Workhorse Group Stock Price, News & Analysis

Workhorse Group has appointed Ryan Gaul as the new President of Commercial Vehicles, effective April 22, 2021. Gaul, with nearly 20 years of automotive experience, will manage the company's commercial vehicles division, including its manufacturing facility in Union City. He previously held significant leadership roles at Gentherm, overseeing manufacturing and supply-chain functions. CEO Duane Hughes emphasized Gaul's expertise will be crucial in scaling production and implementing best practices.

Workhorse Group (WKHS) has appointed John Graber as President – Aerospace, effective April 20, 2021. Graber, who previously led the HorseFly™ drone delivery program, will oversee the company's Unmanned Aerial Systems businesses. He brings extensive aerospace experience and a solid background in corporate strategy and business development. CEO Duane Hughes highlighted Graber's significant contributions to the HorseFly™ initiative, stating that 2021 will be pivotal for advancing its FAA certification and expanding aircraft production. This leadership change aims to enhance last-mile delivery operations.

Workhorse Group (WKHS) provided an update on its bid for the USPS Next Generation Delivery Vehicle (NGDV) program following a recent meeting with USPS representatives. The USPS has awarded the NGDV contract to a competing finalist, prompting Workhorse to seek additional information and explore its options. CEO Duane Hughes stated that the company has retained legal and advisory firms to assist in this process. Workhorse remains committed to its goal of providing sustainable electric vehicles, but faces challenges, including competition and the need for further capital.

Workhorse Group Inc. (WKHS) reported its Q4 and full year 2020 financial results, showcasing a remarkable increase in sales to $652,000 from just $3,000 year-over-year. The company's backlog now exceeds 8,000 vehicles, bolstered by significant orders from Pritchard Companies and Pride Group Enterprises. Workhorse raised $270 million in capital, supporting a cash position of $215 million as of March 1, 2021. Additionally, the strategic stake in Lordstown Motors Corp. is valued at approximately $320 million. The company faces supply chain challenges as it ramps up production for its growth plans.

On February 24, 2021, Workhorse Group (Nasdaq: WKHS) reported on its participation in the USPS Next Generation Delivery Vehicle (NGDV) program. After USPS awarded the contract to a competitor, Workhorse requested further information as a non-awarded finalist. The company plans to explore all available options in this government bidding process. Additionally, a conference call is scheduled for March 1 to discuss quarterly and year-end financial results. Workhorse aims to provide sustainable, drone-integrated electric delivery vehicles.

Workhorse Group (NASDAQ: WKHS) will hold a conference call on March 1, 2021, at 10:00 a.m. Eastern time to discuss its fourth quarter and full year financial results for 2020. Interested parties can join the call by dialing 877-407-8289 for U.S. participants or 201-689-8341 for international callers. A replay of the conference will be available after the call until March 8, 2021. Workhorse focuses on providing sustainable, drone-integrated electric vehicles for the last mile delivery sector, emphasizing efficiency and environmental sustainability.

Workhorse Group Inc. (WKHS) announced its Purpose Built National Campaign Event in Tampa, Florida, scheduled for February 6, 2021. The event aims to promote electric vehicles (EVs) and educate the public on their benefits. Attendees will experience demonstrations of the Workhorse C-1000 all-electric truck, which features advanced technology. Additionally, free rides to the Super Bowl will be offered via an all-electric shuttle bus. Donations will be made to local nonprofits, emphasizing community involvement. CEO Duane Hughes highlighted the company's commitment to environmental sustainability.

Workhorse Group Inc. (WKHS) has appointed Chris Nordh as VP of Commercial Development, a new role aimed at enhancing sales and support. Nordh, formerly with Ryder System Inc., brings extensive experience in advanced vehicle technology and will focus on creating a support structure for channel partners. CEO Duane Hughes emphasized that Nordh's expertise is crucial for scaling production of the C-Series electric vehicles and improving customer experiences. Workhorse aims to optimize last-mile delivery with innovative EV solutions.

Workhorse Group (WKHS) announced a significant purchase order for 6,320 all-electric C-Series delivery vehicles from Pride Group Enterprises, marking its largest order to date. This order highlights Workhorse's expansion into Canada and reflects increasing demand for its electric vehicles in the last-mile delivery market. The initial deliveries are scheduled to begin in July 2021, extending through 2026. Financing for inventory is provided by Hitachi Capital America, reinforcing the partnership between the companies for scaled production moving forward.