Workhorse Group Begins W750 Production and Announces Smyrna Truck to be its First Certified Dealership in Georgia
27 Junho 2023 - 9:30AM
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 it has started production of the W750 at its
manufacturing facility in Union City, Indiana. The Company also
announced it has entered into a partnership with Smyrna Truck to be
its first certified electric vehicle (“EV”) dealer in Georgia.
“The milestones we are announcing today reflect the important
progress we are making advancing our product roadmap and executing
our strategic growth plans,” said Workhorse CEO Rick Dauch. “We
could not be more excited to see the W750 rolling out of our Union
City facility, and we are poised to ramp up production of it in the
coming months. In addition, we are thrilled to announce this dealer
partnership with Smyrna Truck, expanding on our network for
customers. We look forward to partnering with the Smyrna Truck
team, who share our goal of delivering safe, reliable electric
vehicles with the highest standard of service to customers.”
“We take pride in providing our customers the highest-quality
truck equipment brands in the country, and we’re excited to welcome
Workhorse’s innovative trucks to our list of trusted partners,”
said Smyrna Truck President and CEO Scott Edens. “Through the many
conversations and demos we’ve had with the Workhorse team, we have
been extremely impressed with the standard and quality of its
vehicles, including the W4 CC and W750. This partnership represents
a significant catalyst in our company’s history, as we expand into
the growing and important electric vehicle market.”
The Certified Dealer Program, which Workhorse launched in March
2023, 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 the Company’s vehicles. As
part of the Certified Dealer Program, Workhorse has established a
comprehensive training program that provides dealers with both
hands-on and online training, including technical sales
training.
Smyrna Truck is a wholly owned subsidiary of Fouts Bros Inc., a
family-owned business since 1952. It operates a 700,000 square foot
facility in Milledgeville, Georgia and a second facility in La
Grange, Texas. The Company is one of the largest and most diverse
truck equipment companies in the U.S.
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 StatementsThe 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 press release, 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 resources, 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
press release. 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 surface vehicle platforms and the WA4-100
(Horsefly) and WA4-200 (HALO) small Uncrewed Aerial Systems 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, 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 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; the
ability to protect our intellectual property; market acceptance for
our products; our ability to control our expenses; 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 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 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 filings 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.
Media Contact:Aaron Palash / Greg KlassenJoele
Frank, Wilkinson Brimmer Katcher212-355-4449
Investor Relations Contact:Matt Glover and Tom
ColtonGateway Investor
Relations949-574-3860WKHS@gateway-grp.com
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