|Bid||4.0900 x 800|
|Ask||4.0500 x 1000|
|Day's Range||3.9500 - 4.1800|
|52 Week Range||0.3700 - 5.3700|
|Beta (3Y Monthly)||2.70|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||4.00|
Cincinnati stocks got slammed as the stock market plummeted Wednesday to its fourth-biggest one-day decline of all time.
Cowen analyst Jeffrey Osborne raised his estimate for Workhorse shares from $2.00 to $4.00 based on the company beginning production in the fourth quarter of more than 1,100 lightweight electric-powered NGEN vans. Workhorse also has upside because of customer interest in its W-15 electric pickup truck and its status as a finalist with partner VT Hackney for a $6.3 billion contract to build the next-generation postal delivery vehicle, Osborne wrote in an August 12 note to investors.
(Bloomberg) -- Terms of Trade is a daily newsletter that untangles a world embroiled in trade wars. Sign up here. Back in early May, President Donald Trump blasted out a tweet one morning under the banner “great news for Ohio.” The great news? General Motors Co. was in talks with a company called Workhorse Group about forming a new affiliate that would buy -- and re-open -- the shuttered Chevrolet Cruze car plant in Lordstown. Hundreds of jobs would be saved, in other words.The plan met immediate skepticism, and Workhorse’s second-quarter earnings report Tuesday further doused the optimism. The electric-truck maker’s sales, never really robust at any point in its 12-year history, totaled all of $6,000 in the quarter. That’s about $70 a day, give or take. The company’s stock plunged, sinking as much as 35% and dropping its market value to less than $200 million.Now more than ever, Workhorse looks more like Lordstown’s lottery ticket than a savior to be taken seriously. While at this juncture it’s hard to imagine the company having the capital needed to get GM’s factory humming again, it does have a ray of hope to point to: a potentially lucrative contract to build next-generation mail trucks for the U.S. Postal Service.“They’ve got 50-plus years of experience on how to build vehicles in that facility,” Chief Executive Officer Duane Hughes told analysts on an earnings call. He said getting access to the plant could be a “potential game changer” in Workhorse’s bid for a Postal Service contract potentially worth upwards of $6.3 billion.Workhorse has about $70 million in back orders for its electric vehicles, though its factory in Union City, Indiana, will handle much of that work. Deliveries will resume in the fourth quarter, Hughes said.Under the proposed deal being discussed with GM, Workhorse’s founder and former CEO, Steve Burns, would form a new private company called Lordstown Motors Corp. The company would license intellectual property and technology to produce an electric truck based on Workhorse’s W-15 model.Workhorse would own a minority stake in Lordstown Motors. Burns told the Detroit News last week that he’s looking to raise $300 million to back the effort.Tom Colton, an outside spokesman representing Workhorse, said its plans for Lordstown aren’t contingent on winning the Postal Service contract. The company believes demand from other customers will make the project feasible.Trump preempted GM and Workhorse’s announcement of their talks in May by more than an hour with celebratory tweets thanking GM CEO Mary Barra. But the United Auto Workers’ local president told Bloomberg News he was unaware of the companies’ discussions, and the union issued a statement calling for GM to assign a new product to the plant and keep operating it.“As we’ve said before, our potential agreement with Workhorse and an affiliated, newly formed entity to sell the Lordstown complex can bring significant production and electric vehicle assembly jobs to the Lordstown plant,” GM said in an emailed statement. Discussions are moving forward, and the automaker said it remains focused on securing a final agreement.During a July 2017 rally in nearby Youngstown, Trump told supporters “don’t move, don’t sell your house,” because his administration would bring jobs back and fill up the area’s factories. But by November of last year, GM announced plans to stop production, costing Lordstown the last of the roughly 4,500 direct jobs the plant provided just a few years ago.To contact the reporters on this story: Kyle Lahucik in Southfield at email@example.com;David Welch in Southfield at firstname.lastname@example.orgTo contact the editors responsible for this story: Craig Trudell at email@example.com, ;David Papadopoulos at firstname.lastname@example.org, Chester DawsonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Electric van maker Workhorse Group Inc. (NASDAQ: WKHS) reported a huge second quarter paper loss on Tuesday, August 6, because of a run-up in its share price that followed a tweet by President Trump in May. "Going forward, we remain on track in our testing and production timeline, which has us positioned to deliver on our existing backlog in the coming year," he said.
CINCINNATI, Aug. 6, 2019 /PRNewswire/ -- Workhorse Group Inc. (NASDAQ: WKHS) ("Workhorse" or "the Company"), an American technology company focused on providing sustainable and cost-effective electric-mobility solutions to the transportation sector, today reported financial results for the second quarter ended June 30, 2019. June 2019: Secured $25 million in financing from a private group of institutional investors, the proceeds of which will be used for general working capital and research and development, allowing the company to focus on finalizing the R&D associated with the N-GEN followed by production of its existing contracted backlog. May 2019: Announced discussions with General Motors (GM) and Lordstown Motors Corp. (LMC), an affiliated, newly formed entity, to purchase GM's Lordstown Complex in Lordstown, Ohio.
