Workhorse Announces 100-Truck Order from Gateway Fleets to Support Lower-Cost Electric Fleet Operations
Rhea-AI Summary
Workhorse (NASDAQ: WKHS) received a purchase order for 100 W56 fully-electric step vans from Gateway Fleets, to be leased and deployed across Gateway’s electrified depots beginning in July 2026.
The W56 is the 178" wheelbase model with a 210 kWh battery, 1,000 cu ft cargo, 10,000 lb payload and a nominal 150-mile range. Vehicles are built at Workhorse’s Union City, Indiana facility (capacity 5,000+ vehicles/year on one shift). Workhorse has delivered 1,100+ vehicles totaling 20+ million miles.
AI-generated analysis. Not financial advice.
Positive
- 100-unit order for W56 step vans
- W56 specs: 210 kWh battery, 150-mile nominal range
- Union City plant capacity: 5,000+ vehicles/year on one shift
- Workhorse delivered 1,100+ vehicles with 20+ million miles
- Deployments expected to begin July 2026 ahead of peak season
Negative
- None.
News Market Reaction – WKHS
On the day this news was published, WKHS gained 23.93%, reflecting a significant positive market reaction. Argus tracked a peak move of +38.5% during that session. Our momentum scanner triggered 37 alerts that day, indicating elevated trading interest and price volatility. This price movement added approximately $7M to the company's valuation, bringing the market cap to $37.36M at that time. Trading volume was exceptionally heavy at 6.7x the daily average, suggesting very strong buying interest.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
WKHS traded at $2.34 with a -3.31% move while peers showed mixed performance: CENN -1.78%, EVTV -1.18%, CJET -3.58%, MULN -1.49%, and AYRO up 7.35%. Momentum scanners flagged UCAR up 7.03% without news. This mix suggests the 100‑truck order impact is largely stock-specific rather than part of a broad sector rotation.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Apr 07 | Pricing promotion | Positive | -5.0% | Limited-time W56 price cuts up to $61,000 to stimulate demand. |
| Mar 31 | Earnings report | Neutral | -8.0% | Q4 and 2025 results: revenue growth to $21.2M but continued losses. |
| Mar 30 | Fleet order | Positive | +5.8% | Purolator purchase order for 100 fully-electric step vans in 2026. |
| Mar 25 | Product launch | Positive | -2.8% | Launch of 140 kWh W56 step van with ~100-mile range and new pricing. |
| Mar 24 | Earnings date set | Neutral | +0.9% | Announcement of date and time for Q4 and 2025 earnings release. |
Recent positive commercial and product news has produced mixed reactions, with some orders lifting the stock while promotions and product launches have coincided with declines.
Over the past month, WKHS announced multiple W56-related developments, including a new 140 kWh version with up to 1,000 cu ft cargo and up to 11,000 lbs payload, a 100-vehicle Purolator order, and a pricing promotion with cuts up to $61,000. Q4 and full-year 2025 results showed revenue of $9.7M in Q4 and $21.2M for 2025 but continued losses. The new 100‑truck Gateway Fleets order extends this commercial traction theme following the Purolator deal.
Market Pulse Summary
The stock surged +23.9% in the session following this news. A strong positive reaction aligns with growing evidence that commercial orders can move WKHS shares. Earlier, a 100-vehicle Purolator order coincided with a 5.78% gain, while product and pricing news saw weaker follow-through. The latest 100-truck Gateway Fleets order, combined with plant capacity of 5,000+ vehicles/year and over 20 million fleet miles, highlighted demand but must be weighed against the company's low price near its 52-week trough.
Key Terms
step vans technical
last-mile delivery technical
zero-emissions technical
AI-generated analysis. Not financial advice.
Innovative EV fleet solutions provider to deploy W56 step vans across electrified sites, delivering a fully integrated vehicle and charging solution
DETROIT, April 30, 2026 (GLOBE NEWSWIRE) -- Workhorse Group Inc. (NASDAQ: WKHS) (“Workhorse”), a North American OEM and provider of all-electric trucks, step vans, shuttles and buses, and Kingsburg Truck Center (KTC), a leading California truck dealer, today announced a purchase order for 100 W56 fully-electric step vans from Gateway Fleets, a California-based provider of bundled electric vehicle and charging solutions for commercial delivery operators.
Gateway plans to deploy the W56 step vans across its network of electrified sites and is preparing to launch additional locations, to be announced in the coming months, expanding access to reliable charging across key markets. The company’s bundled model is designed to simplify electric fleet operations, pairing purpose-built electric trucks with on-site charging infrastructure, fleet support, and depot access — all available through flexible financing arrangements.
By offering W56 step vans through a lease structure, Gateway Fleets enables operators to access the fuel and maintenance savings of electric vehicles while managing cash flow and avoiding large upfront capital expenditures. The company currently operates depots in Southern California and is scaling its network to meet growing operator demand across the region and beyond.
“Gateway Fleets understands the challenges fleets are facing right now, and they’ve built a business model designed to solve it,” said Scott Griffith, Chief Executive Officer of Workhorse. “On top of the overall reduced costs of operating electric trucks, fleet electrification offers a counterweight to the current exorbitant costs and volatility of fossil fuels. Gateway’s bundled model enables fleets to seamlessly add electric trucks to their fleet by handling every aspect of electrification. We’re proud to support their vision.”
The W56 step vans available through Gateway are the Standard Wheelbase (178") with a 210 kWh battery, offering 1,000 cubic feet of cargo space, a payload of 10,000 lbs. and a nominal range of 150 miles per charge. Every van features a fully-integrated, purpose-built composite body, an ergonomic driver environment, and a platform engineered for the demands of high-cycle last-mile delivery.
