Exhibit 99.1

ANALYST DAY 2022

Union City, Indiana December 7, 2022 Analyst Day

© Copyright 2022 Workhorse. Confidential & Proprietary | 3 Agenda • Welcome/Introduction • CEO Perspective • Technology Overview • CV Overview • Aerospace Overview • Stables & Stalls Overview • Break • Finance Overview • Q & A Panel • Lunch/Plant Tour • Ride and Drives/ Drone Demo

The material in this document contains 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 document, 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 resource, 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 document. 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 recently announced W750, W56 and W34 platforms; 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 and semiconductors and resulting increases in costs impacting our company, our customers, our suppliers or the industry; our ability to implement modifications to vehicles to achieve compliance with Federal Motor Vehicle Safety Standards and to meet customer requirements with respect to the C - 1000s; 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; the ability to protect our intellectual property; negative impacts stemming from the COVID - 19 pandemic; market acceptance for our products; our ability to control our expenses; potential competition, including without limitation shifts in technology; 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 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; the outcome of any regulatory proceedings; 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 and our quarterly reports on Form 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. © Copyright 2022 Workhorse. Confidential & Proprietary | 4 Disclaimer Cautionary Note Regarding Forward Looking Statements

Why We are Here Today ▪ Review the Progress We Have Made Rebuilding our Foundation – Introduce our revamped leadership team – Review steps we have taken to “Stabilize & Fix” the business and strengthen financial foundation ▪ Demonstrate Our Capabilities and Our Product Roadmap – Provide updates on our trucks, aircraft and value - added cloud - based telematics systems – Highlight our world - class manufacturing facilities & enhanced operational capabilities ▪ Spotlight Our Relentless Focus on Execution Going Forward – Expect to drive significant revenue growth in 2023 as we continue ramping up and delivering for customers – Making last - mile delivery as efficient and environmentally friendly as possible Creating value by making last - mile delivery as efficient and environmentally friendly as possible © Copyright 2022 Workhorse. Confidential & Proprietary | 5

Workhorse Today ▪ Differentiated commercial EV business with a clear product roadmap, value - added offerings ▪ Drone business targeting specific, high growing market segments ▪ Enhanced manufacturing facilities in the heartland of America ▪ Strengthened financial foundation to fuel growth Focused on near - term execution and committed to creating long - term value © Copyright 2022 Workhorse. Confidential & Proprietary | 6

The Commercial EV Space – a “Tale of Two Cities” Sector leadership & survival comes down to SUCCESSFUL EXECUTION © Copyright 2022 Workhorse. Confidential & Proprietary | 7 ▪ Government Regulatory and Macroeconomic Industry Tailwinds – On - Line commerce and delivery demand >20% CAGR – Stringent CARB Standards – 2040 Carbon Neutral Targets – Massive Government Funding for energy and climate initiatives: o IRA ($369B) o Infrastructure ($15B) o DOE ATVM Program ($15B) o Federal Fleet conversion mandate o EV Tax Credits: Up to $40k for GVWR over 14,000 lbs. $7,500 under 14,000 lbs. o State and Regional incentive programs o Commercialization of Drone Technology for Last Mile Delivery 17,000% CAGR* by 2029 ▪ Struggling Start - Ups – “Survivors Game” – Public Commercial EV company market values down 70 - 90% in ’22 – 50 - 100 Drone start - up companies - “Wild, Wild West” – Many companies lack ‘real world’ operating (Auto, CV, FAA) experience – Start - up challenges – Product Development, Production, Supply Chain, Funding *Source: Teal Group: World Civil UAS Market Forecast 2020/21 Edition

Value Creation For ALL Stakeholders ▪ Associates ▪ Investors ▪ Communities ▪ Customers ▪ Suppliers ▪ Business Partners Building the foundations for two profitable businesses Profitably Grow Organically, M&A 15% Competitive Cost Structure, Common LEAN Systems 30% CORE vs. Non - CORE Decisions Keep & Grow or Sell & Exit 100% Customer Centric, Technology Leadership Product, Process, Systems 70% Ethical People, Selfless Leaders, Team Players No Politics 95% “Stabilize, Fix and Grow” 6 P’s: People, Products, Processes, Partners, Politics, Profits Converting technology start - ups into OEMs! © Copyright 2022 Workhorse. Confidential & Proprietary | 8 Progress to date:

