Workhorse
Original equipment manufacturer Workhorse Group Incorporated, formerly known as AMP Electric Vehicles, is a technology firm with headquarters in Cincinnati, Ohio, in the United States. For last-mile delivery, Workhorse manufactures electric delivery vehicles, drones, and telemetry software. Commercial electric cars, Horsefly delivery drones, and a Metron telematics software platform are some of its offerings.
Investors who took over the construction of General Motors' P30/P32 series stepvan and motorhome chassis created Workhorse Custom Chassis, LLC in 1998. By 2005, Navistar International, who had been selling them diesel engines, had acquired control of them. After suffering significant losses, Navistar shut down the facility in 2012 in an effort to reduce expenses.
Workhorse Custom Chassis, LLC's assets were acquired by AMP Electric Cars in March 2013, and the company then started selling a variety of electric vehicles. The name AMP was changed to Workhorse Group Incorporated in 2015. Following Nasdaq Capital Market's approval of the company on January 4, 2016, the common stock of the company began trading on Nasdaq under the symbol "WKHS" (NASDAQ: WKHS).
Steve Burns, co-founder of AMP Electric Vehicles and CEO of Workhorse, made the decision to leave the organization in February 2019. Duane Hughes, President and COO, was appointed as the new Workhorse CEO.
Workhorse was reportedly under investigation by the Department of Justice and the SEC in November 2021. This was first reported in a report from short-selling research firm Fuzzy Panda in September 2021, which accused the company of fraud. This was followed by a report from the Cincinnati Enquirer, which found that top Workhorse executives and board members sold off $60 million worth of stock, some of which was done after interactions with postal employees.
According to the newspaper, Workhorse is being sued by a few of the company's shareholders who claim they conspired to manipulate its USPS as part of an insider trading conspiracy. In a regulatory filing dated November 9, 2021, Workhorse acknowledged that the SEC and Department of Justice were looking into the company. The regulatory filing said that the investigations were to the trading of the company's securities prior to the awarding of the USPS contract to Oshkosh.
Workhorse
https://workhorse.com
