Workhorse Group Expands West Coast Presence, Adding The Truck Shop as its Latest Dealer
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Insights
Expanding a dealership network is a strategic move for Workhorse Group Inc., as it directly relates to the company's sales distribution and market penetration capabilities. The addition of The Truck Shop to its roster of dealers is a positive indicator for potential revenue growth, especially considering the dealer's established presence and experience in the Pacific Northwest.
The long-term implications hinge on the increasing demand for zero emission commercial vehicles, driven by environmental concerns and regulatory pressures. Workhorse's positioning in this niche could benefit from the current trend towards sustainability. However, the capital and operational expenditures associated with such expansions must be monitored to gauge the impact on the company's profitability.
For stakeholders, the immediate benefit lies in the potential increase in sales volume, but the ultimate success will depend on the execution of sales strategies and customer satisfaction with the service provided by the new dealer.
The commercial electric vehicle (EV) market is becoming increasingly competitive. Workhorse's partnership with a dealer like The Truck Shop, which has a new facility aimed at future EV demand, signifies a proactive approach to capturing market share in a growth sector.
While this is a strategic expansion, it's important to consider the competitive landscape, including larger players who may have more extensive networks and resources. The ability of Workhorse to leverage this partnership to effectively deliver and service their vehicles will be crucial in determining their market position in the long term.
Additionally, the repair and service aspect of the partnership may provide a recurring revenue stream, which is vital for the company's financial health. The expertise of The Truck Shop in servicing medium and heavy-duty trucks could be an advantage in ensuring high service quality, thereby enhancing customer loyalty and brand reputation.
The transition to zero emission vehicles is a significant part of the global effort to reduce greenhouse gas emissions. The collaboration between Workhorse and The Truck Shop may accelerate the adoption of such vehicles in the Pacific Northwest, a region known for its environmental consciousness.
However, the sustainability impact of this partnership extends beyond emissions. It will be important to assess the life-cycle environmental footprint of the vehicles sold, including battery production and end-of-life disposal. The ability of Workhorse to address these concerns transparently could influence public perception and acceptance of their products.
Stakeholders should consider the potential for regulatory incentives that favor zero emission vehicles, which could further enhance Workhorse's market opportunities.
CINCINNATI, Dec. 19, 2023 (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 The Truck Shop as a dealer, bringing the Company’s total dealer count to nine.
With locations in Washington and Oregon, The Truck Shop expands Workhorse’s dealer network on the West Coast and serves as a gateway to sales in the Pacific Northwest. The Truck Shop has been operating as a one-stop shop for fleet operators in the region for over 44 years and recently built a facility in Portland in anticipation of future electric vehicle demand in that market. In addition to selling vehicles, The Truck Shop repairs and services medium and heavy-duty trucks.
“As we continue to grow our network of dealers across the country, we are excited to add a proven commercial dealer in the Pacific Northwest,” said Workhorse CEO Rick Dauch. “The Truck Shop is a well-respected partner for fleet operators and has decades of experience operating in the region. With our manufacturing throughput ramping up, we look forward to collaborating with The Truck Shop to sell and service our vehicles to its longstanding customers.”
The Truck Shop Owner Doug Small added: “Partnering with Workhorse is an important step into the future for us. As more fleet operators shift to zero emission vehicles, Workhorse provides the best-in-class trucks that they are looking for. We are proud to be a Workhorse dealer and look forward to working with their team.”
About The Truck Shop
Located in the heart of Washington State and Oregon, The Truck Shop serves Seattle to Portland and beyond. The Truck Shop has always prided itself on being big enough to handle the largest commercial truck fleets & small enough to care for the single owner operator. Every customer is important. The Truck Shop specializes in complete truck parts, state of the art maintenance and commercial truck sales for single delivery truck operations all the way up to tractor trailer fleets. The Truck Shop has the resources and experience to provide turnkey maintenance solutions that allow customers to focus on their business.
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 document, the words “anticipate,” “expect,” “plan,” “believe,” “seek,” “estimate,” “will,” and “continue” and similar expressions are intended to identify forward-looking statements. These statements involve substantial risks and uncertainties. For a further description of the risks and uncertainties relating to the business of the Company in general, see the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2023, June 30, 2023 and September 30, 2023. 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
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