Welcome to our dedicated page for Workhorse Group news (Ticker: WKHS), a resource for investors and traders seeking the latest updates and insights on Workhorse Group stock.
Workhorse Group Inc. (NASDAQ: WKHS) is a leading technology company focused on the transition to zero-emission commercial vehicles. Headquartered in Loveland, OH, Workhorse specializes in the design and production of battery-electric powertrains and medium-duty truck chassis. Operating from a 50,000 sq. ft. facility, the company manufactures proprietary, automotive-grade electric powertrains and integrates them with its custom-designed control software. Workhorse’s assembly plant, spanning 200,000 sq. ft., enables the company to produce the reliable W62 chassis and the innovative W88 chassis, targeting fleet purchasers with competitive price points and performance specifications.
Workhorse’s notable product lineup includes the W4 CC, W750, and W56 electric vehicles, designed to meet the needs of the last-mile delivery market. Additionally, Workhorse has developed the HorseFly™ UAV delivery system, a high-efficiency, octocopter-based drone that integrates seamlessly with its electric and hybrid delivery trucks, adhering to FAA guidelines.
In recent developments, Workhorse has pivoted its Aero business model to a more cost-effective Drones-as-a-Service (DaaS), securing substantial grants from the USDA to enhance land use efficiency for farmers and ranchers. The company’s latest financial results for the fourth quarter of 2023 recorded an increase in sales to $4.4 million, driven by vehicle sales and DaaS contributions, despite a net loss of $45.3 million.
The company is actively strengthening its financial position through new financing avenues, aggressive cost reduction measures, and strategic collaborations. Notably, Workhorse has expanded its network with key partners like Ziegler Truck Group and Milea Truck Sales and Leasing, enhancing its reach across the United States.
Workhorse continues to innovate with its commercial EV product roadmap, achieving significant milestones such as the rollout of the W56 step van and the development of the W4 CC chassis with various upfit options. The company's commitment to sustainability and efficiency positions it as a pivotal player in the electric commercial vehicle sector.
For more information, visit workhorse.com.
Workhorse Group (WKHS) announced on June 16, 2021, that it has filed a formal complaint with the United States Federal Court of Claims regarding the USPS Next Generation Delivery Vehicle contract awarded to a competing finalist. The company had earlier requested additional information from USPS following the contract award revealed on February 23, 2021. While Workhorse discussed the award and selection specifics with USPS on March 3, 2021, further details remain undisclosed. The company will provide updates as permitted under its non-disclosure agreement.
Workhorse Group Inc. (Nasdaq: WKHS) reported Q1 2021 financial results, highlighting sales of approximately $521,000 from six truck deliveries, up from $84,000 a year prior. The company produced 38 C-Series vehicles in 2021, exceeding production from the past three quarters combined. A strategic agreement with EAVX aims to expand product offerings. Significant net loss of $120.5 million reported, contrasting with net income of $4.8 million in the same period last year. Workhorse has approximately $205.1 million in cash as of March 31, 2021, and plans to adjust production estimates to 1,000 units for the year.
Workhorse Group (WKHS) has announced a strategic development agreement with EAVX, a subsidiary of J.B. Poindexter & Co. This collaboration aims to expand Workhorse's product line and create new delivery vehicle solutions leveraging Workhorse's expertise in electric vehicles and drone technology. The partnership is set to address the growing demand in the last-mile delivery sector and aims to enhance manufacturing and distribution efforts. Workhorse CEO Duane Hughes expressed optimism about the agreement, anticipating significant value creation for both companies.
Workhorse Group Inc. (NASDAQ: WKHS) has announced a supply agreement with Coulomb Solutions, Inc. for battery systems from Contemporary Amperex Technology Co., Limited (CATL) for its electric delivery vehicles. Workhorse's C-650 and C-1000 vans will utilize CATL's 120 kWh Lithium-Iron Phosphate batteries, which offer superior performance, safety, and longevity. CATL, a global leader in battery manufacturing, powers over 330,000 commercial EVs, boasting a production capacity of over 60 GWh. This partnership aims to enhance the performance and efficiency of Workhorse’s delivery solutions.
Workhorse Group (NASDAQ: WKHS) will hold a conference call on May 10, 2021, at 10:00 a.m. Eastern time to discuss its Q1 2021 financial results. The press release detailing these results will be issued prior to the call. Investors can join the call by dialing specific numbers provided for U.S. and international callers. A replay will be available post-call until May 17, 2021. Workhorse focuses on developing sustainable, drone-integrated electric vehicles for last-mile delivery and offers real-time telematics to optimize fleet operations.
Workhorse Group has appointed Ryan Gaul as the new President of Commercial Vehicles, effective April 22, 2021. Gaul, with nearly 20 years of automotive experience, will manage the company's commercial vehicles division, including its manufacturing facility in Union City. He previously held significant leadership roles at Gentherm, overseeing manufacturing and supply-chain functions. CEO Duane Hughes emphasized Gaul's expertise will be crucial in scaling production and implementing best practices.
Workhorse Group (WKHS) has appointed John Graber as President – Aerospace, effective April 20, 2021. Graber, who previously led the HorseFly™ drone delivery program, will oversee the company's Unmanned Aerial Systems businesses. He brings extensive aerospace experience and a solid background in corporate strategy and business development. CEO Duane Hughes highlighted Graber's significant contributions to the HorseFly™ initiative, stating that 2021 will be pivotal for advancing its FAA certification and expanding aircraft production. This leadership change aims to enhance last-mile delivery operations.
Workhorse Group (WKHS) provided an update on its bid for the USPS Next Generation Delivery Vehicle (NGDV) program following a recent meeting with USPS representatives. The USPS has awarded the NGDV contract to a competing finalist, prompting Workhorse to seek additional information and explore its options. CEO Duane Hughes stated that the company has retained legal and advisory firms to assist in this process. Workhorse remains committed to its goal of providing sustainable electric vehicles, but faces challenges, including competition and the need for further capital.
Workhorse Group Inc. (WKHS) reported its Q4 and full year 2020 financial results, showcasing a remarkable increase in sales to $652,000 from just $3,000 year-over-year. The company's backlog now exceeds 8,000 vehicles, bolstered by significant orders from Pritchard Companies and Pride Group Enterprises. Workhorse raised $270 million in capital, supporting a cash position of $215 million as of March 1, 2021. Additionally, the strategic stake in Lordstown Motors Corp. is valued at approximately $320 million. The company faces supply chain challenges as it ramps up production for its growth plans.
On February 24, 2021, Workhorse Group (Nasdaq: WKHS) reported on its participation in the USPS Next Generation Delivery Vehicle (NGDV) program. After USPS awarded the contract to a competitor, Workhorse requested further information as a non-awarded finalist. The company plans to explore all available options in this government bidding process. Additionally, a conference call is scheduled for March 1 to discuss quarterly and year-end financial results. Workhorse aims to provide sustainable, drone-integrated electric delivery vehicles.
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