Workhorse's Q3 Loss Prompts Potential Sale of Drone Business
Workhorse Group, an electric vehicle manufacturer, reported a Q3 loss due to California excluding its electric trucks from an incentive program, leading to a lack of customer orders. The company is considering selling its drone business to conserve cash for its core medium-duty electric truck operation. Workhorse has been revamping its product lineup to ensure automotive-grade quality, but fleets are hesitant to order electric trucks due to concerns about durability and the implementation of the Advanced Clean Fleets rule. Workhorse had $38.9 million in cash at the end of Q3 and is in advanced discussions to raise money for scaling.