First, it was President Trump who tweeted about Workhorse Group Inc. (NASDAQ: WKHS) possibly buying the closed General Motors Lordstown Assembly complex in Ohio. Now, Vice President Mike Pence is declaring the funds to buy the plant have been secured. Neither Trump, in his May 8 tweet, nor Pence, in comments during a visit to Ohio on Tuesday, July 30, got the details right.
Workhorse Group Inc (NASDAQ: WKHS) stock was soaring oWednesday after Vice President Mike Pence told reporters the company has secured financing to buy an idled auto plant in Lordstown, Ohio to build electric trucks. The excitement around the stock was being matched in the northeast Ohio community, which saw General Motors Company (NYSE: GM) close the Lordstown plant, producing its last Chevrolet Cruze on March 6 and putting 1,500 people out of work. Cincinnati-based Workhorse hasn't publicly confirmed Pence’s assertion, though GM confirmed in May that it was in negotiations to sell the plant to Workhorse.
Getting acquired paid off for two local public companies that posted some of the top stock gains in the first half of the year. But the biggest stock jump came from a company that barely generates sales.
Workhorse Group, the electric vehicle company that grabbed headlines last month over a proposed deal to buy General Motors' Lordstown, Ohio factory, has raised $25 million from a group of unnamed investors.
Workhorse Group (NASDAQ: WKHS) has announced a $25 million round of capital infusion from institutional investors as it works to finalize research and development (R&D) of its NGEN electric van and scale production. The first $15 million of the Series B preferred stock offering closed on May 31, 2019, the company said in an 8-K filing with the Securities and Exchange Commission. "This funding provides Workhorse with sufficient capital to fully deliver on our existing backlog and will enable us to make significant strides in our strategic vision of being a leader in the electric last-mile delivery space," Duane Hughes, CEO, said.
Workhorse Group Inc. (NASDAQ: WKHS ) shares were trading higher Monday after the company entered into subscription agreements with institutional investors for a private offering resulting in proceeds of ...
CINCINNATI, June 10, 2019 /PRNewswire/ -- Workhorse Group Inc. (NASDAQ: WKHS) ("Workhorse" or "the Company"), an American technology company focused on providing sustainable and cost-effective electric-mobility solutions to the transportation sector, has entered into subscription agreements for a private offering with a group of institutional investors, resulting in gross proceeds to the Company of $25 million. Under the terms of the agreements, the investors acquired shares of Series B preferred stock and warrants to purchase common stock. The Series B preferred stock is not convertible, but the holders are entitled to annual dividends payable in shares of common stock. Full details relating to the private offering can be found in the Company's Form 8-K filed with the Securities and Exchange Commission on June 6, 2019.
General Motors Company (NYSE: GM ) CEO Mary Barra defended the company's plans to sell a Lordstown, Ohio-based assembly plant to electric vehicle maker Workhorse Group (NASDAQ: WKHS ), commenting that ...
The unnamed joint venture between Loveland electric truck maker Workhorse and its co-founder is looking to raise $300 million to buy the shuttered General Motors plant in Lordstown.
Greater Cincinnati stocks plunged along with the stock market Monday amid the escalating trade battle between the U.S. and China.
Workhorse Group (NASDAQ: WKHS) is in the final stages of acquiring General Motors' (NYSE: GM) Lordstown Complex in Lordstown, Ohio, GM said in a statement on May 8, 2019. Under the terms of the deal, which has not been finalized, a newly formed entity led by Workhorse founder Steve Burns would acquire the facility with Workhorse itself holding a minority interest in the new entity. "This potential agreement creates a positive outcome for all parties involved and will help solidify the leadership of Workhorse's role in the [electric vehicle] community," said Workhorse CEO Duane Hughes.
The president of United Auto Workers Local 1112 in Lordstown -- who Trump attacked on Twitter two months ago -- is among a handful of workers whose job is to do maintenance at the inactive compact car factory that made its last Chevrolet Cruze in March. “I haven’t heard anything about it,” Green said by phone Wednesday.
Workhorse spokesman Tom Colton told the Business Courier that if it lands the USPS contract, the vehicles would not necessarily be built in Lordstown.
WASHINGTON/TORONTO (Reuters) - Under pressure from President Donald Trump, General Motors Co said on Wednesday it was in talks to sell an idled northeast Ohio plant to a cash-strapped electric truck-building company. The No. 1 U.S. automaker also said it would invest $700 million in three other plants in Ohio - a state important to Trump's re-election chances in 2020 - and maintain some operations at a Canadian factory that had been slated to close by year end. The decisions came after GM faced months of criticism over its plan announced in November to close five North American plants and cut 15,000 jobs.
General Motors is in talks to sell its Lordstown vehicle factory in Ohio toWorkhorse Group, a battery-electric transportation technology company, toproduce EV pickup trucks
soared over 200% to $2.65 Wednesday when it became the subject of one President Donald Trump's tweets. CEO Mary Barra told him that GM would sell its shuttered Lordstown, Ohio manufacturing plant to Workhorse to build electric trucks. "GREAT NEWS FOR OHIO!" Trump wrote "Just spoke to Mary Barra, CEO of General Motors, who informed me that, subject to a UAW agreement etc., GM will be selling their beautiful Lordstown Plant to Workhorse, where they plan to build Electric Trucks.