Workhorse Group Adds Riverview International Trucks as its Fifth California Dealer
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Insights
The addition of Riverview International Trucks as a dealer for Workhorse Group Inc. signifies a strategic expansion in the Californian market, which is known for its progressive environmental policies and incentives for zero-emission vehicles. This partnership is poised to enhance Workhorse's distribution capabilities and customer reach, particularly given Riverview's established reputation and customer base in Northern California.
From a market penetration perspective, the collaboration allows Workhorse to leverage Riverview's expertise in heavy-duty truck sales and services, potentially increasing the adoption rate of Workhorse's electric vehicles (EVs). The reference to California's attractive EV incentives underscores the financial benefits that could accelerate fleet electrification, a growing trend in response to state regulations and environmental concerns.
Overall, this move could positively impact Workhorse's sales volume and market share in the EV segment, which is increasingly competitive. The company's ability to secure HVIP (Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project) approval for its trucks also adds a competitive edge, as it reduces the cost barrier for operators to switch to electric fleets.
The strategic partnership with Riverview International Trucks could have significant financial implications for Workhorse Group Inc. The HVIP approval mentioned indicates that Workhorse's vehicles are eligible for substantial subsidies, which can improve the company's value proposition and potentially lead to higher sales volumes. This is particularly relevant as fleet operators look to capitalize on these incentives to reduce the total cost of ownership of EVs.
For investors, this expansion into California, a leading EV market, may signal potential revenue growth for Workhorse. By increasing the dealer count to five in the state, Workhorse is showing a commitment to scale operations and meet the rising demand for EVs. This could result in improved financial performance, subject to the successful execution of the partnership and market adoption rates of the vehicles.
It's important to monitor how the market responds to Workhorse's product offerings through Riverview, as this will be indicative of the company's ability to compete with established players in the EV space. The long-term financial health of Workhorse will depend on its ability to maintain and grow its dealer network, manage production costs and deliver on the performance and reliability expectations of its commercial customers.
The partnership between Workhorse Group Inc. and Riverview International Trucks aligns with California's aggressive environmental goals and policies that encourage the adoption of zero-emission vehicles. California's leadership in setting stringent emissions standards and providing incentives for EV purchases, such as those under the HVIP, is a key driver for businesses to transition to cleaner transportation options.
Workhorse's integration into California's EV ecosystem through this partnership could support state efforts to reduce greenhouse gas emissions from the transportation sector, which is the largest source of emissions in California. By increasing the availability of zero-emission commercial vehicles, Workhorse and Riverview are contributing to the broader goal of achieving carbon neutrality.
The success of this partnership could serve as a model for other states looking to incentivize the transition to zero-emission vehicles, potentially influencing environmental policy and the commercial vehicle market nationwide. It also reflects the growing importance of corporate environmental responsibility in business strategy and the role of private sector innovation in supporting public environmental goals.
CINCINNATI, Feb. 22, 2024 (GLOBE NEWSWIRE) -- Workhorse Group Inc. (Nasdaq: WKHS) (“Workhorse” or “the Company”), an American technology company focused on pioneering the transition to zero-emission commercial vehicles, today announced it has added Riverview International Trucks (“Riverview”) as its latest vehicle dealer, bringing the Company’s total dealer count in California to five.
With locations in West Sacramento and Redding, Riverview is a family owned and operated full-service heavy-duty truck dealership that has been serving Northern California since 1981. Riverview’s customer-first approach has allowed it to forge longstanding partnerships with leading businesses in California. Customers have relied on Riverview for over four decades to provide quality vehicles from leading OEMs as well as full-service lease, contract maintenance, and daily truck and trailer rentals.
Through this partnership Riverview will be offering the full suite of Workhorse’s commercialized product line, including the W4 CC, W750, and W56, to current and potential customers throughout the region.
“This strategic partnership represents another step forward in our ongoing expansion efforts in California,” said Workhorse CEO Rick Dauch. “We believe that our purpose-built trucks and Riverview’s experience selling and servicing customers in the region will allow us to capitalize on attractive EV incentives offered by the state. We look forward to partnering with the Riverview team as they build out their catalogue of electric vehicles to meet growing demand in the region and statewide.”
