Workhorse Group Stock Price, News & Analysis

Workhorse Group (Nasdaq: WKHS) has received approval for the importation and sale of its W56 and W750 electric step vans in Canada through the Appendix G Pre-clearance Program. Transport Canada has validated the vehicles' compliance with Canadian Motor Vehicle Safety Standards (CMVSS).

The approval enables Canadian import dealers to distribute these zero-emission commercial vehicles nationwide. The company plans to begin on-road testing with a last-mile delivery fleet in Canada by Q2 2025. This expansion marks a significant milestone for Workhorse's distribution and service network in the Canadian market, where there is strong interest from fleets seeking to transition to zero-emission vehicles.

Workhorse Group (Nasdaq: WKHS) announced that NorthStar Courier, a FedEx Ground Contract Service Provider, will be the first customer to operate the new W56 208" extended wheelbase EV step van, complementing their existing W56 178" wheelbase truck. The vehicle, offering nearly 1,200 cubic feet of cargo capacity, will be delivered through Ziegler Truck Group.

NorthStar Courier's expansion follows successful operation of their initial W56 during the 2024 holiday season, where the vehicle covered nearly a thousand miles in sub-freezing temperatures. The purchase is supported by Minnesota state grants from the Minnesota Pollution Control Agency (MPCA), aimed at replacing older fossil fuel vehicles with electric models.

The all-electric W56, manufactured at the Workhorse Ranch in Union City, Indiana, is designed for last-mile delivery with pre-configured upfit options for parcel delivery. The vehicle will be featured at Work Truck Week® 2025 in Indianapolis, March 4-7.

Workhorse Group (WKHS) has secured its first Pacific Northwest sale with a municipal order for two W4 CC electric work trucks in Washington state. The vehicles, equipped with 16-foot Summit™ dry van bodies, will be used for trash and recycling can switch-outs, supporting the municipality's waste management services and environmental goals.

The sale was facilitated through The Truck Shop, a certified dealer in Washington and Oregon, and procured via Sourcewell, a cooperative purchasing organization. As a Sourcewell contract supplier since 2024, Workhorse enables public sector organizations to efficiently source medium-duty electric work trucks.

The W4 CC is a 100% electric Class 4 cab chassis designed for various upfit applications, featuring zero tailpipe emissions and versatile body configurations for municipal, vocational, and commercial fleet operations. The Sourcewell contract extends until July 9, 2028, with one-year renewal options.

Workhorse Group (Nasdaq: WKHS) will showcase its expanded W56 electric vehicle (EV) platform at Work Truck Week 2025 in Indianapolis from March 4–7, 2025. Attendees can experience the W56 208” extended wheelbase step van at the Ride & Drive event, which recently completed durability testing simulating over 250,000 highway miles. This model offers 1,200 cubic feet of cargo space and is ideal for demanding delivery and service routes.

In Booth 4401, Workhorse will preview the 140 kWh version of its W56 chassis, designed for fleet operators with shorter-range requirements. This model offers an estimated range of 100 miles and promises significant cost savings compared to the 210 kWh version. Orders for the 140 kWh W56 stripped chassis are now open through certified dealers, with deliveries expected in 2026.

Ryan Gaul, President of Commercial Vehicles at Workhorse, highlighted the company's expertise, citing 10 million real-world miles logged by their vehicles. Gaul emphasized the importance of American-made solutions and the company's commitment to advanced manufacturing jobs in the Midwest.

Workhorse Group (Nasdaq: WKHS) announced its E-GEN electric vehicle platform has reached a significant milestone of 10 million cumulative miles. The E-GEN platform, manufactured in Union City, Indiana from 2015-2018, demonstrates the company's engineering prowess with over 200 trucks still in active service.

The experience and innovations from the E-GEN platform have directly influenced the development of Workhorse's flagship W56 platform. The W56 step van features a class-leading payload capacity, advanced safety features, and a range of up to 150 miles, designed for last-mile delivery and medium-duty fleet operations. The company has recently expanded the W56 platform to include an extended wheelbase version to accommodate diverse customer needs.

Workhorse Group has announced a partnership with Progress Manufacturing Company (PMC) as a certified dealer for specialized second-stage manufacturing. PMC has placed a purchase order for Workhorse's W56 step van and W4 CC cab chassis as demonstration units. These vehicles will showcase EnviroCharge's mobile DC fast chargers, providing off-grid fleet EV charging solutions.

Located near Workhorse's manufacturing facility in Union City, Indiana, PMC specializes in equipping commercial vehicles with specialized technology. The partnership aims to expand the availability of electric commercial vehicles to specialized fleets and integrate advanced equipment for various applications. PMC is licensed to sell vehicles nationally through their dealer network and directly to customers.

Workhorse Group has announced a new partnership with Progressive Manufacturing Company (PMC) as a certified dealer. PMC, a second-stage manufacturer specializing in equipping commercial vehicles with specialized technology, has placed a purchase order for Workhorse's W56 step van and W4 CC cab chassis as demonstration units.

The vehicles will showcase EnviroCharge's mobile DC fast chargers, providing off-grid fleet EV charging solutions. Located near Workhorse's manufacturing facility in Union City, Indiana, PMC will distribute these vehicles nationally through their dealer network and directly to customers, focusing on last-mile delivery, EV fleet operations, and utility applications.

Workhorse Group has delivered its W56 electric step van to NorthStar Courier, a FedEx Ground Contract Service Provider in Minneapolis, Minnesota. This marks the first W56 deployment by a FedEx Ground Service Provider outside California. The sale was facilitated by Ziegler Truck Group, a Workhorse Certified Dealer. The W56, manufactured in Union City, Indiana, is designed for last-mile delivery and is now available in standard and extended wheelbase configurations with pre-configured upfit options for parcel delivery. Minnesota's emergence as a commercial EV adoption leader is supported by state grants for fleet electrification.

Workhorse Group reported Q3 2024 financial results with sales of $2.5 million, down from $3.0 million in Q3 2023. The company secured a three-year Master Framework Agreement with FedEx and delivered the first 15 W56 step vans. Net loss was $25.1 million compared to $30.6 million in the same period last year. The company ended the quarter with $3.2 million in cash and cash equivalents. Notable achievements include obtaining a GSA contract for federal government sales and demonstrating significant fuel efficiency with the W56 achieving 31 MPGe compared to 7 MPG for traditional delivery trucks.