Workhorse Electric Vehicles Surpass 20 Million Miles on the Road

Rhea-AI Summary

Workhorse (NASDAQ: WKHS) announced its fleet of more than 1,100 electric trucks, buses and shuttles has surpassed 20 million miles of in-service travel as of March 10, 2026. The vehicles have avoided roughly 2.3 million gallons of petroleum and 45 million pounds of CO2.

The company cites real-world operating data from customer deployments and its Stables subsidiary to inform engineering of a modular Gen 7 platform, aiming to lower unit costs and extend total cost of ownership advantages versus internal-combustion trucks.

Positive

• Fleet exceeded 20 million miles of real-world operation
• Over 1,100 vehicles deployed to customers
• 2.3 million gallons of fuel displaced
• Design of modular Gen 7 platform to reduce unit costs

Negative

• Purchase-price gap versus internal-combustion trucks remains (no closing figures provided)
• Recent sales pace noted as >50 trucks in a year, which is modest for large commercial adoption

News Market Reaction – WKHS

-0.29%

1 alert

-0.29% News Effect

On the day this news was published, WKHS declined 0.29%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Electric vehicles deployed: 1,100+ vehicles In-service miles: 20 million miles Fuel displaced: 2.3 million gallons +5 more

8 metrics

Electric vehicles deployed 1,100+ vehicles Workhorse trucks, buses and shuttles in customer fleets

In-service miles 20 million miles Combined real-world electric vehicle operation

Fuel displaced 2.3 million gallons Petroleum-based fuel avoided since inception

CO2 emissions avoided 45 million pounds CO2 reduction equivalent to fewer cars on road

Large fleets served 10 fleets Largest medium-duty truck fleets in North America using Workhorse vehicles

Trucks sold recently more than 50 trucks Sales through Kingsburg Truck Center in a little more than a year

Cars fuel equivalent ≈5,700 cars Fuel savings equivalent to annual use of cars

Cars CO2 equivalent ≈4,500 cars CO2 reduction equivalent to cars taken off road for a year

Market Reality Check

Price: $3.38 Vol: Volume 72,454 is in line ...

normal vol

$3.38 Last Close

Volume Volume 72,454 is in line with the 71,328 share 20-day average (relative 1.02x). normal

Technical Shares at $3.50 are trading below the $12.05 200-day MA and are 94.8% below the 52-week high, about 8.7% above the 52-week low.

Peers on Argus

WKHS was up 1.74% pre-news while peers showed mixed moves: AYRO up 7.35%, CENN u...

1 Up 2 Down

WKHS was up 1.74% pre-news while peers showed mixed moves: AYRO up 7.35%, CENN up 2.75%, but CJET and MULN down. Momentum scanner names like FLYE at -8.2% and UCAR at -39.08% diverged from WKHS, pointing to stock-specific drivers.

Historical Context

5 past events · Latest: Dec 15 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 15	Merger completion	Positive	-4.0%	Completion of Motiv merger creating larger medium-duty EV truck OEM.
Nov 25	Merger approval	Positive	-6.9%	Shareholders approve merger with Motiv Electric Trucks at annual meeting.
Nov 18	Proxy solicitation	Positive	+37.6%	Company urges shareholders to vote FOR Motiv transaction ahead of meeting.
Nov 13	Vote reminder	Positive	-5.4%	Reminder of extended deadline and need for quorum to close Motiv merger.
Nov 12	Meeting adjournment	Neutral	-2.0%	Annual meeting adjourned, voting period extended due to lack of quorum.

Pattern Detected

Recent governance and merger headlines often saw negative or volatile price reactions, with only one clear positive alignment out of five events.

Recent Company History

Over the last few months, Workhorse focused on its merger with Motiv Electric Trucks and shareholder approvals. On Nov 25, 2025, shareholders approved the merger, followed by deal completion on Dec 15, 2025, creating a medium‑duty electric truck OEM with nameplate capacity of 5,200 vehicles/year and access to up to $50 million in debt financing. Several reminders and extensions around the Motiv vote produced mixed to negative price moves. Today’s milestone of 20 million electric miles and 1,100+ vehicles builds on that combined platform and operational base.

Market Pulse Summary

This announcement underscores a meaningful operational base, with 1,100+ electric vehicles logging o...

