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) has secured approval from the New York Truck Voucher Incentive Program (NYTVIP) to offer up to $48,328 and $44,328 vouchers for its C-1000 and C-650 electric delivery vehicles, respectively. This initiative aims to encourage the replacement of diesel vehicles, thereby reducing the sales price for purchasers significantly. CEO Duane Hughes emphasized that this program will enhance sales of C-Series vehicles and support New York's commitment to lowering carbon emissions. The vouchers are available in thirty counties within New York State.
Workhorse Group Inc. (WKHS) announced the successful closing of a $200 million financing agreement with Antara Capital GP LLC. The financing, set to provide Workhorse with $194.5 million in net proceeds, will help accelerate production and enhance product development in the last-mile delivery sector. The financing notes, convertible at $35.29 per share and maturing in four years, bear an interest rate of 4%, which could decrease to 2.75% under certain conditions. CEO Duane Hughes expressed optimism about the funding's potential to solidify the company's leadership.
Workhorse Group Inc. (Nasdaq: WKHS) announced that its C-1000 Extended Range delivery truck has received an Executive Order from the California Air Resources Board (CARB), classifying it as a zero-emission vehicle. This approval allows the company to sell the truck across the U.S., targeting more than a dozen states. The vehicle boasts an urban/highway blended driving range of 149 miles per charge, with urban driving reaching nearly 160 miles. This model will also generate 2.07 Zero Emission Vehicle (ZEV) credits, which can be sold to help meet CARB's emission standards.
On October 12, 2020, Workhorse Group Inc. (WKHS) announced a note purchase agreement to sell $200 million of 4.0% Senior Secured Convertible Notes due 2024. The net proceeds of approximately $194.5 million will support production scaling, new product advancements, and working capital. Additionally, an exchange agreement will see $70 million of existing convertible notes converted to equity, improving cash availability to over $270 million. The convertible notes have a premium conversion price of $36.14 per share, and the financing aims to expedite production efforts and new product timelines.
Workhorse Group Inc. (Nasdaq: WKHS) announced that its C-Series all-electric delivery trucks, specifically the C-1000 Extended Range model, have achieved an industry-leading range of approximately 160 miles per charge under urban conditions. This development positions Workhorse to expand its market reach within the last-mile delivery sector. The company also highlighted that its trucks are recognized as zero-emission vehicles by the California Air Resources Board, aligning with growing environmental standards.
Workhorse Group Inc. (WKHS), a leader in sustainable electric vehicles, announced its participation in several virtual financial conferences in September 2020. Key events include the LD Micro 500 on September 3, 9th Annual Gateway Conference on September 9, and the Cowen 13th Annual Global Transportation & Sustainable Mobility Conference on September 11, highlighting its commitment to innovation in the last-mile delivery sector. Investors can learn more by visiting workhorse.com.
Workhorse Group Inc. (NASDAQ: WKHS) has formed strategic agreements with Hitachi America and Hitachi Capital America to enhance its manufacturing and operational capabilities. Hitachi will conduct an operational assessment, utilizing its Smart Manufacturing and Electric Vehicle technologies, while Hitachi Capital will assist in developing a national dealer network and financing options for Workhorse's C-Series delivery vehicles. This partnership aims to support Workhorse's production ramp-up and meet increasing demand for electric vehicles in North America.
Workhorse Group Inc. (Nasdaq: WKHS) reported its financial results for Q2 2020, achieving sales of $92,000, a notable increase from $5,500 in Q2 2019. The company delivered three C-series electric vans and became the first medium-duty BEV OEM approved for sales in all 50 states. Significant expenses rose, with a net loss of $131.3 million, primarily due to non-cash interest adjustments. Workhorse secured $70 million in financing, enhancing its cash availability to approximately $105 million. CEO Duane Hughes emphasized operational milestones and production scaling opportunities.
Workhorse Group Inc. (NASDAQ: WKHS) will hold a conference call on August 10, 2020, at 10:00 a.m. ET to discuss its financial results for Q2 ended June 30, 2020. The call will follow a press release detailing the financial results. Participants can join via dedicated U.S. and international dial-in numbers. A replay will be available after 4:00 p.m. ET on the same day through August 17, 2020. Workhorse focuses on delivering drone-integrated electric vehicles to the last mile delivery sector, aiming to enhance efficiency while reducing environmental harm.
Workhorse Group Inc. (Nasdaq: WKHS) announced eligibility for its C-Series all-electric delivery trucks under California's Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP). The California Air Resources Board (CARB) granted the Executive Order A-445-0003, allowing specific models to qualify for vouchers of up to $50,000 per vehicle, enhancing affordability for customers. While the HVIP program is currently on hold for new requests until fall 2020, Workhorse maintains its eligibility, which is expected to boost sales and support environmental goals.
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