Experienced, capab l e l e a de r sh ip Robert “Bob” Ginnan Josh Anderson Jim Harrington Stan March Kerry Roraff Ryan Gaul Jim Peters John Graber Chief Financial Officer Chief Technology Officer Chief Compliance Officer, Gen Counsel VP, Corp. Development & Communications Chief Human Resources Officer President, Commercial Vehicles VP, Supply Chain & Procurement President, Workhorse Aero 20+ years of senior finance and leadership experience. 20+ years veteran of EV an d H EV c o mm er ci al vehicle space. 25 + years of Business, Legal, Accounting and HR experience . Extensive experience in M&A activities, public affairs, investor relations and corporate communications 20+ years of experience in the automotive, information technology and tele - communications industries. 20 years of automotive industry experience. Extensive experience in automotive OEM and Tier 1 levels. Extensive public and private aerospace industry experience. Past experience: Family RV Group P a st exper i en c e: Desch Systems P a st exper i en c e: Tenneco, Delphi P a st exper i en c e: Landis+Gyr P a st exper i en c e: HARMAN P a st exper i en c e: Gentherm Past experience: American Axle and Manufacturing Past experience: Global Aviation Holdings Christina Ameigh Gregory Ackerson Ben Drake Dave Bjerke Mike Gerdes Joe McCulloch VP, Sales & Marketing Chief Accounting Officer and Corp. Controller VP, Government Affairs VP, Product Development VP, Flight Operations and Engineering VP Aero Operations and Supply Chain 20+ years of automotive sales leadership experience. 15+ years of experience in accounting, auditing and finance. Public and private sector experience in resilience and emerging technology policy. Extensive experience in vehicle synthesis and integration, program planning, and management. 30 years of experience in flight operations, training programs, and FAA certifications. 20+ years of automotive operations, financial ,and supply chain leadership. P a st exper i en c e: Volvo Trucks P a st exper i en c e: BDO USA LLP Past experience: Department of Defense Past experience: Triad Services Group Past experience: Southwest Airlines P a st exper i en c e: BorgWarner “We’ve assembled a team of experienced, capable leaders in critical positions to strengthen our operational, supply chain, and technical capabilities.” - Rick Dauch CEO, Workhorse Group © Copyright 2022 Workhorse. Confidential & Proprietary | 9

Market Driven Product Programs Design, Test, Source Components and Build Industry Leading Products MAR 22 Wixom Tech Center MAY 22 Technical Team in Place SEP 22 W 4 CC SORP NOV 22 W56 Pr og r am Builds DEC 22 HALO Final Flight Testing Horsefly Advanced Flight Testing W750 Run - at - Rate Builds MA R 23 W750 SORP APR 23 Horsefly and HALO SORP NO V 22 W56 M a r ket Launch AU G 23 W56 SORP T O D AY JAN 22 © Copyright 2022 Workhorse. Confidential & Proprietary | 10

© Copyright 2022 Workhorse. Confidential & Proprietary | 11 © Copyright 2022 Workhorse. Confidential & Proprietary | 11 World Class EV & Drone M anufa c turing Sites in America’s Heartland Workhorse Ranch: “Ready to Run” ▪ MFG complex capacity 10,000 trucks/yr by 2025 ▪ Multiple classes of EVs ▪ Dedicated battery storage facility ▪ Contract manufacturing ▪ NV H T est T rack Horsefly Field ▪ One Site ▪ 5,000 drones/yr manufacturing capacity by 2025 ▪ Multiple product lines ▪ Indoor Flight Testing

Foundation for Growth Established ▪ Strengthened Organization – Hired an experienced corporate leadership team – Doubled CV and Aero technical staffs – LEAN trained operational staff (MFG, SC, Quality) – Auto, CV and Aerospace industry expertise ▪ Executing Product Roadmaps – Class 3 - 6 CV last - mile delivery vehicles – Market & purpose driven drones – Entered contract manufacturing agreement ▪ Modernized Facilities – Relocated corporate and Aero headquarters – Established a CV technical center – Doubled & renovated manufacturing floorspace – Established technical & prototype centers Pioneering the transition to zero - emission commercial vehicles ▪ Resolved Legacy Issues – Recalled and suspended C1000 production – Dropped USPS lawsuit – Settled Class Action and Derivative lawsuits ▪ Financially Stable to Support Plans – Converted RIDE equity stake to cash – Debt - free capital structure – Established ATM Workhorse Accomplishments – last 16 months © Copyright 2022 Workhorse. Confidential & Proprietary | 12

Near - term Priorities Implement Common Systems ▪ Corporate administration – ERP (Q3 ‘23), HRM ▪ LEAN systems across manufacturing and supply chain Execute Product Programs ▪ Complete pilot production of W750 ▪ Maintain W56 program timing ▪ Complete C1000 testing ▪ Complete Horsefly and HALO flight testing Ramp Up Production ▪ Continue ramp up of W4 CC production ▪ Begin manufacturing for Tropos 3 - year contract ▪ Finalize W56 layout and production plans ▪ Finalize drone manufacturing layouts & Supply Chain Grow Sales ▪ Secure new firm customer orders for drones & commercial vehicles ▪ Complete Stables & Stalls facility ▪ Establish back - office sales admin capability Build and sell trucks and drones to generate significant revenue in 2023 © Copyright 2022 Workhorse. Confidential & Proprietary | 13

