Workhorse W56 Completes 1,000-Mile Drive, Showcasing Unmatched Reliability, Durability and Real-World Performance

Rhea-AI Summary

Workhorse Group Inc. (Nasdaq: WKHS) has successfully completed a 1,000-mile journey with its W56 electric step van, showcasing its reliability and performance. The vehicle traveled from Cincinnati to Orlando for the FedEx Forward Service Provider Summit, covering a total of 1,028 miles over three days.

The W56 demonstrated a 150+ mile range and an average efficiency of 27 MPGe, supported by regenerative braking and fast charging at public Level 3 stations. It performed well in various terrains and weather conditions, including strong winds and heavy rain from Hurricane Helene.

At the Summit, Workhorse will showcase the W56's integration into last-mile delivery fleets, participating in demonstrations and the event's Ride & Drive. This journey highlights the vehicle's capability to meet customer needs and handle long-distance travel demands.

Positive

• Successful completion of a 1,000-mile journey, demonstrating reliability and durability
• 150+ mile range and 27 MPGe average efficiency
• Ability to handle various terrains and difficult weather conditions
• Fast charging capabilities at public Level 3 charging stations
• Participation in FedEx Forward Service Provider Summit, showcasing integration into delivery fleets

Negative

• None.

Insights

Automotive Industry Analyst

The successful 1,000-mile journey of Workhorse's W56 electric step van is a significant milestone for the company and the electric commercial vehicle industry. This real-world demonstration addresses key concerns about EV range, reliability and performance in challenging conditions. The W56's 150+ mile range and 27% MPGe efficiency are impressive for a commercial vehicle, potentially making it competitive with traditional ICE alternatives.

The vehicle's performance through various terrains and weather conditions, including a hurricane, showcases its durability and reliability - critical factors for fleet operators. The fast-charging capabilities and regenerative braking features further enhance its practicality for long-distance commercial use.

Workhorse's presence at the FedEx Forward Service Provider Summit is strategically important. It provides direct exposure to potential major customers and demonstrates the W56's real-world capabilities. This could lead to significant orders if the vehicle meets FedEx's stringent requirements, potentially boosting Workhorse's market position and revenues.

Electric Vehicle Market Analyst

This demonstration by Workhorse is a strong statement in the rapidly evolving electric commercial vehicle market. The W56's performance addresses several key barriers to EV adoption in the commercial sector, particularly range anxiety and reliability concerns. The 1,028-mile journey under varied conditions proves the vehicle's capability to handle long-distance routes, a critical factor for fleet operators considering the switch to electric.

The W56's efficiency of 27% MPGe is competitive, potentially offering significant operational cost savings over traditional ICE vehicles. The fast-charging capability at public Level 3 stations is important for minimizing downtime, a key consideration for commercial fleets.

Workhorse's strategic participation in the FedEx Summit could be a game-changer. FedEx, as a major player in the logistics industry, could provide substantial validation if they show interest in the W56. This could lead to increased investor confidence and potential partnerships or orders from other logistics companies, significantly impacting Workhorse's market position and stock value.

Electric step van successfully travels from Cincinnati to Orlando over three days for FedEx Forward Service Provider Summit

Highlights 150+ mile range, durability in challenging weather conditions, regenerative braking, and fast-charging capabilities along the route

CINCINNATI, Oct. 01, 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 the successful completion of a 1,000-mile journey in its W56 step van. Starting with a drive from the Workhorse Ranch in Union City, Indiana to the company’s headquarters in Cincinnati, Ohio, the W56 then continued 940 miles to Orlando, Florida, covering a total of 1,028 miles. This real-world demonstration highlights the W56’s performance, reliability and durability as it arrives at the FedEx Forward Service Provider Summit after the three-day journey from Cincinnati.

The vehicle successfully navigated through various terrains and difficult weather conditions. Hurricane Helene brought strong winds and heavy rain during portions of the journey, and the W56 performed reliably, maintaining steady performance and durability. With a 150+ mile range and an average efficiency of 27 MPGe during this trip, supported by regenerative braking and fast charging at public Level 3 charging stations, the W56 showcased its ability to handle the demands of long-distance travel. The vehicle excelled in every situation, from traversing mountain passes to covering over 900 miles of long highway stretches, despite the limited regenerative assistance opportunities on highways.

“Our trip from Cincinnati to Orlando demonstrates that the W56 is built to meet our customers’ needs and the demands of their businesses,” said Ryan Gaul, President of Commercial Vehicles at Workhorse. “While we could have shipped the truck down to the Summit, we were able to use this opportunity to showcase the W56’s reliability, durability and capabilities. The truck handled well at every part of the journey, ran efficiently and charged quickly across our route. We look forward to showing the W56 off at the Summit, and to producing and delivering more of these game-changing vehicles to our customers.”

Workhorse’s participation in the FedEx Forward Service Provider Summit in Orlando represents a key opportunity to showcase how the W56 seamlessly integrates into last-mile parcel and package delivery fleets. This invitation-only event brings together FedEx executives, service providers, and vendors, providing Workhorse with a platform to demonstrate the W56's on-road performance, best-in-class service, and comprehensive support network. As an exhibitor, the W56 that completed the journey will also participate in demonstrations for three days in the event's Ride & Drive, highlighting how Workhorse is leading innovation and performance in the electric vehicle market.

For a closer look at the journey and to see the W56 in action, viewers can watch the short video highlighting its performance throughout the trip We Drove it Here: 940 Miles to Showcase the Workhorse W56.

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 ordered by FedEx, conditions to delivery and acceptance applicable to the purchase order, the expected delivery date and the expected performance of W56 step van, including the expected MPG and the estimated reduction in tailpipe emissions. 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

What was the total distance covered by the Workhorse W56 in its recent journey?

The Workhorse W56 covered a total distance of 1,028 miles, starting from Union City, Indiana to Cincinnati, Ohio, and then continuing 940 miles to Orlando, Florida.

What was the average efficiency of the Workhorse W56 during its 1,000-mile trip?

The Workhorse W56 achieved an average efficiency of 27 MPGe (Miles Per Gallon equivalent) during its 1,000-mile journey from Cincinnati to Orlando.

How did the Workhorse W56 perform in challenging weather conditions during its journey?

The Workhorse W56 performed reliably during challenging weather conditions, including strong winds and heavy rain from Hurricane Helene, maintaining steady performance and durability throughout the journey.

What event is Workhorse (WKHS) attending with the W56 in Orlando?

Workhorse is attending the FedEx Forward Service Provider Summit in Orlando with the W56, where they will showcase the vehicle's integration into last-mile parcel and package delivery fleets.