Workhorse Didn’t Get The USPS Mail Truck And Now It’s Being Sued

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On January 28, 2021, CFO Schrader sat down for an interview with the host of a popular Youtube channel focused on investing in the stock market. The pertinent part of that conversation is as follows:

HOST: So Workhorse has been doing fantastic things as of late, over the last month or so in particular, and there’s a few things I really want to speak about today. Now the first one is, Steve, I’d just like to hear your thoughts on Biden saying that the entire federal fleet will be replaced with electric vehicles, specifically American electric vehicles. And I know we can’t speak about the USPS contract, even though that’s what the entire comment section is probably asking us about, but I’d just like to get your thoughts on his statements and what it could potentially mean for Workhorse going forward.

SCHRADER: Yeah, I think the President’s announcement was huge, for several reasons, right? It’s, one, supportive of the E.V. (“electric vehicle”) market. It’s, two, all-American, like you said, all-American product buy. And I think he also said a lot about small businesses, and purchasing, whether it be parts or final products, from small businesses, too. So I think that’s huge. I think it’s meaningful that he did this his fifth day into his presidency, right? He did it quickly; he didn’t really wait and so I think that, putting a move on that was very quick too. I think it’s also meaningful that, when you think about it, when the government gets behind things, things happen.

And in this case, it’s, the government actually is maybe somewhat behind the commercial market. As you well know, customers are already demanding these products, right? Investors are already looking at companies that are making these products, so I think everybody sees that E.V.s are kind of the way of the future going forward, and they see – customers see – the savings opportunities and I think what probably has, the only thing that has been missing, to some extent, is that now you’ve got the government behind it, from a standpoint of environmental, you know, and just – savings opportunities going forward. So, yeah, having the government push us and the President come out, like I said, five days after his inauguration, is huge.

HOST: It was nice and quick. And as you just said, I think that’s exactly what we wanted to see. I mean, we’ve spoken a few times now and you’ve made it very evident that a lot of the people who actually want to buy these trucks – I think every fleet manager in the country at this stage is now heavily contemplating E.V. more so than traditional[] vehicles, from a savings point of view. I think the government to an extent were a little bit behind, so they’re seeing something like this come from the President himself, that has to be a huge catalyst to pretty much everybody involved, especially the all-American owned ones, which we know you guys stand very heavily for. So that’s awesome; that’s just awesome. And that, obviously, it’s a very good thing.

SCHRADER: Yes. It’s a very good thing . . . .