![]() ![]() His most recent role was as CEO of Delphi Technologies where he executed a merger with BorgWarner in October 2020, following the completion of a successful spin-off from Aptiv. Dauch will take hold of the reins at the start of the week and brings with him considerable experience. The reason for pulling the forecast is down to the new appointment of Rick Dauch as CEO and is so the new man at the helm could have some time to assess the best path forward for the ailing company. Although that might not necessary be a bearish sign. Last week, the company said it is also taking the revised guidance off the table. The stock’s action has reflected the real-world issues shares are down by 43% year-to-date. Then, constrained by supply chain issues which have been a curse to many this year, the company lowered its full-year 2021 production guidance from 1,800 vehicles to 1,000 vehicles. For one, the electric-truck maker lost what appeared to be the stock’s most bullish driver – a USPS contract to renew the postal service’s aging delivery truck fleet after a drawn out process, the contract was awarded to Oshkosh. Those monies are also expected to be spent to build charging infrastructure.2021 has provided several headwinds for Workhorse ( WKHS). House of Representatives panel approved $2.4 billion for USPS to buy new EV postal trucks. Constitution, but the Justice Department countered that argument by writing that "Workhorse has forfeited its newfound.challenge by failing to raise it before the Postal Service."Ĭontroversial Postmaster General appointee, Louis DeJoy, caused consternation among political factions by committing to at least 10% of the fleet's being electric vehicles and then awarding the contract to Oshkosh.Īt this moment, Congress is considering providing USPS additional billions to speed the full adoption of EVs, and earlier in September a U.S. Lawyers for the Justice Department filed a motion to dismiss the Workhorse Group challenge saying the company "admitted failure to exhaust mandatory administrative remedies." Workhorse responded by claiming that the USPS's administrative remedies violated the U.S. Court of Federal Claims.Īccording to Reuters, neither Workhorse nor Oskhosh responded to their requests for comment as of yesterday night. The USPS declined immediate comment. The legal challenge that Workhorse filed in June was ready to begin to face arguments before a judge today in the U.S. The Workhorse bid proposed that the company would build an all-electric vehicle fleet while the winning Oshkosh bid called for meeting the requirement with a mix of internal combustion-powered and electric vehicles. The 10-year contract deal which was announced at the start of this year is projected to be worth upwards of $6 billion and calls for the delivery of anywhere from 50,000 to 165,000 vehicles. Workhorse Group voluntarily dismissed a legal challenge against their rivals which sought to overturn a USPS move to award a multibillion-dollar deal to Oshkosh Defense for delivery of the next generation of Postal Service vehicles. ![]()
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