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.
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Short squeeze? Workhorse Group stock again a retail trader plaything
No significant news supports struggling electric van maker’s share price gains 3 minutes read Shares in Workhorse Group fell Friday after a two-month runup led by retail investors who may be pushing the company as a meme stock hoping for a short squeeze. (Photo: Workhorse)
Until a reversal on Friday, the share price of Workhorse Group (NASDAQ: WKHS) had been skyrocketing, adding 59% to its value in the past two months.
Nothing is happening in the business to drive such appreciation. If anything, the clock is ticking before competitors in the electric delivery van space catch and overtake Workhorse, which struggles with myriad production issues.