Workhorse Enters Into Initial Production of NGEN-1000 All-Electric Delivery Van
New ultra-lightweight design enables pricing on par with comparable diesel trucks
CINCINNATI, Oct. 16, 2018 /PRNewswire/ -- Workhorse Group Inc. (NASDAQ: WKHS), an American automotive technology company providing sustainable and cost-effective transportation solutions, announced today that the Workhorse NGEN-1000, a new light-weight electric delivery vehicle, has entered initial production. The NGEN-1000's curb weight is 4,000lbs – less than one-half of what a traditional diesel step-van weighs – while carrying the same cubic footage of storage, 1,000 cubic feet. Management believes this weight reduction, coupled with the 100-mile range, will have cost-savings implications that will make the EV alternative to traditional fleet delivery vehicles all the more appealing. The NGEN will be available in four cargo sizes for customers: 250, 450, 700 and 1,000 cubic feet.
"For as long as I can remember, we've been discussing what the future of delivery looks like and what role electric vehicles will play in that," said Stephen S. Burns, CEO of Workhorse. "We are proud to say – the future is here. With an off-the-lot cost on par with traditional fuel delivery vehicles, and substantial savings from there, we believe the NGEN will forever change the business of delivery as we know it."
The lightweight design allows for 100-mile range, with a smaller battery pack than previous designs, thereby reducing the cost of the vehicle significantly. The smaller battery pack also reduces the cost of the charging infrastructure for the customer.
The NGEN-1000 is the first in the NGEN series to go into production at Workhorse's Midwest plant, and features a unique new design with a grill-less front end, making it stand out from its diesel counterparts.
- Low floor with 7.25" ground clearance, making loading and unloading easier, and entry and egress safer
- Hub motors in front provide tighter turning radius than comparable vehicles
- All-Wheel drive provides surefooted handling in inclement weather conditions
- Composite construction, enables a lightweight and rust-free body
- 6,000 lb carrying capacity, robust enough for even the heaviest loads
- Ergonomic driving position fits drivers from 5'2" to 6'5" comfortably
About Workhorse Group Inc.
Workhorse is an American technology company focused on changing the way the world works by providing sustainable and cost-effective transportation solutions. As an original equipment manufacturer, Workhorse designs and builds high performance battery-electric vehicles, including trucks, aircraft and drones. They also develop cloud-based, real-time telematics performance monitoring systems that are fully integrated with their vehicles to 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 Statement
This press release includes forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as "believes," "expects," "anticipates," "estimates," "projects," "intends," "should," "seeks," "future," "continue," or the negative of such terms, or other comparable terminology. 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 herein. Factors that could cause actual results to differ materially include, but are not limited to: our limited operations and need to expand in the near future to fulfill product orders; risks associated with obtaining orders and executing upon such orders; the ability to protect our intellectual property; the potential lack of market acceptance of our products; potential competition; our inability to retain key members of our management team; our inability to raise additional capital to fund our operations and business plan; our inability to maintain our listing of our securities on the Nasdaq Capital Market; our ability to continue as a going concern; our liquidity and other risks and uncertainties and other factors discussed from time to time in our filings with the Securities and Exchange Commission ("SEC"), including our annual report on Form 10-K filed with the SEC. Workhorse expressly disclaims any obligation to publicly update any forward-looking statements contained herein, whether as a result of new information, future events or otherwise, except as required by law.
Contact: Ryan Hallett
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SOURCE Workhorse Group Inc.
Released October 16, 2018