“We have had a step function improvement in production in the last month,” said Duane Hughes, Workhorse Group CEO. To make matters worse, Workhorse also took a loss of $US136.6 million primarily due to the reduction in the fair value of its investment in electric pickup truck company Lordstown Motor Corp. This slow start to the year has necessitated the company adjust its 2021 production estimate down to 1,000 units – much lower than the previously promised 1,800, especially considering that Workhorse said at the beginning of March that it had an order backlog of approximately 8,000 vehicles. However, Workhorse only managed to deliver six trucks in the first quarter and produced a total of 38 C-Series vehicles – more than doubling the number produced in comparison to the combined previous three quarters. In its first-quarter results published on Monday, Workhorse Group revealed sales of approximately $US521,000, well up on the approximately $US84,000 reported in the first quarter of 2020. Further, Workhorse also produces the Metron Telematics system, a multi-platform application allows you to track and monitor the performance of all Workhorse vehicles in your fleet. The C650 and C1000 step vans are obviously designed at the package delivery sector, with 650 cubic-foot and 1,000 cubic-foot of storage respectively and low floor design. The Workhorse C-Series vehicles are powered by a modular battery pack system which is able to provide between 35kWh when equipped with two battery packs, and 70kWh in its standard four pack configuration. Workhorse Group, formerly known as AMP Electric Vehicles and which was established back in 2007 as a developmental-stage vehicle electrification company, currently offers two electric delivery vehicles built specifically for Last Mile Delivery services, and its Horsefly package delivery drone. American electric utility vehicle company Workhorse Group has seen its shares slump 15% after the company reported first-quarter revenue which was well down on Wall Street’s expectations, after its electric delivery van production got off to a slower start than planned.
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