Stabilizing, Fixing and Growing Workhorse ▪ We have made progress rebuilding our foundation ▪ We have enhanced our capabilities and are moving forward with an actionable product roadmap ▪ We are relentlessly focused on execution and have a strong financial foundation to fuel our plans Workhorse is creating value by making last - mile delivery as efficient and environmentally friendly as possible © Copyright 2022 Workhorse. Confidential & Proprietary | 14

ANALYST DAY 2022

T echnology and Trends

© Copyright 2022 Workhorse. Confidential & Proprietary | 19 Two Decades of EV and Chassis Technology Workhorse Workhorse Custom AMP Electric eGen Electric Chassis Horsefly C Series Monocoque W56 Ground - up Custom Chassis Chassis acquired vehicles acquires the produced with 360+ units development begins and low floor skateboard chassis and vehicle Established by Navistar assets of Workhorse and 9+ Million miles – WKHS W15 Pickup designs developed design for volume Custom Chassis developed battery packs announced Central drive, production and e - axle development independent suspension nGen platform Lordstown Motors Launch of the W56 and UCBC Launch of the AMP Electric First E - 100 all - electric AMP rebrands developed – WKHS founded and development of the next - Offers first W62 Class 5 - Vehicles trucks deployed; Gen as Workhorse developed batteries, licenses W15 generation of last - mile EV Step Van 6 Chassis founded 2 developed Group wheel hub motors core technology delivery platforms 1998 1999 2003 - 2006 2005 2007 2013 2014 2015 - 2017 2016 2017 2016 - 2021 2018 - 2021 2019 2021 - 2023 2023+

© Copyright 2022 Workhorse. Confidential & Proprietary | 20 Pioneering the Transition to Zero - Emission Commercial Vehicles ▪ What is our product design philosophy? – Reliable, dependable delivery. Every time – Delight the customer – Be the best in what we do ▪ How do we achieve our goals? – Drive for best - in - class specifications – Source with suppliers who share our philosophy – Involve suppliers and buyers, assemblers and service members in every step of the design process – Always keep in mind: o Assemblers who build o Technicians who service o Operators who drive ▪ How do we measure our work? – Constantly track competitor specifications to assure best - in - class criteria – Build, measure, and validate our designs to eliminate discrepancies in parts and process – Consult with stakeholders in every step of the process – Design, validate and test to extreme conditions and for extended durations – Validate and test using vehicles assembled to production intent Drone Integration Patented drone pass through for easy aerial delivery. Electric Drive Captures kinetic energy from braking and converts it into power that is stored in the vehicle's battery. Operator Experience Low - impact cab entry height and a seamless, level transition from cab to cargo help ease the body stress of repetitive movements. Large Payload Spacious cargo options to haul anything you need.

Phase Gate Process Program Management ▪ Drive programs through the Product Development Process (PDP) ▪ Resource management ▪ Product strategy ▪ Coordination to ensure program win and execution Market Insight & Strategy Gate 0 1 0 3 2 5 4 7 6 Initi at i on Review Customer Relationships and Support Phase 0: Model Roll Out De v e l opmen t Phase 1: Product De v e l opmen t Phase 2: Program V ehi c l e B uild Phase 3: Manu f a ct u ri n g Readiness Phase 4: Ce rtific a ti o n / Validation Phase 5: P r odu cti on Read i ne ss Phase 6: SOP / STC Phase 7: Post Laun ch Re v i ew Voice of Customer Customer Feedback Customer Experience Program - Project Phases and the Process © Copyright 2022 Workhorse. Confidential & Proprietary | 21 New Product Planning New Product Introduction Post - launch Product Management Concept Feasibility Definition Development Execution Performance Management: Lifecycle Discovery and Innovation

Serves the Largest Segments of the CV Market 2022 2023 2024 2025 2026+ Aerial D eli v ery Drone Body T y pes Class 3 Bus Local Delivery Van Class 4 - 5 Service/Utility Truck Last Mile Delivery Local Delivery Step Van Class 6 - 7 Local Delivery Step Van Local Delivery Box Truck Local Reefer Box Truck W4 CC W750 HORSEFLY W56 © Copyright 2022 Workhorse. Confidential & Proprietary | 22

W4 CC & W750 Highlights Available to Deliver Today: ▪ Early start to EV transition to meet customer sustainability goals ▪ Take advantage of incentive funding ▪ Zero - emission vehicle ▪ Improved TCO ▪ No noise pollution ▪ Better uptime ▪ Energy cost savings The W4 CC/W750 is a zero - emission vehicle, designed to haul cargo for both mid - and last - mile routes ▪ Class 4 rated, 150 - mile range ▪ Battery 118 kWh ▪ C hargin g : A C ( 1 1 k W) & D C (60kW) ▪ Payload: 7,000lb CC, 5,000lb+ 750 with body ▪ 750+ cubic foot storage capacity ▪ Fuel Economy: 48 MPGe, 0.77 kWH/mile ▪ FMVSS and CMVSS certified © Copyright 2022 Workhorse. Confidential & Proprietary | 23

