Workhorse Group Names W.W. Williams as a Service Provider for Electric Vehicles
- None.
- None.
The partnership between Workhorse Group Inc. and The W.W. Williams Company is a strategic move that can potentially enhance Workhorse's competitive position in the electric commercial vehicle market. The collaboration is aimed at providing comprehensive aftersales support, which is crucial for the adoption of electric vehicles (EVs) by commercial fleets. This support structure is vital for reducing vehicle downtime and ensuring operational efficiency, which are significant factors for businesses when considering the total cost of ownership of EVs.
From a market perspective, the availability of reliable service networks is often a key determinant in the decision-making process for fleet operators. The expansion of service through Williams' Power Products Systems Division could improve customer confidence in Workhorse's products and may lead to increased sales. For investors, this partnership signals Workhorse's commitment to addressing one of the main barriers to EV adoption, potentially leading to a stronger market position and long-term growth.
Investors should take note of the financial implications of this partnership. Workhorse Group's collaboration with Williams could lead to operational cost savings due to the potential efficiencies gained from utilizing Williams' established service infrastructure. This strategic alliance may also reduce the capital expenditure required for Workhorse to build its own service network. The impact on the stock market will likely be observed through investor sentiment regarding Workhorse's ability to scale its operations and manage post-sale logistics effectively.
Additionally, the partnership could enhance Workhorse's revenue streams if it leads to increased vehicle sales and aftersales service contracts. However, investors should also consider the costs associated with this partnership and how it might affect Workhorse's profit margins. The terms of the agreement, such as revenue sharing or service fees, have not been disclosed, so the direct financial impact remains to be fully assessed.
From a sustainability perspective, Workhorse's initiative to strengthen its aftersales support structure via a partnership with a service provider like Williams is a positive development. It underscores the company's commitment to ensuring the longevity and reliability of zero-emission vehicles, which is essential for reducing the carbon footprint of the transportation sector. The focus on expanding the service network aligns with broader environmental goals and can help accelerate the transition to sustainable transport solutions.
However, the sustainability impact is also dependent on the practices of the service provider. The extent to which Williams adopts green practices in its service operations for Workhorse's electric vehicles will further influence the environmental benefits of this partnership. It is an area where stakeholders with an interest in sustainable investments might seek additional information.
CINCINNATI, Jan. 29, 2024 (GLOBE NEWSWIRE) -- Workhorse Group Inc. (Nasdaq: WKHS) (“Workhorse” or “the Company”), an American technology company focused on pioneering the transition to zero-emission commercial vehicles, will partner with The W.W. Williams Company LLC (“Williams”) to be a service provider for Workhorse electric vehicles. Williams will initially offer service through its Power Products Systems Division located in Wakefield, Massachusetts, with the potential for additional locations as Workhorse continues to grow its customer base.
“As we continue to expand and develop our top-tier aftersales support structure, we are excited to partner with Williams to further strengthen the service offerings available to our growing customer base,” said Scott Loomis, Vice President, Quality and Aftersales Support for Workhorse. “Williams provides Workhorse customers an expanded network of reliable service for our entire fleet of electric vehicles – benefiting from their over 100 years of dedicated service, depth of experience, and support offerings.”
“This is an exciting opportunity for us to further deepen our presence in the growing electric truck sector. Partnering with Workhorse is another opportunity to demonstrate that W.W. Williams is a leader in the ever-growing world of electric vehicles,” said Mike Houston, National Sales Manager for Williams.
About Workhorse Group Inc.
Workhorse is a technology company focused on providing ground and air-based electric vehicles to the last-mile delivery sector. As an American original equipment manufacturer, we design and build high performance, battery-electric trucks, and drones. Workhorse also develops cloud-based, real-time telematics performance monitoring systems that are fully integrated with our vehicles and enable fleet operators to optimize energy and route efficiency. All Workhorse vehicles are designed to make the movement of people and goods more efficient and less harmful to the environment. For additional information visit workhorse.com.
About W.W. Williams
Founded in 1912 in Columbus, Ohio, as a family-owned business, W.W. Williams has evolved into one of the nation’s most diversified aftermarket parts and service providers to the commercial vehicle and equipment markets. The company represents major original equipment manufacturers (OEMs) and provides a full range of industry-leading products, parts and services focused on keeping customers’ vehicles and equipment in operation and minimizing downtime. The company operates in over 50 locations throughout the U.S. and Mexico and employs over 1,250 employees. For additional information about the company, please visit wwwilliams.com.
Forward-Looking Statements
This press release contains forward-looking statements reflecting our current expectations that involve risks and uncertainties. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. When used in this release, the words “anticipate,” “expect,” “plan,” “believe,” “seek,” “estimate” and similar expressions are intended to identify forward-looking statements. These are statements that relate to future periods and include, but are not limited to, statements about the features, benefits and performance of our products, our ability to introduce new product offerings and increase revenue from existing products, expected expenses including those related to selling and marketing, product development and general and administrative, our beliefs regarding the health and growth of the market for our products, anticipated increase in our customer base, expansion of our products functionalities, expected revenue levels and sources of revenue, expected impact, if any, of legal proceedings, the adequacy of our liquidity and capital resources, and expected growth in business. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained in this release. Factors that could cause actual results to differ materially include, but are not limited to: our ability to develop and manufacture our new product portfolio, including the W4 CC, W750, W56 and WNext programs; our ability to attract and retain customers for our existing and new products; risks associated with obtaining orders and executing upon such orders; the unavailability, reduction, elimination, termination or adverse application of government subsidies, incentives and/or regulations, including the Advanced Clean Fleet Regulation adopted by the California Air Resource Board; supply chain disruptions, including constraints on steel, semiconductors and other material inputs and resulting cost increases impacting our company, our customers, our suppliers or the industry; our ability to capitalize on opportunities to deliver products to meet customer requirements; our limited operations and need to expand and enhance elements of our production process to fulfill product orders; our inability to raise additional capital to fund our operations and business plan; our ability to regain compliance with the listing requirements of the Nasdaq Capital Market and otherwise maintain the listing of our securities thereon; our ability to protect our intellectual property; market acceptance for our products; our ability to obtain sufficient liquidity from operations and financing activities to continue as a going concern and, our ability to control our expenses; potential competition, including without limitation shifts in technology; volatility in and deterioration of national and international capital markets and economic conditions; global and local business conditions; acts of war (including without limitation the conflicts in Ukraine and Israel) and/or terrorism; the prices being charged by our competitors; our inability to retain key members of our management team; our inability to satisfy our customer warranty claims; the outcome of any regulatory or legal proceedings; and other risks and uncertainties and other factors discussed from time to time in our filings with the Securities and Exchange Commission (“SEC”), including under the “Risk Factors” section of our annual report on Form 10-K and our quarterly reports on Form 10-Q, each as filed with the SEC. Forward-looking statements speak only as of the date hereof. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based, except as required by law.
Workhorse Media Contact:
Aaron Palash / Greg Klassen
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
Workhorse Investor Relations Contact:
Matt Glover and Tom Colton
Gateway Investor Relations
949-574-3860
WKHS@gateway-grp.com
W.W. Williams Contact:
Wendy Jones
614-296 5588
wjones@wwwilliams.com
