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7 Short-Squeeze Stocks with High Short Interest to Watch
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York ME CompFest! event a soggy success
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Failure to launch: Workhorse Group ousts CEO as production delays escalate
Auto industry veteran Rick Dauch takes over struggling electric truck maker 2 minutes read Lines of Workhorse Group C-Series electric vans sit outside its factory in Union City, Indiana.
Quarter after quarter of missed production targets finally caught up with Workhorse Group CEO Duane Hughes, ousted Thursday at the electric delivery van maker and replaced by auto industry veteran Rick Dauch.
Workhorse (NASDAQ: WKHS) has produced very few composite body electric vans in each of the past few quarters. Supply chain disruptions are the latest setback following a decision to change battery suppliers and a COVID outbreak that affected 36% of the workforce.
Investegate |Hollywood Bowl Group Announcements | Hollywood Bowl Group: Total Voting Rights
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One year ago, former Vice President Mike Pence rode in a new electric pickup from Lordstown Motors and proclaimed it was a new day for the Mahoning Valley.
Ohio officials hailed the company as a savior for the region after General Motors shut down its Chevrolet Cruze operation and took thousands of union jobs with it. The promise was a bold one: Lordstown would manufacture trucks that get the electric power equivalent of 75 miles per gallon of gas.
Now, the plant s future is in question as Lordstown faces multiple investigations and allegations that executives mislead investors about vehicle pre-orders. The politicians who cheered the deal want answers but some contend there were warning signs from the beginning.