Savior of G.M. Lordstown Plant, Hailed by Trump, Is a Corporate Cipher
https://www.nytimes.com/2019/05/28/business/economy/trump-gm-workhorse-lordstown.html
Source: By Nelson D. Schwartz, Matthew Goldstein and Neal E. Boudette, The New York Times.
Excerpt: ...General Motors... was in negotiations to sell the plant in Lordstown, Ohio, to a new company affiliated with a little-known electrical vehicle maker called Workhorse. ...The new venture, whose name remains secret, exists almost entirely on paper. Headed by the founder and former chief executive of Workhorse, Steve Burns, the business would have to raise at least $300 million to get Lordstown running again. ...Between its founding in 2007 and the first quarter of 2019, Workhorse lost nearly $150 million. It has produced a total of 365 vehicles since its inception, fewer than Lordstown can churn out in a day. Last year, Workhorse’s revenue totaled $763,000, about $62,000 less than the combined salaries of its top three executives. ...Many electric-vehicle businesses haven’t built a single automobile, Mr. Burns countered, and Workhorse leads the competition because it has delivered vehicles to UPS and Ryder. “It might be the world’s tallest midget, but it’s in the lead,” Mr. Burns said. Most of the Workhorse trucks made so far are in use at UPS. Thousands of others have been ordered by UPS, DHL and Ryder, the truck rental company, but Workhorse hasn’t started making them....
Source: By Nelson D. Schwartz, Matthew Goldstein and Neal E. Boudette, The New York Times.
Excerpt: ...General Motors... was in negotiations to sell the plant in Lordstown, Ohio, to a new company affiliated with a little-known electrical vehicle maker called Workhorse. ...The new venture, whose name remains secret, exists almost entirely on paper. Headed by the founder and former chief executive of Workhorse, Steve Burns, the business would have to raise at least $300 million to get Lordstown running again. ...Between its founding in 2007 and the first quarter of 2019, Workhorse lost nearly $150 million. It has produced a total of 365 vehicles since its inception, fewer than Lordstown can churn out in a day. Last year, Workhorse’s revenue totaled $763,000, about $62,000 less than the combined salaries of its top three executives. ...Many electric-vehicle businesses haven’t built a single automobile, Mr. Burns countered, and Workhorse leads the competition because it has delivered vehicles to UPS and Ryder. “It might be the world’s tallest midget, but it’s in the lead,” Mr. Burns said. Most of the Workhorse trucks made so far are in use at UPS. Thousands of others have been ordered by UPS, DHL and Ryder, the truck rental company, but Workhorse hasn’t started making them....