W34: The Company continues to expect the beginning of production for the new Class 3-4 vehicle in 2024.Īdditionally, Workhorse has entered into a multi-year referral agreement with ChargePoint, the largest network of electric vehicle charging stations, throughout the U.S. Sourcing decisions and contract commitments are already in place for more than 50% of the platform bill of materials. The Company expects to start production in Q3 2023. W56: Workhorse continues to meet all timing milestones for the beginning of production for this vehicle serving the Class 5 and 6 delivery van and truck market segments. Workhorse has already received its first purchase orders for this vehicle family, with both offerings having successfully achieved California HVIP approval. Both the step van and cab chassis configuration versions will have demonstration vehicles displayed at the Advanced Clean Transportation Expo in Long Beach, CA from May 9-13, 2022. W750/W4CC: The Company expects to start production of these Class 4 delivery vehicles in Q3 2022. The Company will then retire the model, ending production of new vehicles while continuing to provide service and parts to customers with vehicles that are on the road. Workhorse will also manufacture 50-75 additional C1000’s by year-end from inventory on hand. The Company is on track to return vehicles to service starting in August of this year and repair 161 previously manufactured vehicles produced to date by year-end. Front suspension design and vehicle bill of materials are completed. Workhorse is on track to execute its revised strategic product roadmap to deliver its electric vehicle delivery offerings through a multi-faceted approach across four electric vehicle platforms:Ĭ1000: All FMVSS changes have been finalized and released. Made significant progress transforming Workhorse’s Union City plant to become a world class manufacturing center with the goal of starting production in the facility in Q3 2022.Įntered into previously announced deleveraging transaction with High Trail Capital to exchange outstanding notes for Workhorse’s common stock, eliminating the remaining debt on Workhorse’s balance sheet.Įxecuting Revised Strategic Product Roadmap Workhorse hired additional experienced engineers with automotive, controls and EV propulsion systems experience. Recently opened a new technical design and testing center in Wixom, Michigan to expand and enhance design, engineering and testing capabilities. Bringing together the Company’s leadership and advanced technology teams has already improved efficiencies and teamwork across functions of the organization.
Hired a Director of Production Control and Logistics with more than 25 years of supply chain & LEAN systems experience at Tier 1 auto suppliers.Ĭompleted the consolidation and relocation of the Company’s headquarters to Sharonville, Ohio. Hired a Director of Quality with 35-plus years of quality systems experience at large OEMs, including within powertrain, assembly and Supplier Quality and Development. Hired a new attorney as Corporate Counsel who brings 5-plus years of business and commercial law experience. Hired a Chief Information Officer with more than 35 years of supply chain and IT leadership experience in the automotive industry at leading OEMs and Tier 1 suppliers. Hired talented executives to oversee critical roles within the Company, including: Workhorse delivered on its stated priorities from the first quarter by enhancing its team and strengthening its financial and operational position in the following key areas:
We are confident in the foundation we are putting in place to deliver electric vehicles our customers want and in turn, deliver long-term shareholder value.”įirst Quarter 2022 and Recent Operational Highlights: We also completed our deleveraging transaction that provides us financial flexibility to execute on our manufacturing plans. “During the first quarter, we continued building out our team with highly experienced executives and strengthening our operational, supply chain and technical capabilities. “We are making progress on our strategic priorities, including moving forward with our revised product portfolio roadmap,” said Workhorse CEO Rick Dauch.
(Nasdaq: WKHS) (“Workhorse” or “the Company”) an American technology company focused on providing sustainable and cost-effective drone-integrated electric vehicles to the last-mile delivery sector, today reported financial results for the first quarter ended March 31, 2022. CINCINNATI, (GLOBE NEWSWIRE) - Workhorse Group Inc.
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