W750 Process/Design Confirmation Process confirmation builds taking place with plant and engineering on - site to complete the build while documenting issues and creating work instructions. © Copyright 2022 Workhorse. Confidential & Proprietary | 24

W56 Highlights SORP Q3 2023 © Copyright 2022 Workhorse. Confidential & Proprietary | 25 The W56 is a fully capable medium duty chassis designed for last - mile delivery, high payload applications ▪ Class 5/6 rated, up to 150 - mile range ▪ Battery 210 kWh ▪ C hargin g : A C ( 1 1 k W) & D C (60kW) ▪ Payload: Best - in - Class for EV offerings ▪ 1000, 1200 cubic foot storage capacity ▪ FMVSS and CMVSS certified ▪ Available in Strip Chassis, Cab Chassis (2024) and Full Step Van (from launch) ▪ W56 delivering Q4 2023 in 178” WB variant – 208” and 168” to follow

▪ Design Process Example: – Benchmarking to industry standards and vehicle owner expectations for step van packages – Competing products were measured and evaluated to establish “state of the art” baseline ▪ Resulting W56 Design Achieves “Best in Class” in: – V ision – D o w n w ard A ngle and Late ra l – Step - in Heights – Operator Ergonomics – Turning Radius – Class 6 Gradability W56 Benchmarking Robust Design Process to Create Best - in - Class W56 © Copyright 2022 Workhorse. Confidential & Proprietary | 26

W56 Program Build Process ▪ 13 Program Vehicle Builds began 11/1 and conclude 3/1 ▪ Build 1 Mfg. golden sample ▪ Build 2 long term durability – through Q2 23 ▪ Subsequent Builds for specific test programs ▪ All vehicles maintained to latest design record ▪ Validation, testing, sales and marketing builds through Q4 22 and Q1 23 © Copyright 2022 Workhorse. Confidential & Proprietary | 27

W56 Chassis Design Battery Thermal Management system Upper batteries offset toward passenger side to enable driver visibility improvement C able Management Trays Power Distribution Unit (PDU) includes DC - DC Converter E - axle rear drive COTS rear suspension Unique spring rates COTS front suspension; Unique spring rates; Industry leading front caliper size Re - engineered frame rails and cross members provide stiff structure to minimize battery deflection from road inputs Standard cabin HVAC Unit Propulsion electronics, charger and lower batteries assembled from bottom up. Allows service from below vehicle High voltage power steering pump allows for consistent steering efforts regardless of loading Drive Thermal Management system © Copyright 2022 Workhorse. Confidential & Proprietary | 28

W56 Body Design Cargo Box: Composite walls with aluminum extruded supports Operator Ergonomics: Representative buck created for testing Cab Structure: Molded Composite panels with aluminum extruded structure Rear Door: Full Width x Full Height (86”x76”) shutter door Cab Surface: Clean, updated traditional design © Copyright 2022 Workhorse. Confidential & Proprietary | 29

Horsefly Œ Highlights Building to Aerospace Standards Package Delivery : Changing How the World Delivers Truck Integration Precise Delivery System Dynamic Data Collection: Make Informed, Rapid Decisions Multispectral Cameras LiDAR Sensors User - friendly flight planning Define safety - compliant no - fly and recovery zones Flight Control: Simple, Scalable Flight Control Natural Disasters • Search & Rescue • Medical Disaster Relief: Humanitarian Assistance Logistics Operations (HALO) The ultimate high - efficiency EV package delivery system © Copyright 2022 Workhorse. Confidential & Proprietary | 30

METRON Vehicle Telematics • Watch a vehicle live or check historical trips • Check trip aggregate data and graphical data • SOC, Speed, Distance, Energy Used, Battery Temps, Battery Voltages, Battery Current, Estimated Range, Estimated Time to Charge Complete • Customize graphs displayed • Over 2500 variables tracked © Copyright 2022 Workhorse. Confidential & Proprietary | 31

© Copyright 2022 Workhorse. Confidential & Proprietary | 32 Metron 2.0 Overview Tomorrow into 2024: ▪ Fleet management suite to help customers optimize their vehicles ▪ Maintenance tracking database and interface portal linked to work tickets and parts system ▪ Connection interface to bridge to compatible fleet and inventory systems ▪ A complete virtual learning environment with tools to instruct, measure, and provide feedback ▪ An online documentation database linked to other uses and packages Today: ▪ Vehicle performance and location tracking ▪ Remote vehicle updates ▪ Real time fault alerts ▪ Customizable reports ▪ Remote diagnostic and troubleshooting

© Copyright 2022 Workhorse. Confidential & Proprietary | 33 Serves the Largest Segments of the CV Market 2022 2023 2024 2025 2026+ Aerial D eli v ery Drone Body T y pes Class 3 Bus Local Delivery Van Class 4 - 5 Service/Utility Truck Last Mile Delivery Local Delivery Step Van Class 6 - 7 Local Delivery Step Van Local Delivery Box Truck Local Reefer Box Truck W “NEXT” W4 CC W750 W56 HORSEFLY

