Workhorse Secures Multiple Orders for W56 Electric Step Vans in Parcel Delivery Market as Fleet Demand Increases
Workhorse Group (Nasdaq: WKHS) has secured purchase orders for seven W56 electric step vans from three parcel delivery independent service providers. The orders came within 30 days following the company's participation at the FedEx Forward Service Provider Summit. The vehicles include both 178" wheelbase (1,000 cubic feet) and 208" extended wheelbase (1,200 cubic feet) models, scheduled for delivery by year-end. Multiple demonstrations were performed at parcel delivery terminal depots across California, where FedEx has installed electric charging systems. The W56, designed and built in the USA, features an efficient eAxle electric drivetrain and regenerative braking system.
Workhorse Group (Nasdaq: WKHS) ha ricevuto ordini per sette furgoni elettrici W56 da tre fornitori indipendenti di servizi di consegna pacchi. Gli ordini sono arrivati entro 30 giorni dalla partecipazione dell'azienda al FedEx Forward Service Provider Summit. I veicoli comprendono modelli con passo di 178" (1.000 piedi cubi) e 208" a passo lungo (1.200 piedi cubi), programmati per la consegna entro la fine dell'anno. Numerose dimostrazioni sono state effettuate presso i terminal di consegna pacchi in California, dove FedEx ha installato sistemi di ricarica elettrica. Il W56, progettato e costruito negli Stati Uniti, presenta un efficiente sistema di trasmissione elettrica eAxle e un sistema di frenata rigenerativa.
Workhorse Group (Nasdaq: WKHS) ha asegurado pedidos de compra para siete furgones eléctricos W56 de tres proveedores independientes de servicios de entrega de paquetes. Los pedidos se recibieron dentro de los 30 días posteriores a la participación de la empresa en el FedEx Forward Service Provider Summit. Los vehículos incluyen modelos con distancia entre ejes de 178" (1,000 pies cúbicos) y 208" con distancia entre ejes extendida (1,200 pies cúbicos), programados para entrega a finales de año. Se realizaron múltiples demostraciones en los depósitos de entrega de paquetes en California, donde FedEx ha instalado sistemas de carga eléctrica. El W56, diseñado y fabricado en EE. UU., cuenta con un eficiente sistema de transmisión eléctrica eAxle y un sistema de frenado regenerativo.
워크호스 그룹 (Nasdaq: WKHS)는 세 개의 독립적인 소포 배송 서비스 제공업체로부터 7대의 W56 전기 스텝밴 구매 주문을 확보했습니다. 이 주문은 회사가 FedEx 포워드 서비스 제공업체 정상 회의에 참석한 지 30일 이내에 접수되었습니다. 이 차량은 178" 휠베이스(1,000세제곱피트) 및 208" 연장 휠베이스(1,200세제곱피트) 모델을 포함하며, 연말까지 배송될 예정입니다. 여러 번의 시연이 캘리포니아의 소포 배송 터미널에서 진행되었으며, FedEx는 전기 충전 시스템을 설치했습니다. 미국에서 설계되고 제작된 W56은 효율적인 eAxle 전기 드라이브 트레인과 회생 제동 시스템을 갖추고 있습니다.
Workhorse Group (Nasdaq: WKHS) a obtenu des commandes d'achat pour sept fourgonnettes électriques W56 de trois prestataires de services de livraison de colis indépendants. Les commandes sont arrivées dans les 30 jours suivant la participation de l'entreprise au FedEx Forward Service Provider Summit. Les véhicules comprennent des modèles à empattement de 178" (1 000 pieds cubes) et à empattement allongé de 208" (1 200 pieds cubes), programmés pour livraison d'ici la fin de l'année. De multiples démonstrations ont été réalisées dans des terminaux de livraison de colis en Californie, où FedEx a installé des systèmes de recharge électrique. Le W56, conçu et fabriqué aux États-Unis, dispose d'un moteur électrique eAxle efficace et d'un système de freinage régénératif.
Workhorse Group (Nasdaq: WKHS) hat Bestellungen für sieben elektrische W56-Transporter von drei unabhängigen Paketlieferdiensten gesichert. Die Bestellungen kamen innerhalb von 30 Tagen nach der Teilnahme des Unternehmens am FedEx Forward Service Provider Summit. Die Fahrzeuge umfassen sowohl 178" Radstand- (1.000 Kubikfuß) als auch 208" verlängerten Radstand- (1.200 Kubikfuß) Modelle, die bis Ende des Jahres geliefert werden sollen. Mehrere Demonstrationen wurden an Paketliefer-Terminals in Kalifornien durchgeführt, wo FedEx elektrische Ladestationen installiert hat. Der W56, der in den USA entworfen und gebaut wurde, verfügt über einen effizienten eAxle-Elektroantrieb und ein regeneratives Bremssystem.
