How do you produce electric vehicles if you are not sure 100% that these will be sold? If you don’t sell the vehicles, then the risk is too high, as you have invested capital and money and tied up inventory that is losing value as time passes. And herein lies one of my biggest concerns. If they lease the stock of its electric vehicles, then revenue should be much less than selling them. Right now, Workhorse expects that either it will sell the remaining of its produced electric vehicles or lease them. ![]() If you produce them and do not sell them, you incur costs, probably lose money and your cash flow from operations weakens. There is a big difference between producing electric vehicles and actually selling them. In its second-quarter 2021 results, Workhorse stated that it “roduced 133 C-Series vehicles year to date, which included 14 deliveries in the second quarter … anticipates the remainder to be sold or leased to niche markets in the next twelve months.” That is, of course, unless a planned route full of chargers is well designed in advance.īut even if we ignore these important disadvantages, I expect a company that’s been in business since 2007 (it’s not a startup) with a near $1.1 billion market capitalization should have plenty of sales of its electric vans to justify its position. They can hardly be used to deliver goods at large distances. That also means they are mainly only viable in urban environments. This means that they need frequent charging and could hardly last a few days of daily business operations without constantly monitoring their autonomy. The range of both vans is set at 100 miles. However, there is an issue to consider from a buyer’s perspective. While they’re not very attractive vans, they are built for business, not fun. Their names derive directly from their interior volume, 650 cubic feet for the smaller one and 1000 cubic feet for the larger one. One is called the C 650 and the larger vehicle is called the C 1000. In an era where the future of mobility is electrification, Workhorse offers two types of electric vans. It also provides a telematics system - a mobile technology application that allows you to monitor and analyze the performance of your Workhorse vehicles in your fleet. ![]() technology company that is producing all-electric delivery vans and drones. The stock has dropped 43.Workhorse is a U.S. The company had $79.1 million in cash and cash equivalents as of March 31. “We expect to ramp up production and delivery throughout the rest of the year, which will generate significant revenue growth in 2023,” Chief Financial Officer Bob Ginnan said. The company affirmed its 2023 revenue guidance range of $75 million to $125 million. ![]() Cost of sales increased 36% to $5.3 million, while research and development expenses grew 80% to $7.2 million. ![]() Sales jumped to $1.69 million from $14,299, due to sales volume of the W4 CC cab chassis, but was below the FactSet consensus of $9.9 million. The number of shares outstanding used in calculating per-share results increased 10% to 167.14 million. The net loss was $25.0 million, or 15 cents a share, after a loss of $22.1 million, or 15 cents a share, in the year-ago period. Sank 5.2% toward a 4-year low in morning trading Monday, after the electric vehicle maker reported a narrower-than-expected loss but revenue that fell short of forecasts, while affirming the full-year outlook.
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