Eric Bassett, Owner of Riverview International Trucks, added: “Partnering with Workhorse allows us to offer our customers a best-in-class portfolio of electric vehicles. All three of Workhorse’s available trucks have received HVIP approval, which provides a valuable financial incentive to our operators who are already looking to electrify their fleets. As the EV market continues to expand, we intend to operate at the forefront while remaining committed to the same standard of care that has made Riverview a trusted partner to our customers for over four decades.”
About Riverview International Trucks
Riverview International Trucks is an authorized International Truck, Allison Transmission, and Cummins dealership serving Northern California from Galt to the Oregon border with locations in West Sacramento and Redding. Family owned and operated since its founding in 1981 as a full-service heavy-duty truck dealership, Riverview prides itself on taking care of our customers and employees, many of which have called Riverview their home for over 25 years. When you are ready to invest in a new or used truck, our friendly, knowledgeable, and multilingual team will ensure you get the right truck for the job. For additional information visit riverviewinternational.com.
About Workhorse Group Inc.
Workhorse is a technology company focused on providing ground and air-based electric vehicles to the last-mile delivery sector. As an American original equipment manufacturer, we design and build high performance, battery-electric trucks, and drones. Workhorse also develops cloud-based, real-time telematics performance monitoring systems that are fully integrated with our vehicles and enable fleet operators to optimize energy and route efficiency. All Workhorse vehicles are designed to make the movement of people and goods more efficient and less harmful to the environment. For additional information visit workhorse.com.
Forward-Looking Statements
This press release contains forward-looking statements reflecting our current expectations that involve risks and uncertainties. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. When used in this release, the words “anticipate,” “expect,” “plan,” “believe,” “seek,” “estimate” and similar expressions are intended to identify forward-looking statements. These are statements that relate to future periods and include, but are not limited to, statements about the features, benefits and performance of our products, our ability to introduce new product offerings and increase revenue from existing products, expected expenses including those related to selling and marketing, product development and general and administrative, our beliefs regarding the health and growth of the market for our products, anticipated increase in our customer base, expansion of our products functionalities, expected revenue levels and sources of revenue, expected impact, if any, of legal proceedings, the adequacy of our liquidity and capital resources, and expected growth in business. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained in this release. Factors that could cause actual results to differ materially include, but are not limited to: our ability to develop and manufacture our new product portfolio, including the W4 CC, W750, W56 and WNext programs; our ability to attract and retain customers for our existing and new products; risks associated with obtaining orders and executing upon such orders; the unavailability, reduction, elimination, termination or adverse application of government subsidies, incentives and/or regulations, including the Advanced Clean Fleet Regulation adopted by the California Air Resource Board; supply chain disruptions, including constraints on steel, semiconductors and other material inputs and resulting cost increases impacting our company, our customers, our suppliers or the industry; our ability to capitalize on opportunities to deliver products to meet customer requirements; our limited operations and need to expand and enhance elements of our production process to fulfill product orders; our inability to raise additional capital to fund our operations and business plan; our ability to regain compliance with the listing requirements of the Nasdaq Capital Market and otherwise maintain the listing of our securities thereon; our ability to protect our intellectual property; market acceptance for our products; our ability to obtain sufficient liquidity from operations and financing activities to continue as a going concern and, our ability to control our expenses; potential competition, including without limitation shifts in technology; volatility in and deterioration of national and international capital markets and economic conditions; global and local business conditions; acts of war (including without limitation the conflicts in Ukraine and Israel) and/or terrorism; the prices being charged by our competitors; our inability to retain key members of our management team; our inability to satisfy our customer warranty claims; the outcome of any regulatory or legal proceedings; and other risks and uncertainties and other factors discussed from time to time in our filings with the Securities and Exchange Commission (“SEC”), including under the “Risk Factors” section of our annual report on Form 10-K and our quarterly reports on Form 10-Q, each as filed with the SEC. Forward-looking statements speak only as of the date hereof. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based, except as required by law.
Media Contact:
Aaron Palash / Greg Klassen
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
Investor Relations Contact:
Matt Glover and Tom Colton
Gateway Group
949-574-3860
WKHS@gateway-grp.com
FAQ
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