A few weeks ago, Hindenburg Research exposed Nikola, a high-flying EV company, as an alleged “intricate fraud”. The stock fell over 50% in the process. Nikola has since admitted to purposely rolling a truck down a hill to mask the appearance of a working prototype for a promo video... Workhorse rolled a USPS prototype truck down a hill accidently1 after their parking brake failed causing a union USPS driver to be hospitalized after jumping out of the runaway vehicle. We think this debacle as well as the numerous other “critical failures” we will lay out, destroyed Workhorse’s chances of ever landing the USPS NGDV award.

Workhorse touts itself as the oldest EV truck maker with the most hybrid & electric trucks on the road. In reality, most of the trucks they’ve shipped have broken down and been abandoned. We will reveal that the WKHS C-1000 EV trucks delivered in Q4 2020 have already broken down. UPS’s E-Gen trucks (WKHS’s largest customer) are less than 6 years old yet we discovered that a substantial number are broken down and have been abandoned. All of Workhorse’s heralded fleet customers, like UPS and FedEx have long since moved on to Arrival, Rivian, GM’s BrightDrop, and other competitors. As a result, Workhorse has attempted to replicate the Lordstown Motors “Fake Order” Playbook: creating spurious deals with suspect partners to try to trick investors into thinking WKHS has a healthy sales funnel and that it’s at the start of exponential growth. The reality is that the orders are non-binding partnerships at their best, and fake orders and fraudulent at their worst.