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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 Inc. (Nasdaq: WKHS) has successfully completed a 1,000-mile journey with its W56 electric step van, showcasing its reliability and performance. The vehicle traveled from Cincinnati to Orlando for the FedEx Forward Service Provider Summit, covering a total of 1,028 miles over three days.
The W56 demonstrated a 150+ mile range and an average efficiency of 27 MPGe, supported by regenerative braking and fast charging at public Level 3 stations. It performed well in various terrains and weather conditions, including strong winds and heavy rain from Hurricane Helene.
At the Summit, Workhorse will showcase the W56's integration into last-mile delivery fleets, participating in demonstrations and the event's Ride & Drive. This journey highlights the vehicle's capability to meet customer needs and handle long-distance travel demands.
Workhorse Group Inc. (Nasdaq: WKHS) has announced its participation as a Presidential Exhibitor at the 2024 FedEx Forward Service Provider Summit in Orlando, Florida, from October 1-4, 2024. The company will showcase its 100% electric W56 step van in the event's Ride & Drive, allowing attendees to experience the vehicle firsthand.
The W56 is designed for last-mile parcel and package delivery, offering class-leading range, substantial payload capacity, and an all-electric powertrain. Workhorse emphasizes its focus on reliability, driver safety, and comfort for last-mile routes, as well as providing best-in-class quality and post-sales service to ensure optimal fleet efficiency.
Workhorse Group Inc. (Nasdaq: WKHS) has announced that FedEx (NYSE: FDX) has placed an order for 15 W56 step vans to be delivered in 2024. This order follows a successful demonstration where the W56 met FedEx's operational requirements. The W56 achieved an impressive 31 MPGe during real-world testing, significantly outperforming the national average of 7 MPG for delivery trucks. This purchase is estimated to avoid 607 metric tons of tailpipe emissions annually, supporting FedEx's goal of achieving carbon-neutral global operations by 2040.
Workhorse CEO Rick Dauch expressed enthusiasm about the collaboration, highlighting the company's ability to build complete vehicles as a key differentiator. The W56 step van is designed for last-mile delivery operations, featuring an efficient eAxle electric drivetrain and extended range with regenerative braking.
Workhorse Group Inc. (Nasdaq: WKHS) reported Q2 2024 financial results, showing progress in their EV product roadmap but facing financial challenges. Key highlights include:
- Sales decreased to $0.8 million from $4.0 million in Q2 2023
- Net loss increased to $26.3 million from $23.0 million year-over-year
- Cash and cash equivalents stood at $5.3 million as of June 30, 2024
- Received a purchase order for 141 W4 CC cab chassis vehicles
- Expanded dealer network and secured Sourcewell contract
- Completed divestiture of Aero business, expecting $0.4 million monthly cost savings
- Regained NASDAQ minimum bid price compliance
The company is focusing on cost management and preserving cash while advancing its EV product lineup, including the introduction of a new W56 208-inch wheelbase vehicle in Q4 2024.
Workhorse Group Inc. (Nasdaq: WKHS) has rescheduled its second quarter 2024 earnings call to August 20, 2024, at 11:00 a.m. Eastern time. The company, which focuses on zero-emission commercial vehicles, will discuss its financial results for the quarter ended June 30, 2024, and provide insights into its plans and outlook. CEO Rick Dauch mentioned progress on their EV product roadmap and steps taken to protect their financial runway. The earnings release will be issued prior to the call. Investors can join via phone or webcast, with a replay available until August 27, 2024.
Workhorse Group Inc. (Nasdaq: WKHS), a company focused on zero-emission commercial vehicles, has scheduled its second quarter 2024 earnings call for Wednesday, August 14, 2024, at 10:00 a.m. ET. The call will discuss financial results for the quarter ended June 30, 2024, as well as the company's plans and outlook. Financial results will be released prior to the call. The conference call will include a presentation by Workhorse management, followed by a Q&A session.
Investors can dial in using U.S. number 877-407-8289 or international number 201-689-8341. The call will be broadcast live and available for replay on the company's website. A telephonic replay will be accessible until August 21, 2024.
Workhorse Group Inc. (Nasdaq: WKHS) has delivered its first W56 step van to NorCal Transports Inc., a last-mile package delivery contractor in Richmond, California. This delivery, facilitated through Workhorse's Certified Dealer, Kingsburg Truck Sales, showcases the W56's real-world performance in the last-mile delivery sector. NorCal, aiming for a 100% alternate fuel vehicle fleet by 2025, praised the W56's durability, capacity, and range.
Workhorse offers a diverse lineup of step vans, including the W56 with 178" and 208" wheelbases, and the W750, providing cargo capacities of 1,200, 1,000, and 750 cubic feet respectively. The W56, Workhorse's flagship electric delivery vehicle, is eligible for California's HVIP program, offering a base voucher of $85,000 per vehicle purchased.
Workhorse Group Inc. (Nasdaq: WKHS) announced its participation in the Zero-Emissions Showcase + Ride & Drive event on August 14, 2024, in Oakland, California. The event, hosted by CARB and CALSTART, will showcase Workhorse's W56 step van and W4 CC cab chassis, both battery-electric medium-duty vehicles.
Attendees can experience these vehicles, which qualify for HVIP and ISEF incentives in California. The event will also feature information on zero-emission vehicle and infrastructure incentive programs from various organizations. Workhorse aims to assist fleet operators in complying with Advanced Clean Fleets 2024 requirements and support their transition to electric vehicles.
Workhorse Group Inc. (Nasdaq: WKHS) announced that McAbee Trucking, Inc. has acquired a new all-electric W4 CC box truck for transporting U.S. mail. This marks McAbee's first electric vehicle addition to their fleet, following a successful demonstration period. The W4 CC will operate a 120-mile daily round trip mail route between Blacksburg, South Carolina, and Shelby, North Carolina.
This acquisition aligns with McAbee Trucking's commitment to lowering emissions while maintaining their high reliability and on-time dispatch rating of over 99% for the U.S. Postal Service. The National Star Route Mail Contractors Association supports this move towards alternative fuel adoption, in line with the Postal Service's commitment to reducing harmful emissions.
Workhorse Group Inc. (Nasdaq: WKHS) has been awarded a Sourcewell contract for procurement in the category of Class 4-8 chassis and cabs with related equipment, accessories, and services. This achievement allows Workhorse to expand its reach to government, educational, and nonprofit sectors across all 50 states and Canada.
Sourcewell, a government agency created by the Minnesota legislature, streamlines the procurement process by combining the purchasing power of numerous agencies. Workhorse's contract with Sourcewell runs until July 9, 2028, with potential one-year extensions. This contract provides streamlined access to Workhorse's portfolio of all-electric medium-duty vehicles, including the W56 step van, W750 step van, and W4 CC cab chassis.
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