Tucked away in the heartland of the USA is the small, electric state of Ohio. Hidden within these state lines is a small town of roughly 5,000 people. The town has a mighty name and along with it, two start-ups that are changing the EV industry. EV-News.com would like to welcome you to Lordstown, Ohio and newly dubbed #VoltageValley, home of Lordstown Motors ($DPHC) & Workhorse ($WKHS).
Lordstown Motors Specializes
in Electric Pick-Up Trucks.
Workhorse specializes in
Last -Mile Delivery Vans
Look Familiar? Workhorse already delivery for UPS and USPS.
The Goverment is looking to give a company $6 Billion Dollars to upgrade the fleet to all electric. Only General Motors - Oshkosh and Workhorse in the running.
WHITE HOUSE, Washington, D.C., USA
Lordstown Motors' Electric Pick-Up truck is pictured with the President Trump
Reasons to Invest in Both:
Partnership and Collaboration
Lordstown Motors ($DPHC) began as a small start up company and with aid of #generalmotors were given the rights to the mega-manufacturing plant in Lordstown, Ohio. The plant is capable of producing over 600,000 vehicles per year. How do these two companies collaborate? Workhorse works from within Lordstown Motors and Interestingly enough, Workhorse actually owns 10% of Lordstown Motors. Considering that Lordstown Motors already has $2 Billion from pre-sales, 10% of that belongs to Workhorse. Between these two companies working inside a giant automotive manufacturing plant, this area has been labeled as #VoltageValley.
$2 Billion in Pre-Sales
Lordstown motors debuted the new all-electric pickup truck with the help of the Vice-President, Mike Pence. Up until today, Lordstown has over $2 Billion in pre-sales on the pick-up. As mentioned before, Workhorse owns 10% of Lordstown motors. Expected to be available in late 2021.
Potential $6 Billion UPS Contract
Next time you see a UPS truck ask the driver "Who makes that truck?" Answer most likely will be: Workhorse. The US Government wants to convert UPS' entire fleet to Electric Utility Work Vehicles. Why is this important? Workhorse already works with UPS and USPS, Workhorse creates electric delivery vans and the Government has a $6 Billion contract for the manufacturer of the these vehicles. The deadline to announce the winner for the contract approaches with each and every day.
2 years ahead of Competition and Certified
Workhorse's CFO, Steve Strader, stated that the company is "2 years ahead of the Competition" on #Benzinga. Certified by the Environmental Protection Agency (EPA) and the California Air Resourcese Board (CARB), Workhorse is officailly allowed to sell their utility trucks in all 50 states. Workhorse is also the first medium duty battery electric vehicle to receive both certifications.
“Every USPS truck, every Amazon delivery vehicle, every FedEx distribution truck, every last-mile utility vehicle will eventually all be electric". - Alan Dowden”
Workhorse
Besides designers of the C650 and the C1000, Workhorse is also in the drone and areospace industry. Their #drone technology is for no-contact delivery, Workhorse speaks for itself. Being the front runner in an industry such as the last-mile utility vehicle, gives them such an advantage and are positioned for success.
Upcoming Merger
It was announced during Workhorse's Q2 earning report that the merger between Diamond Peak Holding Corporation and Lordstown Motors will occur in Q4. Lordstown Motors will be publicly traded under ticker $RIDE. You in for the ride?
The Endurance
Statement from Editor-In-Chief
The future of Electric Vehicles is exciting. If you can not decide which one has the brighter future, invest in both!
-Alan Dowden