“Even when factoring in electricity costs, we’ve seen fuel cost savings of up to 65 percent on active delivery routes, based on a year-long, real-world case study at our Riverside, California site. That’s real impact for operators managing tight margins. Vehicles like the W56 are performing reliably in last-mile operations, and through close coordination with partners like Workhorse and Kingsburg Truck Center, we’re delivering a more complete solution for operators,” said Jamie Miller, Chief Revenue Officer of Gateway Fleets.
All W56 models are produced at Workhorse’s commercial-scale manufacturing facility in Union City, Indiana, which is capable of producing up to 5,000+ vehicles per year on a single operating shift. To date, Workhorse has delivered more than 1,100 vehicles that have collectively accumulated more than 20 million real-world miles across customer fleets.
Vehicles are expected to begin deploying in July 2026, ahead of “peak” season, the lead-up to and through the holidays when package delivery volumes spike, supporting operators during the busiest time of year.
“At Kingsburg Truck Center, we pride ourselves on being at the forefront of the commercial transportation shift toward zero-emissions. This 100-unit commitment is a testament to the reliability of the Workhorse W56 and the strength of the partnership we've built with Gateway Fleets,” said Jerry Smith, President of Kingsburg Truck Center. “By combining Workhorse's quality engineering with our extensive experience in navigating the complex grant and incentive landscape, we are removing the traditional financial barriers to EV adoption and making it easier than ever for fleets to scale efficiently.”
Fleets interested in leasing a Workhorse W56 should contact Gateway Fleets directly or visit www.gatewayfleets.com.
About Workhorse Group Inc.
Headquartered in the Detroit area with a commercial-scale manufacturing plant in Union City, Indiana, Workhorse (Nasdaq: WKHS) is redefining what a medium-duty truck should be. Workhorse builds software-first, electric trucks, shuttles and buses that are powerful, cost-efficient, reliable, safe, and comfortable — all with zero tailpipe emissions. Our deep experience building electric vehicles at scale drives intentional innovations designed to help customers lower operating costs, improve fleet performance, enhance the driver experience, and maximize uptime without compromise. More information is available at www.workhorse.com.
About Gateway Fleets
Gateway Fleets is a California-based provider of complete electric vehicle and charging solutions designed for commercial delivery operators. Gateway delivers electric trucks, fast flat-rate charging infrastructure, real-time fleet visibility and support, and depot access in a single bundled package — removing the barriers to electric fleet adoption and enabling operators to focus on their routes. Gateway Fleets currently serves operators in Southern California and is expanding to meet growing demand. More information is available at www.gatewayfleets.com.
About Kingsburg Truck Center
Based in Kingsburg, California, Kingsburg Truck Center is one of the nation's leading commercial truck dealerships and was the first full-service authorized dealer for Workhorse Group Inc. in the state of California. Specializing in advanced vocational solutions and zero-emission fleet deployment, Kingsburg Truck Center provides comprehensive upfitting, sales, and service for the medium-duty market. The company is a recognized leader in California's incentive ecosystem, leveraging deep expertise in grant writing and voucher processing to maximize funding for fleet transitions. As a strategic partner for sustainable transportation, Kingsburg Truck Center helps operators navigate technical and financial complexities to achieve zero-emission goals. More information is available at kingsburgtruckcenter.com.
Contacts:
Workhorse
John Williams, Communications
+1-206-660-5503, john.williams@workhorse.com
ICR, Inc.
workhorse@icrinc.com
Investor Relations Contact:
Gateway Fleets
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 21E of the Exchange Act, and the Private Securities Litigation Reform Act of 1995, as amended. All statements other than statements of historical fact included in this press release, including statements regarding the planned delivery of vehicles to Gateway Fleets, Gateway Fleets’ intended leasing activities, anticipated fleet operator demand for electric vehicles, and the expected deployment date of purchased trucks are forward-looking statements. Some of these statements may be identified by the use of the words “plans”, “expects” or “does not expect”, “estimated”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, “targets”, “projects”, “contemplates”, “predicts”, “potential”, “continue”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “should”, “might”, “will” or “will be taken”, “occur” or “be achieved”.
Forward-looking statements are based on the opinions and estimates of management of Workhorse as of the date such statements are made, and they are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Some factors that could cause actual results to differ include our ability to raise capital to fund our operations and to maintain access to our current debt facilities; our ability to achieve the expected synergies and/or efficiencies from our operations and as a result of the Motiv/Workhorse merger; our ability to reduce the cost to build our vehicles; changes in laws, regulations, technologies, the global supply chain, and macro-economic and social environments affecting our business, including demand for electric trucks and our cost of production; and our ability to maintain compliance with Nasdaq rules and otherwise maintain our listing of securities on Nasdaq.
Additional information on these and other factors that may cause actual results and Workhorse’s performance to differ materially is included in Workhorse’s periodic reports filed with the SEC, including Workhorse’s Annual Report on Form 10-K for the year ended December 31, 2025 including those factors described under the heading “Risk Factors” therein, and Workhorse’s subsequent Quarterly Reports on Form 10-Q. Copies of Workhorse’s filings with the SEC are available publicly on the SEC’s website at www.sec.gov or may be obtained by contacting Workhorse. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. These forward-looking statements are made only as of the date hereof, and Workhorse undertakes no obligations to update or revise the forward-looking statements except as required by law.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/29860789-3031-43f2-824d-05964608aaca
