A source has provided me with key details about this supposed USPS contract that Workhorse keeps touting to their investors as their next big breakthrough. Apparently Singaporean defense contractor VT Hackney is the true finalist, and not Workhorse. According to this source, Workhorse is only a small contractor, and VT Hackney will be receiving the lions share of the profits.
This seems a little more reasonable considering the scope of this project. USPS hasn’t updated their vehicles in decades, and all of the other finalists are these massive corporations with 100’s of years of combined experience, which is why this whole USPS contract story always seemed rather hard to believe.
Included below is an excerpt of some of the allegations presented by this source. This is the first of a three part series:
“Singaporean owned VT Hackney is the finalist. WKHS is merely a contractor for Hackney. A prior (now removed) WKHS investor packet showed their cut, once Hackney strips out the profit, is ~2.5B, leaving under 15k a truck for the entire electric drivetrain and chassis. A USPS win for the full contract would bury workhorse, who struggles to even sell a single truck in a quarter.
However one test result is already in. The e-gens were tested out in the field in the hundreds, and the results were so bad that millions in warranty liabilities emerged from workhorse botching their battery packs, which was supposed to be their core competency. Not only that, All Cells Technology discovered they allegedly ripped off their patent for the PCM thermal management, leaving them open to possibly large royalty liabilities”.
Stay tuned for updates