Workhorse proposal needs put down
Time for a reality check regarding Workhorse. Although portrayed by Trump as some kind of winning thoroughbred, Workhorse is really more akin to a thoroughly emaciated lame horse ready for a glue factory rather than a grand automobile power house like GM Lordstown.
But don’t take my word for it. Here are their own words from a SEC filing from just a few months ago:
“We have had net losses in each quarter since our inception.”
“We anticipate that we will continue to have negative cash flow from operating and investing activities for the foreseeable future.”
“There can be no assurance we will achieve positive cash flow in the foreseeable future.”
“If we cannot access additional financing when we need it and on acceptable terms, our business may fail.”
“If we are not able to obtain additional financing and / or substantially increase revenue from sales, we will default on our debt obligations and be unable to continue as a going concern.”
There you have it straight from the horse’s mouth. Workhorse is nearly dead, only kept on life support by massive loans from hedge fund billionaires like those who forced the closing of GM Lordstown.
Time to end this cruel joke, and get serious about reopening this economic engine of our region. In its 53 years of workplace excellence, UAW workers at GM Lordstown produced over 16 million quality vehicles, and that proud legacy needs to continue. A new product (how about the all-electric GM Cruise?) needs to be allocated to this grand plant under continued GM investment and ownership. Save GM Lordstown, and get rid of the horse feathers.