Operational expenses in the millions combined with revenue in the thousands lead to ongoing cash burn. During Q1 2021, its revenue totaled $521,000, a 520% year-over-year increase resulting from "a total of six trucks delivered in the first quarter." The company's revenue, meanwhile, remains well below $1 million per quarter. However, while either of these could yield profits in the future, Workhorse has delivered very few vehicles to date. ( OSK -2.56%) succeeds, it would also have an inside track to a broader $6 billion in total purchases of electric USPS delivery vehicles over 10 years. If its June 16 legal complaint to capture an initial $482 million production design contract awarded to Oshkosh Corp. It has a private sector order for 6,320 electric delivery trucks from Pride Group Enterprises. On paper, Workhorse has several sources of future income lined up. Workhorse: Burning cash, making few vehicles While Workhorse could triumph in the Postal Service legal contest eventually, another sector company looks bullish for EV investors based on its current merits rather than on its hypothetical future successes: Magna International ( MGA -4.41%).
Its stock price also surged in early June when it briefly achieved "meme stock" status on the Reddit WallStreetBets online discussion board, though it failed to gain the lasting traction of the bigger meme stocks. Postal Service (USPS) contract that slipped through its fingers earlier this year. This material may not be published, broadcast, written or redistributed.Electric vehicle (EV) company Workhorse Group ( WKHS -5.67%) recovered some lost stock value last month as it prepares a lawsuit to win back a $482 million U.S.
#WORKHORSE USPS UPGRADE#
The latest upgrade will bring the 83 planes to the Block 72 variant that’s the most advanced F-16 version in service in Europe.Īnother four F-16s will be upgraded by the end of this year. It acquired a first batch of 40 in 1989, and another 130 over the years. The F-16s, developed in the 1970s, are the workhorse of Greece’s air force. It has bought or ordered French Rafale fighter jets and FDI frigates, and plans to purchase F-35 fighters from the U.S. He spoke in Paris ahead of talks with French President Emmanuel Macron.įollowing years of forced savings during the 2010-2018 financial crisis, Greece has embarked on a multibillion-dollar spending spree to boost its armed forces.
On Monday, Mitsotakis said Athens “always keeps a window open to dialogue and discussion” with Turkey. “And if, God forbid, it happened, Turkey would receive an absolutely devastating response.” “I don’t believe this will ever happen,” he said. The two NATO allies are also at odds over offshore gas and oil rights, and their fighter jets routinely intercept each other or engage in simulated dogfights over the Aegean.Īsked Sunday by The Associated Press whether the recent escalation in rhetoric from Turkey could be the prelude to an armed conflict, Greek Prime Minister Kyriakos Mitsotakis replied negatively. Greece says it needs to defend them against potential attack. Turkey claims the islands have been illegally militarized. Relations with historic regional rival Turkey have hit a new low following repeated, thinly-veiled threats from Turkish President Recep Tayyip Erdogan that his country might invade Greece’s eastern Aegean Sea islands. “Any potential aggressor will have to think twice or thrice before trying their luck,” once the upgrade is completed, he said at Monday’s presentation. Constantinos Floros, said the program’s successful and timely completion “is an issue of the highest national importance.” The head of Greece’s joint chiefs of staff, Gen. The two F-16s presented at the Tanagra airbase northwest of Athens are the first of 83 to be refitted with advanced electronics, radar and weapons capabilities by late 2027 by Greece’s Hellenic Aerospace Industry, in coordination with U.S. TANAGRA, Greece (AP) - Greece’s air force on Monday took delivery of a first pair of upgraded F-16 military jets under a $1.5 billion program to modernize its fighter fleet amid increasing tensions with neighboring Turkey.
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