Welcome to our dedicated page for Workhorse Group news (Ticker: WKHS), a resource for investors and traders seeking the latest updates and insights on Workhorse Group stock.
Workhorse Group, Inc. reports developments tied to its role as a North American OEM and provider of all-electric trucks, step vans, shuttles and buses for commercial fleets. Recurring updates cover purchase orders for W56 step vans, fleet deployments, dealer relationships, customer-support programs that span vehicles and charging infrastructure, and post-sale service through dealer and factory-certified support networks.
The company also issues earnings and business-outlook announcements, operating updates and capital-structure or governance news. Its disclosures commonly reference commercial fleet customers, the Union City, Indiana manufacturing facility, the completed Motiv merger and the market for medium-duty electric delivery vehicles.
Workhorse Group Inc. (NASDAQ: WKHS) has formed strategic agreements with Hitachi America and Hitachi Capital America to enhance its manufacturing and operational capabilities. Hitachi will conduct an operational assessment, utilizing its Smart Manufacturing and Electric Vehicle technologies, while Hitachi Capital will assist in developing a national dealer network and financing options for Workhorse's C-Series delivery vehicles. This partnership aims to support Workhorse's production ramp-up and meet increasing demand for electric vehicles in North America.
Workhorse Group Inc. (Nasdaq: WKHS) reported its financial results for Q2 2020, achieving sales of $92,000, a notable increase from $5,500 in Q2 2019. The company delivered three C-series electric vans and became the first medium-duty BEV OEM approved for sales in all 50 states. Significant expenses rose, with a net loss of $131.3 million, primarily due to non-cash interest adjustments. Workhorse secured $70 million in financing, enhancing its cash availability to approximately $105 million. CEO Duane Hughes emphasized operational milestones and production scaling opportunities.
Workhorse Group Inc. (NASDAQ: WKHS) will hold a conference call on August 10, 2020, at 10:00 a.m. ET to discuss its financial results for Q2 ended June 30, 2020. The call will follow a press release detailing the financial results. Participants can join via dedicated U.S. and international dial-in numbers. A replay will be available after 4:00 p.m. ET on the same day through August 17, 2020. Workhorse focuses on delivering drone-integrated electric vehicles to the last mile delivery sector, aiming to enhance efficiency while reducing environmental harm.
Workhorse Group Inc. (Nasdaq: WKHS) announced eligibility for its C-Series all-electric delivery trucks under California's Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP). The California Air Resources Board (CARB) granted the Executive Order A-445-0003, allowing specific models to qualify for vouchers of up to $50,000 per vehicle, enhancing affordability for customers. While the HVIP program is currently on hold for new requests until fall 2020, Workhorse maintains its eligibility, which is expected to boost sales and support environmental goals.
Workhorse Group Inc. (Nasdaq: WKHS) announced a financing agreement for a $70 million Senior Secured Convertible Note with an institutional investor. The funds will support operating working capital and corporate purposes. The Note will rank equally with a previous note issued in December 2019 and is convertible into common stock at $19.00 per share. It matures on July 1, 2023, with a 4.5% annualized coupon. The financing is expected to enhance financial flexibility and support the company's production objectives for 2021.