and Freightliner Custom Chassis Corp., a subsidiary of Daimler Truck North America. The stepvan chassis market is dominated by Ford Motor Co. Workhouse thinks it can carve out niche as 3rd player The bill of materials on the C-1000 was $178,000 compared to a selling price of about $80,000, Dauch told FreightWavesTV in a Truck Tech interview. Just designing, building and selling cool trucks at a loss puts you out of business long term.” “So we put an edict out when we got here that we’re going to design, test and build trucks that can make money. “This company has a history of designing some pretty unique trucks and selling them for about half what they put into them,” Dauch said. The company maintains projected revenue of $75 million to $125 million this year with a profitable margin on every truck sold. Workhorse will continue to tap the ATM as needed but has enough cash to get through 2023. Workhorse had $79.1 million in cash at the end of March, including $18.6 million raised from an at-the-market direct sales arrangement. Expenses rose this year in part because Workhorse did not furlough hourly workers as it halted production. Not counting returns and allowances, Q1 sales rose to $1.7 million compared to $14,300 in the same period last year as the company was in the midst of halting production of the C-1000 vans, which it tried to improve before ultimately canceling the project. Workhorse shares closed at 88 cents Monday, a few pennies above its 52-week low. “After almost two years of hard work, Workhorse is ready to run,” Dauch told analysts on an earnings call Monday. It expects 40 more vehicles to be delivered this quarter. Workhorse delivered 10 upgraded GreenPower-based W4 CC chassis cabs to a customer. Spent $50 million to makeover Workhorse’s shabby plant in Union City, Indiana.Įarly buds of progress from these and other moves showed up in the first quarter despite Workhorse posting a net loss of $25 million compared to $22.1 million in the same period last year. A Class 4 homemade product arrives in 2025.
The new Workhorse W56 Class 5 van will be ready n Q3. as a stopgap product to generate revenue. Used company shares to pay off a hedge fund, leaving the company debt free.Ĭanceled the C-1000 electric stepvan program found to be insufficiently durable to last the 15-20 years required of delivery vans.Īrranged to purchase 1,800 Class 4 chassis from Canada’s GreenPower Motor Co. Since he joined the company in August 2021, he has:įired several top executives, replacing them with automotive industry veterans and veteran automotive engineers. The Cincinnati-based company is slowly emerging from an extensive and expensive overhaul led by CEO Rick Dauch. But it made progress toward ramping up Class 4 electric stepvans and chassis cabs. Workhorse Group reported a larger loss in the first quarter and is short on cash. Workhorse Group lost $25 million in the first quarter but made progress on a company overhaul.
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