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The company also closed financing and converted existing notes into stock shares, which provided over $260 million in cash. Workhorse received approval for the New York Truck Voucher Incentive Program (NYTVIP) to offer monetary vouchers for C-Series all-electric delivery vehicles in select New York State counties. In other highlights for the quarter, Workhorse received a purchase order for 500 C-1000 trucks from Pritchard Auto Company for its National Fleet Program and recorded additional sales orders from Fluid Systems and eTrucks LLC.

The company, along with manufacturing partner Foxconn, started commercial. Operating income during the period was a loss of $9.8 million compared to a loss of $5.6 million in the third quarter of 2019. Shares of Lordstown Motors, which hit an all-time low of 0.25 earlier this week, were trading up at 0.39 by midday. Net loss was $84.1 million, compared with a net loss of $11.5 million in the third quarter of 2019. Workhorse Group ( NASDAQ: WKHS) positions itself as an electric truck maker capable of using a truck-mounted drone for package delivery. Sales for the third quarter of 2020 were recorded at $565,000 compared to $4,000 in the third quarter of 2019.

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“While we cannot predict the full impact from COVID right now, let alone in 2021, when conditions improve and the coronavirus is no longer a business issue for us and our suppliers, then we would anticipate producing approximately 1,800 units in 2021,' Hughes continued.

Workhorse truck