America deserves a #1 supplier for the USPS, not last place. The USPS has also confirmed that 2 other EV prototypes beat Workhorse’s EV. Workhorse actually managed to come in LAST PLACE. Workhorse lost the USPS NGDV bid because their prototypes kept breaking – 117 times in fact. At the latest in 7 months, regarding the min “Backlog Sales” covenant of >$25 million and likely sooner regarding breaching your covenant for a material breach in “representations & warranties.” Also, the Lordstown Equity and cash proceeds (~$100 million) is actually in an SPV completely controlled by the debt holders and not accessible for you to use. Safety issues – front tires hit the frame & smoke when loaded, axles breaking, false load limit, etcītw, Workhorse is also set to breach its debt covenants.Unable to drive on highways – battery dies too quickly at >50mph.The EVs broke down within the first 6 months, multiple times! We interviewed IKEA managers, the logistics company’s employees, and truck drivers and discovered major product failures in the C-1000: The new C-1000 EV’s are performing even worse and probably require a complete platform redesign. Drivers told us the trucks were “garbage.” Many UPS Trucks Have Broken Down & Been Scraped: In Atlanta, UPS HQ’s, >90% are out of service.How many trucks are actually operating? You claimed 381 still are on the road. Blue Chip Customers have Abandoned WKHS – FedEx calls you an “Unreliable EV Manufacturer” in a government study…yet WKHS calls FedEx a “Blue Chip Customer”.Egregious Orders from Used Truck Dealerships – Orders for >1000% of total inventory?.Potential Revenue Recognition Fraud: customers received trucks AFTER Workhorse booked the revenue indicating potential revenue recognition fraud.Undisclosed Related Parties: spoiler alert, we visited these related parties HQs – they don’t exist.The reality is management copied their former founder, Steve Burns’, Fake Pre-Order Playbook from Lordstown Motors Not only do Workhorse’s orders have no deposits nor actual purchase requirements but in our attached report, you will discover the order book largely of Fictious and Unrealistic Orders, including: We were quite surprised you told investors “our backlog is real” and stands at “nearly 8,000 confirmed vehicle orders.” You have likely now uncovered that those statements are completely false. If not, then we regret being the first to tell you. Hopefully, the Board and out-going CEO, Duane Hughes, have informed you that Workhorse is currently under an “ Active and Ongoing Investigation by the SEC’s Division of Enforcement” even though they have elected to not disclosed it to shareholders. You’ve executed some successful turn-arounds in the past but we applaud you for taking on this incredible challenge. Delivered via USPS mail and via email: August 31, 2021Ĭongrats on your new role as CEO of Workhorse Group.
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