Workhorse Group, Inc - WKHS STOCK NEWS

Workhorse Group (WKHS) has introduced a Certified Dealer Program aimed at creating a verified network of dealers for the maintenance of its electric vehicles. The first certified dealer, Kingsburg Truck Center, is based in California and has invested in EV infrastructure to support this initiative. The program includes comprehensive training for dealers to ensure quality maintenance and facilitate vehicle deployment for customers. CEO Rick Dauch highlighted that this initiative is crucial for expanding Workhorse’s market presence and ensuring reliable service. Kingsburg will also receive the first ten W4 CC units as part of the partnership.

Workhorse Group (Nasdaq: WKHS), a leader in zero-emission commercial vehicles, will participate in the 35th Annual Roth Conference from March 12-14, 2023, at The Ritz Carlton, Laguna Niguel, California. During the conference, Workhorse management will engage in one-on-one meetings with institutional investors and analysts, offering insights into their innovative electric vehicles and cloud-based monitoring systems.

The conference features approximately 400 private and public companies discussing various sectors, including Sustainability and Technology. Interested parties can contact Workhorse’s investor relations team to schedule meetings.

Workhorse Group (WKHS) unveiled its new W56 step van model at the National Truck Equipment Association's Work Truck Week in Indianapolis on March 8, 2023. This Class 5/6 vehicle boasts a benchmark payload capacity of approximately 10,000 pounds and a range of up to 150 miles. It features a spacious cargo box of over 1,000 cubic feet and is designed for safety and comfort during long shifts. The W56 is expected to begin production in Q3 2023, with customer demonstration vehicles available soon. CEO Rick Dauch highlighted the vehicle as a product of extensive on-road learnings from legacy models, marking a significant step in the company’s transition to a commercial EV OEM.

Workhorse Group (Nasdaq: WKHS) reported its Q4 and full year 2022 financial results on March 1, 2023. The Company achieved Q4 sales of $3.4 million, a return from a net loss of $2.0 million last year. Cost of sales dropped significantly to $21.2 million from $99.9 million, aided by reduced non-cash charges. For the full year, sales totaled $5.0 million versus a loss of $0.9 million in 2021. Net loss also improved to $117.3 million from $401.3 million in 2021. The outlook for 2023 is optimistic with anticipated revenue between $75 million and $125 million. Workhorse plans to ramp up production of its W4 CC, W750, and W56 commercial vehicles throughout the year.

Workhorse Group Inc. (Nasdaq: WKHS) announced two new board nominees, Jean Botti and Brandon Torres Declet, slated for election at the 2023 Annual Meeting of Stockholders. This decision is part of the company's ongoing board refreshment strategy, with four current directors opting not to seek re-election. Post-meeting, Workhorse will have eight directors, seven of whom will be independent. Botti brings over 30 years of automotive and aviation experience, while Torres Declet is a notable figure in the drone industry. Both are expected to enhance Workhorse's efforts in zero-emission vehicle and aerospace development.

Workhorse Group (WKHS) announces a conference call on March 1, 2023, at 10:00 a.m. Eastern Time to discuss its financial results for Q4 and the full year ending December 31, 2022. The call will include a presentation by management followed by a Q&A session. Interested participants can join via U.S. dial-in at 877-407-8289 or international at 201-689-8341. A live stream and a replay will be available on the company's website after the call. This event highlights Workhorse's commitment to transparency and investor engagement in the electric vehicle sector.

Workhorse Group Inc. (Nasdaq: WKHS) announced a strategic shift by discontinuing the C1000 program to focus on the W4 CC, W750, and W56 vehicles. This decision will result in a non-cash inventory write-off of approximately $10 million. The company has also concluded an investigation by the SEC without enforcement action. Additionally, shipments of the W4 CC vehicles are underway, with production and deliveries expected to ramp up significantly in 2023, aiming for revenue between $5 million and $15 million for 2022 and considerable growth in 2023.