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. (WKHS) delivers innovative electric commercial vehicles and drone-integrated logistics solutions for sustainable transportation. This news hub provides investors and industry professionals with essential updates on company developments, financial milestones, and technological advancements.
Access official press releases and curated news coverage spanning product launches, regulatory filings, partnership announcements, and operational updates. Our repository tracks key areas including vehicle production milestones, fleet deployments, technology patents, and corporate governance matters.
Discover timely information on earnings reports, SEC filings, and strategic initiatives that shape Workhorse's position in the zero-emission transportation sector. The collection serves as a decision-making resource for tracking manufacturing expansions, supply chain developments, and market expansion efforts.
Bookmark this page for structured access to Workhorse's evolving story in commercial EV innovation. Verify critical updates through primary sources linked within each entry, and revisit regularly to maintain current awareness of company progress.
Workhorse Group, an American technology company focused on zero-emission commercial vehicles, announced the addition of Eco Auto to its Certified Dealer Network. Eco Auto is the first dealer in the Greater Boston area and the 13th nationwide. Located in Tewksbury, MA, Eco Auto specializes in sustainable vehicle solutions, supported by Massachusetts' MOR-EV program, which offers rebates of $30,000 to $60,000 per electric vehicle for qualifying businesses, universities, nonprofits, and municipalities. This partnership aims to expand Workhorse's reach in the commercial fleet electrification sector and provide enhanced services, including electric and hybrid vehicle purchases, energy solutions, and EV maintenance. Workhorse CEO Rick Dauch emphasized the importance of partnering with dedicated EV dealers to accelerate the adoption of zero-emission vehicles in the Northeast.
On June 13, 2024, Workhorse Group announced a 1-for-20 reverse stock split of its common stock, effective June 17, 2024. The move aims to increase the stock price to comply with Nasdaq's minimum bid price requirements. Shareholders approved the reverse split at the Annual Meeting on May 14, 2024. The stock will continue trading under the symbol WKHS. The reverse split consolidates every 20 shares into one, with no fractional shares issued, and aims to help the stock price reach at least $1.00 for ten consecutive trading days by September 16, 2024.
Workhorse Group (NASDAQ: WKHS) collaborates with Kingsburg Truck Sales to boost zero-emission truck adoption in California. Kingsburg commits to purchasing 141 Workhorse W4 CC Class 4 battery-electric cab chassis trucks for 2024, contingent on receiving HVIP vouchers. The W4 CC trucks offer a range of 150 miles, Level 2/Level 3 charging, and multiple upfit options, making them ideal for local deliveries and ACF compliance. Additionally, Workhorse completed the divestiture of its Aero business, expected to save $375,000 monthly and enhance its focus on commercial EVs. This move aims to streamline operations and provide financial flexibility for advancing their EV product roadmap.
Workhorse Group (Nasdaq: WKHS) reported its Q1 2024 financial results, highlighting key strategic and financial actions. Sales for the quarter were $1.3 million, down from $1.7 million in Q1 2023. The company faced increased costs, with cost of sales rising to $7.4 million from $5.3 million. Net loss widened to $29.2 million from $25.0 million. Positive developments include securing orders for 141 W4 CC trucks and expanding their dealer network. Workhorse also engaged in a financing agreement worth up to $139 million to support its roadmap. Strategic cost reductions include a 20% workforce reduction and temporary furloughs. The company is working on divesting its Aero business, aiming for cost savings of around $375,000 per month.
Workhorse Group will exhibit its electric commercial vehicles at the Advanced Clean Transportation (ACT) Expo 2024 in Las Vegas from May 20-23. The company will showcase its medium-duty electric vehicles, including the W56 refrigerated EV step van and the Class 4 W4 CC chassis dump truck. The W56 features a Thermo King v520 Max unit integrated with the vehicle's high-voltage battery system, eliminating the need for diesel or auxiliary batteries. Attendees can experience the W56’s handling through a ‘ride and drive’ demo. Workhorse aims to highlight its commitment to clean transportation and provide real-world EV solutions available now, enhancing efficiency in last-mile delivery and sustainability.
Workhorse Group (Nasdaq: WKHS) held its 2024 Annual Meeting of Stockholders, where key proposals were approved to advance its strategic goals. The stockholders re-elected seven directors for a term expiring in 2025. Additionally, they approved a reverse stock split of Workhorse’s outstanding shares by a ratio between 1-for-10 and 1-for-20, to comply with Nasdaq Listing Rules, which can be executed any time before August 30, 2024. Furthermore, stockholders agreed to issue the maximum number of shares underlying the company’s senior secured convertible notes and warrants. The final vote results will be filed on a Form 8-K with the SEC.
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