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Workhorse Introduces the W56 Extended Wheelbase Version

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Workhorse has announced the introduction of the W56 extended wheelbase version, boasting a 208-inch wheelbase. This new model is designed for a next-generation step van body, offering a cargo volume of 1,200 cubic feet. Enhancements include improved service access, new charge port locations, and modular accessories for various commercial uses. The van retains a payload capacity of up to 10,000 pounds and a range of up to 150 miles. The production of this model will begin in Q3 2024, with initial deliveries expected in Q4 2024. An order has already been secured from a customer requiring the larger version.

Positive
  • Introduction of W56 extended wheelbase version with 208-inch wheelbase.
  • Cargo volume of 1,200 cubic feet.
  • Enhanced efficiency with over 100 refinements.
  • Payload capacity of up to 10,000 pounds.
  • Range of up to 150 miles.
  • Production to begin in Q3 2024.
  • Initial deliveries expected in Q4 2024.
  • Secured customer order for the new model.
Negative
  • None.

The introduction of the W56 Extended Wheelbase version by Workhorse is a significant development in the electric vehicle (EV) sector. The new model's extended wheelbase and increased cargo capacity demonstrate Workhorse's commitment to addressing the specific needs of commercial vehicle operators. This release is timely, considering the increasing demand for zero-emission delivery solutions driven by sustainability priorities and regulatory pressures. The extended wheelbase allows for more flexible cargo solutions, which can be highly appealing to logistics companies aiming to maximize efficiency.

From a competitive standpoint, Workhorse is positioning itself well against other players in the EV market by expanding its product lineup to meet diverse client needs. This diversification could help the company gain market share in the commercial EV segment, which is expected to grow significantly in the coming years. Investors should monitor the Q3 production start and the subsequent Q4 deliveries as key milestones that could influence the stock performance.

One potential drawback could be the execution risk associated with scaling up production. Any delays or quality issues could impact customer satisfaction and future orders. However, the secured order for the extended wheelbase version indicates a positive initial reception from at least one commercial customer, which bodes well for future sales.

The W56 with a 208-inch wheelbase represents a calculated move by Workhorse to meet a specific market demand within the commercial EV space. The extended wheelbase version's ability to accommodate a larger cargo volume could be a game-changer for logistics and delivery services, which are key sectors driving the commercial EV market. This move aligns with the growing trend of e-commerce, where efficient and sustainable delivery solutions are paramount.

Workhorse's decision to enhance service access, charge port locations and modular accessories like doors and lighting further demonstrates a keen understanding of customer needs and operational flexibility. These features could significantly reduce downtime and improve operational efficiency for fleet operators, making the W56 an attractive option.

A noteworthy point is the production timeline. Investors should pay attention to the company’s ability to meet its Q3 2024 production start and Q4 2024 delivery targets. Meeting these deadlines will be essential for maintaining investor confidence and fulfilling market expectations. Additionally, the emphasis on driver safety and comfort can be a strong selling point in an industry where driver retention is a critical issue.

CINCINNATI, July 10, 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, today announced the release of its latest innovation, the W56 with a 208-inch wheelbase. This extended wheelbase version of the W56 is designed to accommodate Workhorse’s next-generation step van body, spanning 22 feet with an impressive cargo volume of 1,200 cubic feet.

“The 208-inch wheelbase W56 is a testament to our commitment to continuous innovation to meet the evolving needs of our customers,” said Workhorse Chief Technology Officer, Josh Anderson. “We’ve added over one hundred refinements to this new variant of the W56, designed to provide enhanced efficiency and easier upfitting. These include improved service access, additional charge port location options, new entry and cargo door options, and a revised rear box structure. Modular accessories such as doors, lighting, and lift gates support a wide range of commercial applications. We believe this next-generation electric vehicle sets a new standard for efficiency and versatility.”

The 208-inch wheelbase W56 builds upon the success of its predecessor, the W56 with 178-inch wheelbase, retaining the features that have been well received by fleet managers and operators. This zero-emission delivery work van is designed to meet the rigorous demands of the commercial vehicle industry, supporting a benchmark payload capacity of up to approximately 10,000 pounds and a range of up to 150 miles. The ergonomically designed cabin prioritizes driver safety and comfort, even during the longest work shifts.

As previously disclosed, Workhorse has secured an order for the extended wheelbase W56 from a customer who was impressed by the technical superiority of the W56 platform and the excellent service and support provided by the Company but required a larger version of the W56 to meet their specific needs. Standard production of the new, extended wheelbase W56 is set to begin in Q3 of 2024 at Workhorse’s Union City, IN assembly complex, alongside the 178-inch wheelbase W56, launched in Q3 of 2023. Initial customer deliveries of the 208-inch wheelbase W56 are expected in Q4 of 2024.

About Workhorse Group Inc.
Workhorse is a technology company focused on providing ground-based electric vehicles to the last-mile delivery sector. As an American original equipment manufacturer, we design and build high performance, battery-electric trucks. 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.

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 document, the words “anticipate,” “expect,” “plan,” “believe,” “seek,” “estimate,” “will,” and “continue” and “continue” and similar expressions are intended to identify forward-looking statements. These statements involve substantial risks and uncertainties. For a further description of the risks and uncertainties relating to the business of the Company in general, see the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. 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.

Media Contact:
Aaron Palash / Greg Klassen
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449

Investor Relations Contact:
Matt Glover and Tom Colton
Gateway Group
949-574-3860
WKHS@gateway-grp.com


FAQ

What is the new model released by Workhorse?

Workhorse has released the W56 extended wheelbase version with a 208-inch wheelbase.

What are the key features of the new W56 model?

The new W56 model features a 208-inch wheelbase, 1,200 cubic feet cargo volume, improved service access, new charge port locations, and modular accessories.

When will the production of the new W56 model begin?

Production of the W56 extended wheelbase version will begin in Q3 2024.

When are the initial deliveries of the W56 expected?

Initial deliveries of the W56 extended wheelbase version are expected in Q4 2024.

What is the payload capacity and range of the new W56 model?

The W56 extended wheelbase version has a payload capacity of up to 10,000 pounds and a range of up to 150 miles.

Has Workhorse secured any orders for the new W56 model?

Yes, Workhorse has secured an order from a customer requiring a larger version of the W56.

Workhorse Group Inc.

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