term corporate governance and competitive positioning,” said Workhorse CEO Duane Hughes. “Because we provide vital support and infrastructure for the transportation and delivery sectors, we have been deemed an essential service, allowing us to continue working throughout the period. We will be delivering our C-Series vehicles to customers in the second quarter, and we remain on schedule to achieve our target of delivering 300 to 400 vehicles by the end of this year. To that end, we are in the final stage of preparing a detailed production plan of when we can deploy vehicles into Ryder Systems’ sales channel starting in 2020 and into 2021.
“Through our recent appointments of Jacqui Dedo and Pamela Mader to our board of directors, we now have two automotive industry veterans, respectively, with experiences at international enterprises managing major vehicle production efforts. We expect their guidance will be invaluable as we look to ramp up our capacity during the second half of this year. We also further strengthened our intellectual property portfolio and made significant strides within our HorseFlyTM drone program during the period, highlighted by our provisional patent application and our recent collaborative testing efforts with UPS and CIT, which have the potential to provide a much-needed alternative delivery method to support our medical workers and healthcare system during a truly tumultuous time.”
First Quarter and Recent Operational Highlights
- May 2020: Appointed automotive industry veterans Jacqueline Dedo and Pamela Mader to the Company’s board of directors, expanding its leadership team from six to eight, including seven independent directors.
- April 2020: Partnered with UPS and Virginia’s Center for Innovative Technology (CIT) in tests evaluating the commercial drone industry’s ability to provide and scale small unmanned aerial systems to support various use cases to speed and assist the U.S. healthcare system during the CCervezza crisis.
- April 2020: Expanded the Company’s HorseFly™ patent portfolio by filing a provisional application, which is intended to protect the Unmanned Aerial System (UAS) and several of the UAS’s key components and capabilities, including the ground control station, winch deliveries and aircraft structure.
- March 2020: Showcased the Company’s new C650 all-electric step van at the NTEA Work Truck Show in Indianapolis.
- February 2020: Awarded ISO 9001:2015 certification for the Company’s quality management system and received a U.S. Environmental Protection Agency (EPA) Certificate of Conformity for each C-Series all-electric delivery truck, the latter providing Workhorse vehicles the right and authority to operate on U.S. roads and highways.
SUPER key Factors On Why WorkHorse Can Multiply Our Money:
They Just got $110 Million CASH:
This financing gives us almost $110 million of cash to support our accelerated production efforts and working capital needs. With the first two C-Series trucks officially sent to Ryder Systems earlier this week, production and delivery are now underway. While the majority of our annual targeted deliveries will be in the fourth quarter, the certifications from the EPA and the California Air Resources Board expand our early technology leadership position as the only fully permitted, last-mile EV OEM with outstanding sales orders currently building vehicles for commercial use across the country.—Workhorse CEO Duane Hughes
USPS Pending Contract for $6 Billion Dollars:
Then Sec. 50002 gets more specific about how the $6 billion for vehicles must be used:
Requires the Postal Service to use any of the authorized funds to purchase electric or zero-emission vehicles to replace its current right-hand-drive vehicles to the maximum extent practicable. However, at least 75 percent of the new fleet must be such vehicles. The section would also require that the fleet of medium and heavy-duty trucks consist of at least 50 percent of electric vehicles by 2030 and that any vehicle purchased after 2040 be electric or zero-emission.
“The section would require the Postal Service to provide at least one charging station at each publicly accessible facility it owns or leases by 2026 and ensure that it has adequate charging facilities to keep its fleet operating.”
(f) Contingent on appropriation.—The requirements of subsections (a) through (e) of this section shall not apply unless the funds authorized for vehicles under section 50001 are appropriated.
(g) Sense of Congress.—It is the sense of Congress that, as the Postal Service replaces or upgrades its fleet of delivery vehicles, the Postal Service should take all reasonable steps to ensure that its vehicles are equipped with climate control units to protect the health and safety of its mail carriers, especially those working in areas of the country that are subject to extreme temperatures.
There were 4 contenders but 1 just dropped out of the race.
They have drones that the USPS might end up taking advantage of?
Q2 earnings are coming up Tommorow 8 – 10 2020 for WorkHorse.
Cathie Wood’s ARK Invest doubled position in past 3 weeks – Other than Tesla only other Electronic Vehicle Company
Other Contenders for The USPS Contracts Other Than WorkHorse?
Its Plug in HYBRID NOT 100% Electric –
- both gasoline and battery to keep an eye on
- heaviest options
- Current world affairs dont bode well with Turkey
Ford And Military Vehicle Company Oshkosh
- Is GAS.. which they are totally phasing out. Current Life of Vehicle 30 years. They aren’t going to want to replace all these in 10 years.
- Downtime and vehicle maintenance oil changes/fuel filters etc.
- CEO Just Bounced ?
Mahindra ( Which Just Backed Out! )
WorkHorse USPS Van
- Down time cut in half as its 100% electric. No oil Changes/Sparkplugs.
- Will have to build charging stations.
- lightest of all – less wear on tires/shocks
My thoughts on Will WorkHorse win the USPS Contract?
- the only 100% electric option
- 75% of new fleet HAS to be 0 emission..
- They have tons of orders in the pipe for other e vehicles
- Lordstown/OHIO connection – Trump will want this – He also seems to lean on GM vs Ford and Lordstown is a GM thing
- Proven track record in the Electronic Vehicle Space
- USPS has already talked about Drone’s before so they could easily adopt the drone capabilities from WorkHorse.
How Am I gonna play this?
Im already in.. but will be watching earnings and IF market reacts bad to them I will most likely buy even more.
When will the USPS announce the Merger with WorkHorse Electric Vehicles?
Before September 30th
Charts – WKHS 104.6M Shares