Workhorse Begins Production of W56 Chassis
September 07 2023 - 8:30AM
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 that it has started production
of the chassis for its W56 electric vehicle at the Company's Union
City, Indiana manufacturing facility. The W56 is the Company’s
first fully-designed, purpose-built Class 5/6 model chassis
platform built from the ground up.
“With the first W56 chassis rolling off the line in Union City,
we have reached an important milestone along our product roadmap,”
said Workhorse CEO Rick Dauch. “The W56 has advanced technology and
features that will be a significant growth driver for us as we work
to accelerate the transition to commercial EVs. We have strong
customer interest in the W56, and we are confident in our ability
to secure firm purchase orders in the fourth quarter and beyond. I
want to thank our incredible team for all of their continued hard
work in the design, testing, sourcing, production, and assembly of
the W56 and our vehicles, which will continue to drive our success
forward.”
The W56 provides a unique blend of high reliability, quality,
and serviceability. The zero emission delivery work van is designed
to meet the challenging demands of the commercial vehicle industry,
supporting benchmark payload capacity of up to approximately 10,000
pounds and with a range of up to 150 miles. The W56 step van also
offers a large 1,000+ cubic foot cargo box with lowered step-in and
wide cabin door for easier entry and exit. Built with the delivery
driver in mind, the cabin has been ergonomically designed while
still providing safety and comfort during even the longest
shifts.
Workhorse expects to begin production of full W56 step vans
later in September and to have production quality demo units
delivered to major fleets early in the fourth quarter. Additional
information about the W56 can be found on Workhorse’s website
here.
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 STATEMENTSThis press release
contains forward-looking statements reflecting our current
expectations that involve risks and uncertainties, including our
ability effectively produce and monetize our W56 platform. 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 and June 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 KlassenJoele
Frank, Wilkinson Brimmer Katcher212-355-4449
Investor Relations Contact:Matt Glover and Tom
ColtonGateway Investor
Relations949-574-3860WKHS@gateway-grp.com
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