- Secured new orders for seven W56 electric step vans
- Additional potential truck orders in quoting process
- Expanding market presence in FedEx delivery network
- Established charging infrastructure at FedEx terminals supporting adoption
- None.
Insights
The announcement of 7 new W56 electric step van orders represents minimal revenue impact given Workhorse's current market position and tiny market cap of
The W56's focus on the parcel delivery market is strategically sound, especially with FedEx installing charging infrastructure. However, Workhorse faces intense competition from larger, better-capitalized rivals in the commercial EV space. The company's ability to scale production and maintain adequate working capital remains a critical concern given its small size and challenging financial position.
New Purchase Orders for W56: Recent orders for seven W56 electric step vans for immediate delivery upon completion of upfit.
Growing Fleet Interest and Demos: Following the FedEx Forward event, Workhorse is experiencing increased parcel delivery fleet interest, with multiple demos planned in California and additional units now in the quoting process.
CINCINNATI, Nov. 07, 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 secured purchase orders from three parcel delivery independent service providers for its W56 step vans. The new orders, received in the 30 days following the Company’s participation at FedEx Forward Service Provider Summit, are for seven W56 electric trucks for parcel delivery, including both the standard 178” wheelbase (for 1,000 cubic feet of cargo space) and the new 208” extended wheelbase (for 1,200 cubic feet of cargo space). All vehicles are scheduled for delivery by the end of the year.
With a marked increase in fleet interest, Workhorse’s third quarter was active, with demos performed at multiple parcel delivery terminal depots across California, where FedEx has installed and connected electric charging systems. Additional potential truck orders are now in the quoting process. Fleet operators recognize the W56 as a reliable, zero-emission vehicle for high-density urban routes, rural routes or routes that require increased cargo capacity needs.
“As parcel delivery fleets transition to zero-emission vehicles, we believe the W56 is an ideal fit,” said Ryan Gaul, President of Commercial Vehicles at Workhorse. “We understand the importance of uptime for parcel operators, especially during the busy holiday season. That’s why we back our vehicles with a robust service and support network through our certified dealers and national service partners, which helps keep trucks on the road and deliveries on time. Our W56 models are built for the real-world demands of last-mile delivery, offering effective range, cargo capacity flexibility, durability, and reliability in every configuration.”
Designed, engineered, and built in the USA at the Workhorse Ranch in Union City, Indiana, the W56 provides fleet operators with options tailored to specific operational requirements. Workhorse’s approach to quality and support ensures that fleet operators have a dependable partner in their transition to electrification. The W56 1,000 and 1,200 cubic feet models deliver the essential cargo capacity and uncompromising reliability that today’s parcel delivery fleets demand, ensuring Workhorse is ready to drive the future of last-mile logistics.
The Workhorse W56 step van is meticulously engineered to meet the demanding needs of commercial last-mile delivery operations. With its efficient eAxle electric drivetrain and extended range aided by highly efficient regenerative braking, the W56 delivers superior efficiency, lower operational costs, and a reduced environmental footprint. This makes it perfectly suited for stop-and-go delivery routes and an ideal choice for last-mile delivery.
For more information about the W56 step van and Workhorse’s portfolio of Class 4-6 battery-electric vehicles, visit www.workhorse.com.
About Workhorse Group Inc.
Workhorse is a technology company focused on providing ground-based electric vehicles to the last-mile delivery sector. As an American original equipment manufacturer, we design and build high performance, battery-electric trucks. 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
The discussions in this press release contain 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 press release, the words “anticipate,” “expect,” “plan,” “believe,” “seek,” “estimate,” and similar expressions are intended to identify forward-looking statements and relate to future periods. These are statements that involve substantial risks and uncertainties, including our ability to timely deliver the W56 step vans that have been ordered, conditions to delivery and acceptance applicable to the purchase orders, the expected delivery date, the expected performance of W56 step van, and the quality of our dealer network and service network’s support services. Forward-looking statements are statements that are not historical facts and 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:
Tom Colton and Greg Bradbury
Gateway Group
949-574-3860
WKHS@gateway-grp.com
FAQ
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