Analysis

This announcement underscores a meaningful operational base, with 1,100+ electric vehicles logging over 20 million miles and avoiding 2.3 million gallons of fuel and 45 million pounds of CO2. It builds on the post‑Motiv merger platform and manufacturing capacity while highlighting a coming 7th‑generation, software‑defined truck architecture. Investors may watch for how these milestones translate into sustained order growth, cost performance versus internal combustion fleets, and progress on product rollout and integration goals.

Key Terms

total cost of ownership, battery chemistry, powertrain, depot-based charging infrastructure, +1 more

5 terms

total cost of ownership financial

"Delivering meaningful returns in total cost of ownershipMaintaining the high vehicle"

The total cost of ownership is the full lifetime expense of acquiring and keeping an asset or product, not just its sticker price — it includes purchase, installation, operating, maintenance, financing and disposal costs. For investors, it reveals the real economic burden or savings of a purchase so they can judge profitability, cash flow and competitive strength; like comparing cars by adding fuel, insurance and repairs, not just the sale price.

battery chemistry technical

"Battery chemistry & software design and configuration, including optimization for"

Battery chemistry describes the materials and internal chemical reactions that produce and store electricity in a battery — like the recipe and ingredients that determine how a cake turns out. For investors, it shapes key traits such as cost, energy capacity, charging speed, lifespan, safety and recyclability, which influence product competitiveness, manufacturing costs, regulatory risk and long-term market demand.

powertrain technical

"Ergonomic vehicle design and engineering, considering the entire truck, not just the powertrainBattery chemistry"

Powertrain is the collection of parts that generate and deliver motion in a vehicle — typically the engine or electric motor, transmission, driveshafts, axles and related control systems or batteries in electric models. It matters to investors because powertrain design and efficiency drive fuel economy, performance, production cost, regulatory compliance and warranty risk, all of which affect a maker’s competitiveness, profit margins and exposure to supply-chain or technology shifts; think of it as the vehicle’s heart and muscles.

depot-based charging infrastructure technical

"Cost-effective and efficient depot-based charging infrastructureCustomer service"

A network of electric vehicle chargers and supporting power equipment installed at fleet parking sites or vehicle depots so vehicles can be recharged between shifts or overnight. Like replacing a company’s fuel pumps with an electric "garage," this setup determines how easily and cheaply a fleet can switch to electric vehicles, affecting operating costs, upfront investment needs, and potential service or revenue opportunities for investors.

internal combustion engine technical

"mixed fleet of electric and internal combustion engine step vans year-round in Ohio."

A device that creates motion by burning fuel inside cylinders, turning the energy from small controlled explosions into mechanical force that drives wheels or machinery—think of it as a piston-driven muscle that converts fuel into movement. Investors care because its prevalence and efficiency shape demand for fuels, vehicle and parts makers, maintenance services, and emissions regulation exposure; changes in technology, fuel prices or rules can shift profits across entire industries.

AI-generated analysis. Not financial advice.

• Workhorse vehicles have demonstrated years of exceptional performance in a range of harsh operating environments, from the heat of Arizona summers to the sub-zero cold across Canada
• More than 1,100 Workhorse trucks, buses and shuttles have displaced the use of 2.3 million gallons of gas and prevented the emissions of 45 million pounds of CO2
  

DETROIT, March 10, 2026 (GLOBE NEWSWIRE) -- Workhorse Group Inc. (NASDAQ: WKHS) (“Workhorse”) a North American OEM and provider of all-electric trucks, shuttles and buses, announces that its 1,100+ electric vehicles deployed to customers have surpassed a combined 20 million miles of in-service travel. This deep real-world experience enables Workhorse to be a true partner in fleet electrification to its customers today, and at the same time drives the design and engineering of the company’s 7^th generation platform and expanded vehicle lineup.

“Twenty million miles is a significant threshold which reflects not only the quality and performance of our vehicles, but the trust that our many repeat customers have placed in Workhorse. This achievement reinforces the view that medium-duty is the sweet spot for electrification,” said Scott Griffith, CEO of Workhorse. “Every day our vehicles safely and reliably transport the goods, packages and people that are the lifeblood of our economy, all with zero tailpipe emissions and pollution, helping to make life better for everyone along the route.”