ANALYST DAY 2022

Commercial Vehicles Business

Plant and Process ▪ Automotive - grade supply chain ▪ Production ready - to - run ▪ Room to grow © Copyright 2022 Workhorse. Confidential & Proprietary | 37 People ▪ Trained team at Workhorse Ranch (Factory) ▪ 100 ’s of years of vehicle engineering and launch experience at locations in the heart of the automotive Industry Product ▪ Purpose - designed, robust ▪ Comprehensive market coverage in Class 3 - 6 by 2025 ▪ Deliveries of W4CC starting from September 2022 Workhorse Commercial Vehicles Business Advantages Workhorse has the right products, and the team to design, source, build, sell, deliver and service existing vehicles and new vehicles.

Strong, Capable Teams – Experienced Leaders ▪ Built out the team, adding talent and leadership at all levels ▪ Added new locations to access needed talent pools ▪ Ensured we have the software and hardware tools to enable the success of our teams Sales and Service ▪ Initial effort follows incentives ▪ Business development activity in largest markets ▪ National reach with low - overhead through dealers and partners Operational Excellence ▪ Process - driven to ensure repeatable success ▪ Supply - Chain continuity through Automotive - grade supply - chain partnerships ▪ Manufacturing at world - class level, founded on lean - principles Software ▪ 9M EV miles in our Metron ® telematics database ▪ Metron ® 2.0 launching in 2023 Product Engineering ▪ Design for the use case, not buzzwords ▪ Robust, High Quality, Easily Serviceable. Flexible body options ▪ Market - leading payloads, Competitive range Sales and Service Software Operati o n a l Excellence Engineering Strong, Capable Teams Experienced Leaders © Copyright 2022 Workhorse. Confidential & Proprietary | 38 CV Pillars of Execution

R y a n G aul President, Commercial Vehicles Josh Anderson Chief Technology Officer Jim Peters Vi ce P r esident Supply Chain & Procurement Brad Hartzell VP Manufacturing & Program Mgmt Scott Loomis Executive Director Quality Dave Bjerke VP Product Development Surya Sundaram Director Purchasing & Supplier Quality Michael Gray Director Production Control & Logistics Rich Brown Plant Manager Renee Stephens Director Data Analytics & Field Services J a s o n Cha m ber s Sales Manager Western USA K e n K nett le SME Electrical Hadr i a n Ror i SME Chassis Salvador Ortiz SQE Manager Brian Beaulieu Sales Manager Northeast & Canada Da vid Reed SME Body Jason McConnell SME Software & Controls Engineering Supply - Chain Operations Strong, Experienced Leadership Team with 500+ Yrs. Experience 120+ Manufacturing Operations 20 + 20 + 35 + 25+ 25+ 25+ 25 + 25+ 25+ 35+ 35+ 35+ 35+ Christina Ameigh VP Sales & Marketing 20+ 20+ 30+ 30+ 45+ 65+ Sales 17 5 + 75+ © Copyright 2022 Workhorse. Confidential & Proprietary | 39

Workhorse Products Serve the Largest Segments of the CV Market ▪ Workhorse product lines provide comprehensive market coverage within the Commercial Vehicle Market. We are targeting a TAM of > $15B. ▪ Workhorse’s Commercial Vehicle business is scaled to be cash - positive even at small market - shares < 5%, with the ability to scale quickly. © Copyright 2022 Workhorse. Confidential & Proprietary | 40

Incentive Landscape and Key Markets West Coast ▪ California HVIP, $690M, CL4 $40k CL5/6 $60k South Central ▪ Texas 10 programs, $65M, 80% of vehicle and/or 25 units East Coast ▪ New York / NJ 2 voucher programs, $77M, CL4 $75k CL5 $85k CL6 $100k Incentives continue to be critical to sales of EVs and our focus will first be on markets where state incentives are available. With Business Development focused on large customer fleets and regions where demand exists outside of incentive programs 120 incentive programs actively monitored across key markets West 25 0 K+ Trucks Northea s t 350K+ Trucks S outh 50 0 K+ Trucks © Copyright 2022 Workhorse. Confidential & Proprietary | 41

© Copyright 2022 Workhorse. Confidential & Proprietary | 42 4,300+ ZEV California HVIP vouchers submitted in 2021/22 ▪ Despite the large number of vouchers awarded by California HVIP, 93.3% remained unredeemed by October 2022. ▪ The majority of redeemed vouchers (72%) are for buses. ▪ Nobody is delivering EV step vans and box trucks – an opportunity for Workhorse in 2023.

