Workhorse Group

Workhorse, a small company based near Cincinnati, makes battery-powered pickup trucks, delivery vans, drones and aircraft, faces big obstacles in getting the GM Lordstown plant humming again with hundreds working the line. It has no experience in mass vehicle production, its shares recently traded for less than $1, and quarterly revenues were less than the price of one high-end sports car. Workhorse employs fewer than 100 people. Workhorse was founded in 1998 to take over production of delivery vans that G.M. had dropped from its lineup. Workhorse was acquired by Navistar in 2005 and later sold to AMP Holding, which changed its name to Workhorse Group after the acquisition. The company’s customers include UPS and FedEx, and it has several thousand orders for its electric trucks. It is hoping to win a contract to supply delivery vehicles to the United States Postal Service. In January 2019 it borrowed $35 million from a hedge fund, Marathon Asset Management.