With more than a decade of producing, deploying and supporting electric vehicles, Workhorse has developed a significant body of data, knowledge and expertise about not just trucks, but also fleet electrification and fleet management, including:

• Delivering meaningful returns in total cost of ownership
• Maintaining the high vehicle uptime and deployment success
• Ergonomic vehicle design and engineering, considering the entire truck, not just the powertrain
• Battery chemistry & software design and configuration, including optimization for fleet applications
• Vehicle software, hardware and powertrain expertise and best practices
• Battery and range optimization through smart route planning
• Cost-effective and efficient depot-based charging infrastructure
• Customer service responsiveness & in-house fleet technician training
• Operator training and deployment best practices
• Cold-weather operations best practices
• Maintenance best practices
  
  

In addition to insights gained from customer feedback, Workhorse also derives deep operational insights and real-world verifications of last-mile delivery trucks through its ownership and operation of Stables by Workhorse, an Independent Service Provider for FedEx Ground. This business operates a mixed fleet of electric and internal combustion engine step vans year-round in Ohio.

All of these experiences and learnings are informing the current design and engineering of Workhorse’s 7^th Generation (Gen 7) platform, a truly software-defined vehicle whose modular/building-block approach features a common set of scalable, interchangeable sub-systems. This system will enable Workhorse to rapidly create new vehicle configurations without expanding engineering complexity. By commonizing modular subsystems and standardizing parts across classes 4-6, Workhorse believes it is continuing to extend its total cost of ownership advantage versus gas- and diesel-powered trucks and progressing to reduce unit costs to ultimately close the purchase price gap versus internal combustion trucks.

The flexible Gen 7 platform is being designed to help fleets meet today’s operational needs, while enabling vehicles to easily adopt future technological advancements in safety, autonomy and other software-driven performance upgrades as they become available in the marketplace.

“Unlike any other electric truck OEM, Workhorse is also its own customer, running our W56 through its paces in actual operations in our Stables subsidiary, and benchmarking performance and cost against internal combustion counterparts,” said Griffith. “As we design and engineer our next generation, our plan is to move the industry from an era of unconnected, static hardware assets to always-on, smart nodes in an intelligent network.”

Workhorse sells its vehicles through a national network of trusted dealers and 3^rd party service providers, with comprehensive post-sale support bolstered by trained Workhorse technicians located regionally. Today, 10 of the largest medium duty truck fleets in North America have deployed Workhorse vehicles, including Purolator, Vestis (formerly Aramark Uniform Services), Cintas, several FedEx independent service providers and other leading brands.

Workhorse’s “Better Trucks. Better World” vision is being advanced by the successful W56 and EPIC4 vehicles currently in production at the company's commercial scale manufacturing facility in Union City, Indiana. Vehicles produced here include step vans, school buses, shuttles, box trucks, stake beds and refrigerated trucks.

“In a little more than a year, we’ve sold and delivered more than 50 Workhorse trucks, and the feedback has been overwhelmingly positive,” said Jerry Smith, President at California-based Kingsburg Truck Center. "Our customers report the Workhorse trucks consistently meet their needs for performance, durability and uptime, while offering significant savings on fuel and maintenance. We get frequent feedback that indicates 2026 will be a solid year for repeat orders.”

Since inception, the electric vehicles provided by Workhorse¹ have avoided the use of more than 2.3 million gallons of petroleum-based fuel² (equivalent to the use of approximately 5,700 cars in a year³) and reducing CO₂ emissions by more than 45 million pounds⁴ (the equivalent of taking approximately 4,500 cars off the road for a year⁵).

Workhorse recently issued a shareholder letter and presentation via its Investor Relations website at ir.workhorse.com. The documents provide an update on Workhorse’s activities since its acquisition of Motiv Power Systems in December 2025 and a high-level view of near- and medium-term priorities.

About Workhorse Group Inc.
Headquartered in the Detroit area with a commercial-scale manufacturing plant in Indiana, Workhorse (Nasdaq: WKHS) is redefining what a medium-duty truck should be. Workhorse builds software-first, electric trucks, shuttles and buses that are powerful, cost-efficient, reliable, safe and comfortable—all with zero tailpipe emissions.