Available to Deliver Today: ▪ Early start to EV transition to meet customer sustainability goals ▪ Take advantage of incentive funding ▪ Zero - emissions ▪ Improved TCO ▪ No noise pollution ▪ Better uptime ▪ Energy cost savings The W4 CC/W750 is a zero - emissions vehicle, designed to haul various cargo and take on both mid and last - mile routes ▪ Class 4 rated, 150 - mile range ▪ Payload: 7,000lb CC, 5,000lb+ 750 with body ▪ 750+ cubic foot storage capacity ▪ W4 CC delivering from September in USA ▪ W750 delivering Q1 2023, with demo vehicles available from January, 2023 W4 CC & W750 Highlights Available to deliver in 2022 / 2023 W750 © Copyright 2022 Workhorse. Confidential & Proprietary | 43 W4 CC

W56 Product Update Launching Q3 2023 CL5 - 6, Best - in - Class payloads, up to 150 - mile range ▪ Program vehicle builds have begun. First is complete and next builds underway. ▪ Building 12 vehicles in the next six months for testing and ensuring we have the right parts, assembly process, training and tools to launch successfully ▪ Market introduction at NTEA Work Truck Week March 7 - 10, 2023 W56 is on track. Launching W56 flawlessly is our most important task in 2023. © Copyright 2022 Workhorse. Confidential & Proprietary | 44

Preventive & Corrective Maintenance Service Software & Remote Diagnostics Parts Replacement Reporting Performance Service Level Agreements (SLAs) Flexible corrective warranty determination and regular preventive maintenance ensures high vehicle performance and prevents equipment issues Remote monitoring, configurable modules with real - time alerts and tickets captured for centralized asset management in Workhorse Service Platform Guranteed ship times for service parts (including vendor network) and certified technicians to ensure part fit Real - time fleet dashboard and reporting to continuously improve the Workhorse EV experience Competitive uptime performance warranty and SLAs to ensure partners get the most use of their equipment Workhorse Care for Fleets – Uptime Guarantee Comprehensive software solution, field support and maintenance program Start, scale, streamline and save © Copyright 2022 Workhorse. Confidential & Proprietary | 45

Room to Grow 212K square feet of production space, 218K square feet of material storage space, test track, customer experience center, vehicle storage on almost 100 acres of land. The Workhorse Ranch has plenty of room for future expansion. © Copyright 2022 Workhorse. Confidential & Proprietary | 46

Vehicle launches will continue throughout 2023, 2024 and 2025, consisting of both model year changes, and new vehicle launches 2023 - 2024 Product Plans © Copyright 2022 Workhorse. Confidential & Proprietary | 47

Plant and Process ▪ Automotive - grade supply chain ▪ Production ready - to - run ▪ Room to grow © Copyright 2022 Workhorse. Confidential & Proprietary | 48 People ▪ Trained team at Workhorse Ranch (Factory) ▪ 100 ’s of years of vehicle engineering and launch experience at locations in the heart of the automotive Industry Product ▪ Purpose - designed, robust ▪ Comprehensive market coverage in Class 3 - 6 by 2025 ▪ Vehicles available to deliver today Workhorse Commercial Vehicles Business Advantages Workhorse has the right products, and the team to design, source, build, sell, deliver and service existing vehicles and new vehicles.

ANALYST DAY 2022

Aero Orientation

Growing Business Targeting Large Addressable Markets ▪ The market demands it = OPPORTUNITY! ▪ Sustainability & cost in the last mile drives it ▪ Two market segments growing significantly – Package delivery – Agricultural & infrastructure data ▪ Capable, high - quality products – Safe and compliant – Reliable – Market - leading payload, meaningful range – Quiet 1Rodrigues et al., 2022, Patterns 3, 100569 August 12, 2022 © Copyright 2022 Workhorse. Confidential & Proprietary | 51

People and Experience 275 years specific aerospace experience on the team 20+ years of C - level experience in public and private aerospace industry. Former President & CEO of Global Aviation Holdings. John Graber President, Workh o r s e A ero Mi k e G e r des VP, Flight Operations and Engineering 37 years aviation & airline experience. Former VP Flight Operations for two air carriers. Jarod Patton Director of E ng i ne e r i ng Broad experience in systems en g i nee r i ng , de v e l o p m en t and testing for both government & private sector. Joe McCulloch VP, Aero Production and Supply Chain 20+ years sr. exec. operations and financial roles in the automotive industry at public, private and private equity held organizations. Rob Heber Director, Government Programs Army Officer & Ranger Leader for 25 years. Has utilized Unmanned Aerial Systems (UAS) in support of intelligence, surveillance & reconnaissance since 2001. Alan Skipworth Chief Pilot 10 years experience with manned & unmanned aircraft. 107 certified & manned commercial pilot certified. Flight curriculum development and instruction. 34 years in aircraft maintenance. AMP licensed technician, familiar with all aspects of aircraft maintenance. Walt McLarty Director of Quality Myron Wright Commercial and Reg u l a t o ry St ra t egy 35+ years with UPS as UAS Attorney and former President of UPS Flight Forward. Current UAS/UAM consultant. Che t Fu ll er Commercial Sales and Marketing 30+ years aviation industry experience. Former CCO Norsk Titanium, SVP Bombardier Commercial Aircraft and President GE Aviation Civil Systems Division. Kayland Teemer Aero HR and DEI © Copyright 2022 Workhorse. Confidential & Proprietary | 52 20+ years expertise in building high - performance teams, developing executive - level client relationships, and driving top and bottom - line growth. Retired Army.

