Workhorse Group applies for $250M gov’t manufacturing mortgage

Creating and constructing a brand-new automobile is a really costly proposition, even when it pays off down the highway. That is why Workhorse Group is getting just a little assist from the feds.

Workhorse Group has utilized for a $250 million mortgage from the US Division of Vitality’s Superior Know-how Automobiles Manufacturing (ATVM) mortgage program, Reuters reviews. The corporate will reportedly use this month to equip its plant in Indiana, which is able to ultimately produce the W-15 electrical pickup truck.

There aren’t too many extended-range electrics that appear like they need to punch you within the face, however the W-15 is certainly one of ’em.

Workhorse Group

The W-15, which I’ve already apologized for calling vaporware, is an electrical pickup truck with a gasoline vary extender. Its electrical motors produce a internet 460 horsepower, and it ought to obtain about 80 miles on a single cost. Whereas it may be plugged in when the battery depletes, there’s additionally a gasoline vary extender that may juice up the battery on the go. A carbon fiber composite physique retains weight low. The styling is… distinctive.

But, there seems to be fairly the marketplace for this sort of truck. “Workhorse has acquired letters of intent to buy greater than 5,000 W-15s, which we consider demonstrates that fleets are keen to include range-extended electrical pickup vehicles,” stated Stephen Burns, Workhorse CEO, in an announcement.

Workhorse Group is about to unveil one other electrical automobile — a last-mile supply van — at CES 2018 in January. That automobile, the N-Gen, options an elective supply drone, just like a system it examined with UPS earlier this 12 months.

The Division of Vitality’s ATVM mortgage program helps automakers large and small put together to fabricate “superior expertise autos” within the US, together with battery-electric autos. Prior recipients of ATVM loans embrace Ford, Nissan and Tesla. Fisker acquired a mortgage, as nicely, nevertheless it defaulted when the corporate (and the Fisker Karma it constructed) went belly-up.

Electrical pickup vehicles are an as-yet unexplored nook of the automotive trade. Ford has already introduced plans to provide a hybrid variant of its venerable F-150 pickup, however no main automaker has but to debate an all-electric truck just like the W-15. 

Cumbersome from each angle.

Workhorse Group

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