As such, he is taking action to correct a problem dating back before he began acting as chief executive. 1, and the C1000 was not developed or, for the most part, produced on his watch.

During the Q3 earnings conference call, CEO Rick Dauch stated outright that ' current C1000 vehicle design is not robust, nor is it profitable.' Dauch is a newcomer to the role, having started his duties on Aug. The C1000 is Workhorse's main in-production model, meaning that it currently has no manufacturing or sales until the C1000 is relaunched or it develops an alternative. Q3 results: Looking the gift Workhorse in the mouthĭominating Workhorse's Q3 report and outlook is the recall of the 41 C1000 electric delivery vans it had already delivered to customers, the 'grounding' of the entire fleet, and suspension of the model's production. There are several reasons why Wall Street might have reacted this way, but at this point, the stock looks like one to avoid nevertheless. Yet investors responded by boosting its share price nearly 6% in morning trading the following day, a surprisingly bullish response. 9 was downbeat, ranging from negative revenue to stopping sales of its main product. Nearly all the news offered by electric vehicle (EV) maker Workhorse Group ( WKHS -1.06%) during its third-quarter (Q3) earnings report on Nov.

Workhorse short squeeze