Our deep experience building electric vehicles at scale drives intentional innovations designed to help customers lower operating costs, improve performance of their fleets, enhance the driver experience, and maximize uptime without compromise. By electrifying their fleets, our customers can make a positive impact on our world while meeting their financial, sustainability and compliance goals.

More information is available at www.workhorse.com.

Media Relations Contacts:
Workhorse
John Williams, Communications
+1-206-660-5503, john.williams@workhorse.com

ICR, Inc.
workhorse@ircinc.com

Investor Relations Contact:
Investors@workhorse.com

Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 21E of the Exchange Act, and the Private Securities Litigation Reform Act of 1995, as amended. All statements other than statements of historical fact included in this press release, including, among other things, statements regarding future events, plans and anticipated results of operations, business strategies, the anticipated benefits of the Motiv/Workhorse merger, the anticipated impact of the Workhorse/Motiv merger on the combined company’s business and future financial and operating results, the expected amount and timing of synergies from the Workhorse/Motiv merger and other aspects of either company’s operations or operating results are forward-looking statements. Some of these statements may be identified by the use of the words “plans”, “expects” or “does not expect”, “estimated”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, “targets”, “projects”, “contemplates”, “predicts”, “potential”, “continue”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “should”, “might”, “will” or “will be taken”, “occur” or “be achieved”.

Forward-looking statements are based on the opinions and estimates of management of Workhorse as of the date such statements are made, and they are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Some factors that could cause actual results to differ include our ability to achieve the expected synergies and/or efficiencies from our operations and as a result of the Motiv/Workhorse merger; the effect of the announcement of the Motiv/Workhorse merger on the ability of the parties to operate their businesses and retain and hire key personnel and to maintain favorable business relationships; the possibility that the integration of the parties may be more difficult, time-consuming or costly than expected or that operating costs and business disruptions may be greater than expected; the risk that the price of our securities may be volatile due to a variety of factors; changes in laws, regulations, technologies, the global supply chain, and macro-economic and social environments affecting our business; and our ability to maintain compliance with Nasdaq rules and otherwise maintain our listing of securities on Nasdaq.

Additional information on these and other factors that may cause actual results and Workhorse’s performance to differ materially is included in Workhorse’s periodic reports filed with the SEC, including, but not limited to, Workhorse’s Annual Report on Form 10-K for the year ended December 31, 2024, including those factors described under the heading “Risk Factors” therein, and Workhorse’s subsequent Quarterly Reports on Form 10-Q. Copies of Workhorse’s filings with the SEC are available publicly on the SEC’s website at www.sec.gov or may be obtained by contacting Workhorse. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. These forward-looking statements are made only as of the date hereof, and Workhorse undertakes no obligations to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

_____________________________

¹ Includes electric vehicles provided by Motiv Power Systems, which was acquired by Workhorse in December 2025
² Estimates based on 6.5 and 10 MPG internal combustion equivalents
³ Based on US EPA Conversion tool https://www.epa.gov/energy/greenhouse-gas-equivalencies-calculator
⁴ Based on US EPA Conversion tool https://www.epa.gov/energy/greenhouse-gas-equivalencies-calculator
⁵ Based on US EPA Conversion tool https://www.epa.gov/energy/greenhouse-gas-equivalencies-calculator

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2f8443e6-e0d8-42ff-9bfb-d760fd3a819d

FAQ

How many miles have Workhorse (WKHS) vehicles driven as of March 10, 2026?

Workhorse vehicles have driven a combined 20 million miles as of March 10, 2026. According to the company, this total comes from more than 1,100 deployed trucks, buses and shuttles operating in diverse climates and duty cycles.

What environmental impact has Workhorse (WKHS) reported from its deployed vehicles?

Workhorse reports avoiding about 2.3 million gallons of petroleum and reducing 45 million pounds of CO2. According to the company, those figures reflect cumulative savings since inception from its deployed electric vehicles.

What is Workhorse's Gen 7 platform and why does WKHS highlight it?

Gen 7 is a modular, software-defined vehicle platform intended to standardize parts across classes 4-6. According to the company, Gen 7 aims to lower unit costs, enable rapid configuration and extend total cost of ownership advantages.

How many Workhorse vehicles have been sold and delivered recently and who are notable customers?

The company reported selling and delivering more than 50 trucks in a little more than a year. According to the company, customers include major medium-duty fleets and FedEx independent service providers among others.