Workhorse Group Partners with Zeem Solutions to Expand Service and Support Options for Workhorse Customers
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Insights
Workhorse Group's partnership with Zeem Solutions represents a strategic move to bolster its after-sales service capabilities, which is a critical aspect of customer satisfaction and retention in the EV industry. By collaborating with Zeem, Workhorse is addressing one of the key challenges in the EV market: the need for specialized maintenance and service infrastructure. This partnership could potentially enhance Workhorse's competitive edge by improving service response times and vehicle uptime, which are important metrics for fleet operators.
From a market perspective, the expansion of service options is likely to be well-received by current and prospective customers, as it alleviates concerns about the practicalities of maintaining an EV fleet. This could translate into increased customer loyalty and potentially higher sales volumes, as fleet operators look for reliable EV solutions with comprehensive support. Moreover, the focus on California, a state with stringent emissions regulations and high EV adoption rates, aligns with broader market trends and regulatory pushes towards sustainable transportation.
The partnership between Workhorse and Zeem Solutions may have a tangible impact on Workhorse's financials. Enhanced service capabilities can lead to lower warranty costs and reduced service-related expenses in the long term. In the short term, however, investors should be aware of the potential upfront costs associated with the expansion of the service network. It's important to monitor how these expenditures affect the company's cash flow and profitability.
Furthermore, as Workhorse expands its service network, it's crucial to evaluate the scalability of this model. The ability to replicate this partnership in other regions could be a key driver for growth and market penetration. Investors should look for indicators of successful implementation, such as customer feedback and service metrics, to assess the potential return on investment.
The partnership's emphasis on quick service response and maximizing vehicle uptime is particularly relevant in the EV sector, where operational efficiency and reliability are paramount. Zeem's expertise in servicing EVs could help Workhorse mitigate the technical complexities associated with electric drivetrains and battery systems. This is especially important as the industry transitions to electric mobility and fleet operators require assurance that service disruptions will be minimal.
Additionally, the creation of service and charging hubs by Zeem could address range anxiety and charging infrastructure concerns, which are significant barriers to EV adoption. By proactively tackling these issues, Workhorse is not only enhancing its service offerings but also contributing to the broader EV ecosystem, which could foster increased EV uptake and reinforce the company's position in the market.
CINCINNATI, Feb. 15, 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, has partnered with Zeem Solutions (“Zeem”) to provide additional Workhorse certified service options for fleet operators and customers. Zeem's electric vehicle (“EV”) technicians will work hand-in-hand with Workhorse’s technical team to respond quickly to service requests and maintain industry-leading uptime.
Zeem currently operates out of its flagship hub in Los Angeles, California with plans to expand and build additional hubs throughout the country. Workhorse customers already operating their own managed fleets now have the option to work with Zeem specifically for service and maintenance.
“As we grow our customer footprint in California, partnering with Zeem will help us ensure that our fleet operators have local support for all their service needs,” said Workhorse VP of Quality and Aftersales Support Scott Loomis. “Zeem provides an important touchpoint for EV operators in one of the largest cities in the country, and they’re a well-respected name in the industry. Their deep experience in servicing and maintaining electric vehicles enhances our ability to minimize disruption due to downtime and maximize time on the road.”
Rick Eckert, VP Operations at Zeem, added: “We look forward to working with a premier EV OEM like Workhorse as we build out our network of service and charging hubs. We aim to pair our offerings with their best-in-class vehicles to create a first-rate experience for EV fleet operators.”
About Zeem Solutions
Zeem was founded in 2017 to offer charging, parking, fleet management services, and electric vehicle leases that enable commercial fleets to meet sustainability goals and governmental mandates by transitioning from diesel to electric without the high costs and complexities of owning EVs and charging networks. Led by industry veterans with a diversity of EV and charging experience, the company based its operations in Los Angeles. Zeem builds and operates zero-emission vehicle charging depots for commercial fleets throughout the country near ports, airports, and warehousing & distribution centers. After thousands of first-hand technology assessments and more than 1.7 million conversations with fleets, Zeem opened its first EV charging depot near LAX in 2021 – and has plans to scale its model nationwide, including several more hub openings in 2024.
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
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