Workhorse Group Expands California Presence, Adding Western Truck Exchange as its Latest Certified Dealer
CINCINNATI, Aug. 02, 2023 (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 engaged Western Truck Exchange (“WTE”) as its latest certified electric vehicle (“EV”) dealer, expanding its existing California presence to the Los Angeles metropolitan area.
Announced earlier this year, Workhorse’s Certified Dealer Program is an initiative to develop an official network of verified dealers that have passed the protocols necessary to safely repair and maintain the electric components of the Company’s vehicles. Workhorse has established a comprehensive training program that provides dealers with both hands-on and online training, including technical sales training. The program will enable dealers to safely assist customers with vehicle maintenance in addition to providing strategies for vehicle deployment into their fleets. To ensure high quality vehicle maintenance, Workhorse certified dealers have also made investments in EV charging infrastructure, tooling, and building out spare parts inventory.
WTE, a fourth-generation, family-owned business, is partnering with Workhorse to sell, service, and upfit its vehicles, including the W4 CC and W750 models. Located in Los Angeles, WTE occupies a significant end market opportunity in one of the most EV-friendly states in the U.S. Through 100+ years of experience, WTE has become a trusted partner to customers looking for trucks, repairs, and more.
“We are continuing to build a strong foundation for both our dealers and end customers through the expansion of our Certified Dealer Program,” said Workhorse CEO Rick Dauch. “Partnering with WTE allows us to grow our dealer network through a trusted operator in the critical California end market, which has some of the most favorable government incentives in the country. As we increase our manufacturing throughput in the coming months, we look forward to bringing more W4 CC and W750 models off the line for WTE to market and sell to its expansive customer base.”
Western Truck Exchange President Dan Holtzman added: “As fleet operators across California shift to electric alternatives, we appreciate the opportunity to partner with Workhorse at the forefront of the EV transition. Workhorse trucks provide a compelling zero emission option for commercial vehicle operators, and we look forward to offering these vehicles to new purchasers as well as our longstanding customers who have relied on us to provide best-in-class vehicles and service for three generations.”
About Western Truck Exchange
Established in 1922, Western Truck Exchange is a fourth-generation family-owned and operated dealer in Los Angeles, CA. WTE focuses on truck sales, truck parts, truck repairs, truck rentals, and truck bodies. With over 100 trucks for sale on hand at any given time, more than 20 skilled truck technicians, and over $150 million truck parts in inventory, doing business with Western Truck Exchange is quick, easy, and professional every time. WTE is a factory direct OEM distributor for International®, GMC, and Mitsubishi Fuso Trucks as well as Caterpillar Engines, Cummins Engines, and Allison Automatic Transmissions. For additional information visit WestTruck.com.
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.
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. These are statements that relate to future periods and include, but are not limited to, statements about the features, benefits and performance of our products, our ability to introduce new product offerings and increase revenue from existing products, expected expenses including those related to selling and marketing, product development and general and administrative, our beliefs regarding the health and growth of the market for our products, anticipated increase in our customer base, expansion of our products functionalities, expected revenue levels and sources of revenue, expected impact, if any, of legal proceedings, the adequacy of liquidity and capital resources, and expected growth in business. 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 in this press release. Factors that could cause actual results to differ materially include, but are not limited to: our ability to develop and manufacture our new product portfolio, including the W4 CC, W750, W56 and WNext surface vehicle platforms and the WA4-100 (Horsefly) and WA4-200 (HALO) small Uncrewed Aerial Systems our ability to attract and retain customers for our existing and new products; risks associated with obtaining orders and executing upon such orders; supply chain disruptions, including constraints on steel, semiconductors and other material inputs and resulting cost increases impacting our company, our customers, our suppliers or the industry; our ability to capitalize on opportunities to deliver products to meet customer requirements; our limited operations and need to expand and enhance elements of our production process to fulfill product orders; 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; the ability to protect our intellectual property; market acceptance for our products; our ability to control our expenses; potential competition, including without limitation shifts in technology; volatility in and deterioration of national and international capital markets and economic conditions; global and local business conditions; acts of war (including without limitation the conflict in Ukraine) and/or terrorism; the prices being charged by our competitors; our inability to retain key members of our management team; our inability to satisfy our customer warranty claims; the outcome of any regulatory or legal proceedings; and other risks and uncertainties and other factors discussed from time to time in our filings with the Securities and Exchange Commission ("SEC"), including under the “Risk Factors” section of our filings with the SEC. 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.
Aaron Palash / Greg Klassen
Joele Frank, Wilkinson Brimmer Katcher
Investor Relations Contact:
Matt Glover and Tom Colton
Released August 2, 2023