Workhorse Group Adds Milea Truck Sales and Leasing, Expanding New York Presence
CINCINNATI, April 24, 2024 (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 the addition of Milea Truck Sales and Leasing to its growing Certified Dealer network. With locations in the Bronx and Brooklyn, Milea Truck Sales and Leasing marks Workhorse’s second dealer partner in New York state, 12th dealer nationwide, and its latest addition to the Certified Dealer Program.
The 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 Workhorse vehicles. Through this partnership, Milea Truck Sales and Leasing will offer Workhorse's full innovative lineup of electric commercial vehicles, providing customers with access to state-of-the-art transportation solutions that are environmentally conscious and cost-effective.
“Adding a second dealer in New York builds on our commitment to growing vehicle sales in heavily incentivized states across the country,” said Workhorse CEO Rick Dauch. “Milea Truck locations in New York City allow us to easily reach thousands of fleet operators. With our W4 CC, W56 and W750 vehicles all available now, we are well-positioned to assist businesses across the tri-state area in carrying out their last-mile delivery needs, while achieving their zero-emission objectives.”
Barry Milea, President of Milea Truck Sales and Leasing, added: “Partnering with Workhorse marks a significant milestone for Milea Truck. As a family-owned business deeply rooted in our community, we're excited to add our first zero-emission commercial electric vehicles to our portfolio of work trucks. With the strong incentives available to fleet operators throughout the state, we are confident that there will be healthy demand for Workhorse’s best-in-class vehicles.”
Established in 1980 as a family-owned business in the Bronx, Milea Truck Sales and Leasing has become one of the largest multiline trucking corporations in New York City, serving the entire tri-state area.
Workhorse has established a comprehensive training program that provides dealers with both hands-on and online training, including technical sales training. The program enables dealers to safely assist customers with vehicle maintenance and provide 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.
About Milea Truck Sales and Leasing
Milea Truck is a premier commercial truck sales, leasing, and modification company serving New York City and the tri-state area. Established in 1980, Milea Truck Sales and Leasing has built a reputation for delivering exceptional service and top-quality vehicles to businesses across various industries. With locations in the Bronx, Queens, Brooklyn, and a forthcoming establishment in Westchester, Milea Truck is committed to meeting the diverse needs of its customers with integrity and excellence. For more information, visit mileatruck.com.
About Workhorse Group
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
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 Report, 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 our liquidity and capital resources, the likelihood of us obtaining additional financing in the immediate future and the expected terms of such financing, 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 Report. 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 programs; our ability to attract and retain customers for our existing and new products; risks associated with obtaining orders and executing upon such orders; the unavailability, reduction, elimination or adverse application of government subsidies, incentives and regulations; 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 general inability to raise additional capital to fund our operations and business plan; our ability to obtain financing to meet our immediate liquidity needs and the potential costs, dilution and restrictions imposed by any such financing; our ability to regain compliance with the listing requirements of the Nasdaq Capital Market and otherwise maintain the listing of our securities thereon and the impact of any steps we take to regain such compliance, such as a reverse split of our common stock, on our operations, stock price and future access to liquidity; our ability to protect our intellectual property; market acceptance for our products; our ability to obtain sufficient liquidity from operations and financing activities to continue as a going concern and, our ability to control our expenses; the effectiveness of our cost control measures and impact such measures could have on our operations; 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 conflicts in Ukraine and Israel) 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 quarterly reports on Forms 10-K and 10-Q filed 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.
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Released April 24, 2024