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Tom Colton, an outside spokesman representing Workhorse, said its plans for Lordstown aren’t contingent on winning the Postal Service contract. Burns told the Detroit News last week that he’s looking to raise $300 million to back the effort. Workhorse would in turn own a minority stake in Lordstown Motors.
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The company would license intellectual property and technology to produce an electric truck based on Workhorse’s W-15 model.
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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. Deliveries will resume in the fourth quarter. 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. He said getting access to the plant could be a “potential game changer” in winning the Postal Service contract potentially worth upwards of $6.3 billion.
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“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. While it’s hard to imagine at this juncture the company having the capital needed to get GM’s factory humming again, it has a ray of hope to point to: a potentially lucrative contract to build next-generation mail trucks for the U.S. Now more than ever, Workhorse looks more like Lordstown’s lottery ticket than a savior to be taken seriously. The company’s stock plunged, sinking as much as 35% and dropping its market value to less than $200 million. 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. The plan was met with immediate skepticism, and Workhorse’s second-quarter earnings report Tuesday further doused the optimism. Hundreds of jobs would be saved, in other words. was in talks with a company called Workhorse Group about forming a new affiliate that would buyーand re-openーthe shuttered Chevrolet Cruze car plant in Lordstown. 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.