5+ Years in Development ▪ Safe, reliable family of aircraft and systems – High quality construction – FAA - compliant design, procedures, manuals, and training ▪ Carry a significant payload for a significant distance ▪ Winch and servo payload delivery systems ▪ Package delivery and sensor operations ▪ 8 granted patents, 16 in - work ▪ Very quiet platform with a low annoyance profile ▪ Truck integration ▪ Sales revenue expected to start in 2023 © Copyright 2022 Workhorse. Confidential & Proprietary | 53

© Copyright 2022 Workhorse. Confidential & Proprietary | 54 Aircraft and Systems ▪ Ability to fly in the National Airspace System (NAS) ▪ Small Uncrewed Aerial Systems (sUAS) – A special category under the FAA regulations – < 55 pounds max weight – < 100 MPH – < 400’ above ground level maximum altitude ▪ Spare parts ▪ Service ▪ Sub - systems (ground control station, winches, servos, sensors, truck integration, parachutes) These are conforming aircraft with supporting processes and systems – not toys

Horsefly Œ ▪ Carries up to 10 pounds 10 miles ▪ In the FAA type certification pipeline since 2020 ▪ Delivers and picks up with a 30’ winch or rapid - drop servo ▪ 45 - minute flight time (20 knots with ISR sensors) ▪ Metron Air (patent pending); Software - as - a - Service (SAAS), supports Beyond Visual Line of Sight (BVLOS) operations 55 © Copyright 2022 Workhorse. Confidential & Proprietary | 55

Falcon Aircraft ▪ 142 days from initial concept to completed product ▪ Humanitarian Aid and Logistics Operations (HALO) ▪ Ruggedized construction for austere conditions – Emphasizes payload (> 10 pounds) & range (> 10 miles) – Simple package delivery servo – Heavy - duty tactical cowling – Enhanced physical and cyber security Presentation Title © Copyright 2022 Workhorse. Confidential & Proprietary | 56

Early Innings of Growing Demand “Rising use of drones, advancements in technology, and relaxation in government policies will likely drive growth of the drone delivery services market.” - Future Markets Insights, 2022 Source: Teal Group: World Civil UAS Market Forecast 2020/21 Edition © Copyright 2022 Workhorse. Confidential & Proprietary | 58

A Logistics Company Example ▪ Volume supports > 1,000,000 drone deliveries per day ▪ Implies a drone fleet thousands of aircraft ▪ UPSFF was the first FAA - certified Part 135 “Drone Airline” ▪ Operating in Florida, Kentucky, and North Carolina All major delivery companies are working to expand drone operations © Copyright 2022 Workhorse. Confidential & Proprietary | 59

Agriculture is a More Mature Market Demand grows as farmers, governments and others use big data Teal Group: World Civil UAS Market Forecast 2020/21 Edition © Copyright 2022 Workhorse. Confidential & Proprietary | 60

© Copyright 2022 Workhorse. Confidential & Proprietary | 61 © Copyright 2022 Workhorse. Confidential & Proprietary | 61 W orkhorse A ero Advanced Air Mobility & Scanning Federal & State Partnership Program NORTH DAKOTA A RKA N S A S MISSISSIPPI O H IO BVLOS / AAM USDA NRCS LiDAR and Multi Spectral scanning of historically disadvantaged Farmers and Ranchers MICHIGAN

▪ Extremely accurate surveys – Spans – Heights – Relief – Measurement across every axis ▪ Find levee and dam issues earlier ▪ Land and plant elevations ▪ Erosion and runoff LiDAR Light Detection and Ranging …create precise, fresh, usable data about the land © Copyright 2022 Workhorse. Confidential & Proprietary | 62

USDA NRCS R&D Project – Recent UAV Imaging ▪ Elevation models of the ground and objects in the area ▪ Allows calculation of the area and risk to structures near the levy if a failure were to occur ▪ Detect obstructions in drainage systems ▪ RGB data overlay provides an excellent understanding of all obstructions ▪ Map erosion effects ▪ Detect and track small terrain changes © Copyright 2022 Workhorse. Confidential & Proprietary | 63

