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But it has struggled to get the van (and its successor, a 650-cubic-foot variant) ready for production. The startup has spent years trying to be the first to offer a fully electric delivery van and has drawn the attention of big-name customers like UPS and Ryder. The decision to redesign the C-1000 van comes at a crucial moment for Workhorse. That contract was awarded to defense manufacturer Oshkosh in February, though Workhorse is currently challenging the decision in federal court.
#Workhorse ev series#
“I said hold off for now, let’s get the designs right, let’s get our production right, and we’ll come back and tell you when we’re ready to actually make those orders,” he says he told the customer.ĭauch replaced prior CEO Duane Hughes as part of a series of shakeups in Workhorse’s executive ranks that came in the wake of the company losing the bid to build the next-generation delivery vehicle for the United States Postal Service (USPS). The new CEO says the issues were known “long before” he came on boardĭauch, who came from automotive supplier Delphi, tried to calm any nerves by teasing a recent call with one of the company’s prospective customers, which he says wanted to place an order for 1,500 to 2,000 vans as is. Dauch, who only just joined Workhorse at the end of July, said the company knew about these “issues” with the C-1000 “long before I got here.” He promised to release a revamped product roadmap by November but said he “can’t commit to have all the design plans specifically buttoned down” by then.
#Workhorse ev full#
“We’re going to go through full vehicle design reviews down to the bill of materials with both our engineering team, and our purchasing team,” CEO Rick Dauch said on a call with investors. The company says the electric powertrain will remain untouched and that it will continue to deliver some C-1000s as they come off the line to customers who are fine with the van’s current capabilities. The C-1000 van, as it’s called, has 1,000 cubic feet of cargo space. The company announced Monday morning that it needs to “revise the design the vehicle” to increase the payload capacity, which has been reported to be around 6,000 pounds. Nano One insiders hold about 15% of the Vancouver-based company’s shares and its partnerships include a collaboration with Volkswagen, according to a recent presentation.Ohio-based startup Workhorse says it has to redesign its flagship electric van to meet customer needs, after finally getting the vehicle into production this past quarter following years of struggles.
![workhorse ev workhorse ev](https://cdn.motor1.com/images/mgl/vzzPQ/s6/workhorse-ngen-1000-electric-van-enters-production.jpg)
“We believe Nano One’s unique position and technology make it a compelling way for investors to benefit from the seismic shift.”
![workhorse ev workhorse ev](https://www.thetruthaboutcars.com/wp-content/uploads/2017/09/20170909_111749-e1505073706450.jpg)
“The market has a tremendous appetite for electric vehicles,” Formidable Chief Executive Officer Will Brown and Chief Investment Officer Adam Eagleston wrote. Nano One is likely to stick with its licensing model, which could make the company profitable even at relatively modest revenue levels, Formidable said. Nano One shares have risen about 117% this year, still significantly below the gains seen for more well-known EV stocks such as Workhorse, Nikola Corp. Formidable Asset said it recently established a position in the stock, but it didn’t provide details on the size of its stake or when it was acquired. Nano One has a scalable, capital-light business along with established partners and innovative technology, the fund wrote in a research report on Monday evening. The Cincinnati-based fund sees Nano One as “a company with the potential to be truly transformative” as it looks to occupy a niche in the battery value chain by producing more durable nanocrystals. (Bloomberg) - Formidable Asset Management LLC, a hedge fund that profited from an early bet on electric-vehicle maker Workhorse Group Inc., has a new pick for the sector: Nano One Materials Corp.