Workhorse Begins Production of W56 Chassis
CINCINNATI, Sept. 07, 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 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 STATEMENTS
This 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.
Aaron Palash / Greg Klassen
Joele Frank, Wilkinson Brimmer Katcher
Investor Relations Contact:
Matt Glover and Tom Colton
Gateway Investor Relations
Released September 7, 2023