Competitor Comparison Workhorse Horsefly and Falcon have industry - leading payload to weight ratios for 4 - rotor sUAS “Quad Copter” Market Demand Horsefly / Falcon Competitors Workhorse Advantage Payload 10 lbs. Average 5.5 lbs. 90% Greater Payload Range 10 miles 45 mins Average 7 miles Average 32 mins 43% Greater Range 41% Greater Time Gross Weight 28 / 23 lbs. Average 35 lbs. 20% Lighter Aircraft (HF) 34% Lighter Aircraft (F) • Payload is the market demand • Workhorse holds a distinct lead with 90% greater payload than our avg. competitor • Workhorse weight - to - payload ratio is industry leading • Workhorse holds truck/drone integration patent • Workhorse can fly multiple aircraft simultaneously using proprietary software The total addressable market is significant © Copyright 2022 Workhorse. Confidential & Proprietary | 64

Established Our Factory Floor ▪ Mason, OH ▪ 75,000 sq. ft. facility ▪ Initial cadre of assembly associates in initial training ▪ Facility supports every required discipline ▪ SORP Q2 2023 ▪ Production capacity greater than 5,000 units in 2025 © Copyright 2022 Workhorse. Confidential & Proprietary | 66

Summary ▪ Our team has deep aerospace expertise ▪ Differentiated and complementary product lines ▪ High - quality systems – Carry more – Carry it farther – Quieter ▪ Strong demand in package delivery and data acquisition marketplaces ▪ Entering SORP Q1 2023 © Copyright 2022 Workhorse. Confidential & Proprietary | 67 © Copyright 2022 Workhorse. Confidential & Proprietary | 67

ANALYST DAY 2022

Stables & Stalls

▪ Created a subsidiary that owns a local FedEx Ground delivery contract in Lebanon, Ohio. Includes 10 internal combustion engine trucks and vans ▪ Leased a maintenance and service facility, or ‘Stable,’ adjacent to FedEx Lebanon distribution facility and installed 10 Level 2 EV chargers, the ‘Stalls’ ▪ Electrification of the fleet has begun, all vehicles expected to be converted to EV by the end of Q2 2023 ▪ Developing a ‘White Paper’ to define successful model of ICE to EV conversion for independent contractors, including field - based data on total cost of ownership Stables & Stalls Launched fleet electrification platform to serve independent contractors and operators © Copyright 2022 Workhorse. Confidential & Proprietary | 70

Overview of Stables by Workhorse © Copyright 2022 Workhorse. Confidential & Proprietary | 71 ▪ Location supporting last mile delivery hubs – Charging stations – Maintenance bay (mobile serviced) – Driver lounge ▪ Independent contractor (IC) IT platform – Target smaller, independent fleets (10 - 50 vehicles) – Comprehensive owner/manager/driver interface/app – Frictionless management of; o Vehicles o Charging o Maintenance ▪ Enabling the IC environment for: – Last Mile: FedEx (Ground), others – Any Other IC distribution model, government fleets

Key Workstream/Initiatives to Implement Roadmap © Copyright 2022 Workhorse. Confidential & Proprietary | 72 FedEx has 500+ Ground stations and 120+ Hubs as part of Ground network, operated by ~5,300 independent contractors with ~75,000 - 100,000 vehicles, where ~80% are dedicated to “last mile” package and delivery. Launch First Stable & Stalls EV Depot ▪ Launch Cincinnati EV Depot ▪ Deliver First Electrified Package ▪ Transition all ICE Vehicles to EV ▪ Full Electrification of Site ▪ Monitor all cycle time metrics and measures Test…Monitor…Measure and Optimize ▪ Monitor all cycle time metrics and measures ▪ Financial Metrics vs Assumptions ▪ EV Fleet Optimization ▪ Charging Metrics vs Assumptions ▪ White Paper Development

ANALYST DAY 2022

CFO Overview

Recent Steps to Strengthen Financial Position © Copyright 2022 Workhorse. Confidential & Proprietary | 75 Removing overhang and creating foundation for growth Over the past 16 months, the new management has taken significant steps to stabilize the Company’s financial position: • Created debt - free balance sheet • Reduced cash burn • Put in place a $175 million ATM to allow access for capital • Consolidated inventory to one location • Converted inactive assets to cash • Resolved key lawsuits, removing uncertainty

Current Financial Position Providing stability and resources to execute on our product roadmaps Monthly net cash requirements of $9 million D E BT Z ero debt © Copyright 2022 Workhorse. Confidential & Proprietary | 76 $120M in cash and cash equivalents Access to additional $175M via A T M

Positioned for Growth © Copyright 2022 Workhorse. Confidential & Proprietary | 77 Focused on near - term execution and maintaining solid financial position to drive growth ▪ Refining 2022 guidance: – Expect to manufacture and deliver approximately 25 - 100 vehicles – Expect to generate between $5 and $15 million in revenue – Significant port delays impacting timing of our customer shipments ▪ Expect 2023 capital expenditure to be in range of $20 - 30 million; approximately equal to 2022 ▪ Expect 2023 cash requirements similar to 2022 ▪ Expect to generate significant revenue growth in 2023: – Primarily from building and delivering W4 CC, W750 and W56 vehicles to customers – Growing Stables & Stalls offering – Secure contracts and start production in Aero

ANALYST DAY 2022