Workhorse Receives Follow-On $7 Million Order for All-Electric Trucks
Workhorse All-Electric Delivery Trucks will be deployed in the Greater San Diego area.
CINCINNATI, March 13, 2018 /PRNewswire/ -- Workhorse Group Inc. (NASDAQ: WKHS), an American technology company focused on providing sustainable and cost-effective electric mobility solutions to the commercial electric transportation sector, today announced that the company has received a $7 million order for Workhorse all-electric delivery trucks, to be deployed in the Greater San Diego area.
"We have entered an exciting new phase of our production operations," said Duane Hughes, Workhorse President and COO. "We see this gross margin positive $7 million order as the first of many more electric truck orders to come."
These all-electric vehicles are being deployed by a major delivery company in the San Diego area. Like Workhorse range-extended electric trucks, the all-electric trucks are powered by Panasonic batteries, deliver a 100-mile range, offer significant fuel and maintenance savings, and provide uncompromised fleet performance.
Workhorse's ground-breaking technology redefines the economics of fleet truck use by improving mileage efficiency from an average of 5.5 MPG to more than 30 MPGe while significantly lowering the cost of fleet maintenance.
"Our proven electric truck platforms continue to garner customer adoption all across the country," continued Hughes. "We are excited to have these trucks destined for deployment in San Diego this year."
About Workhorse Group Inc.
Workhorse is a technology company focused on providing sustainable and cost-effective solutions to the commercial transportation sector. As an American original equipment manufacturer, we design and build high performance battery-electric vehicles including trucks and aircraft. We also develop 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 www.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 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.
View original content with multimedia:http://www.prnewswire.com/news-releases/workhorse-receives-follow-on-7-million-order-for-all-electric-trucks-300612888.html
SOURCE Workhorse Group Inc.
Released March 13, 2018