Workhorse C-Series All-Electric Delivery Trucks Awarded Executive Order From the California Air Resources Board
Company Becomes the First Medium Duty BEV OEM to be Certified by both the EPA and CARB, Permitting Sales to All 50 U.S. States
CINCINNATI, July 13, 2020 /PRNewswire/ -- Workhorse Group Inc. (Nasdaq: WKHS) ("Workhorse"), an American technology company focused on providing sustainable and cost-effective drone-integrated electric vehicles to the last-mile delivery sector, announced that its C-Series all-electric delivery trucks have received Executive Order: A-445-0003 from the California Air Resources Board ("CARB"), which is valid for production of a vehicle during the specified model year. With this certification, the C-Series trucks are designated as zero-emission vehicles in the state of California. Workhorse also becomes the first and only medium duty battery electric vehicle ("BEV") original equipment manufacturer ("OEM") to receive approvals from both the Environmental Protection Agency ("EPA") as well as CARB.
An Executive Order from CARB is given to vehicle manufacturers who meet specific emissions standards in compliance with CARB regulations. Obtaining an Executive Order is also one of the preliminary requirements in order to be considered for the California Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project ("HVIP"). Vehicles permitted into the HVIP program are eligible for monetary vouchers to reduce total cost for the purchaser.
Following the Company's Certificate of Conformity ("CoC") award from the EPA in March and its FMVSS Certification in June, the CARB Executive Order further builds on Workhorse's leadership position in the EV last mile delivery industry. California as well as 13 other states have adopted vehicle standards under Section 177 of the Clean Air Act, which requires additional approvals beyond EPA regulations. Having received credentials from both regulatory bodies, Workhorse can sell its C-series electric delivery vans in every state throughout the U.S.
"Obtaining this Executive Order from CARB is another milestone achievement for Workhorse and for the electric vehicle industry at large," said Company CEO Duane Hughes. "As a next step, we will also be continuing with our efforts to be considered for the HVIP program, which we expect will be a major growth stimulus as more voucher funds become available in the future. Going forward, this Executive Order will take on even more significance with CARB's recent Advanced Clean Truck regulation, which will require manufacturers of commercial vehicles to start selling electric options in 2024 and move exclusively to electric trucks in California by 2045."
About Workhorse Group Inc.
Workhorse is a technology company focused on providing drone-integrated electric vehicles to the last-mile delivery sector. As an American original equipment manufacturer, we design and build high performance, battery-electric vehicles including trucks and aircraft. 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.
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 satisfy covenants in our financing agreements; our inability to maintain our listing of our securities on the Nasdaq Capital Market; our inability to satisfy our customer warranty claims; 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.
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Workhorse Investor Relations Contact:
Matt Glover and Tom Colton
Gateway Investor Relations
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SOURCE Workhorse Group Inc.
Released July 13, 2020