Workhorse W56 Eligible for California HVIP Vouchers of $85,000 and Higher; Dealers Submit Voucher Requests as Company Showcases Step Van at FedEx Forward Summit

Rhea-AI Summary

Workhorse Group (NASDAQ: WKHS) announced that its W56 electric step van qualifies for $85,000 in base incentives per vehicle through California's HVIP program. Kingsburg Truck Sales, a Workhorse Certified Dealer, is submitting over 20 HVIP voucher requests for customers, with allocations expected in Q4 2025.

The company is also showcasing the W56 at the FedEx Forward Service Provider Summit in Orlando. The W56, which is already in service with FedEx Express and multiple FedEx ISPs, has accumulated thousands of miles on delivery routes. The vehicle is available in 178-inch and 208-inch wheelbase configurations, offering 1,000 or 1,200 cubic feet of cargo capacity, and is manufactured in Union City, Indiana.

Positive

• W56 qualifies for significant $85,000+ base incentives through California's HVIP program
• Initial batch of over 20 HVIP voucher requests being submitted through certified dealer
• W56 already proven in real operations with FedEx Express and ISPs nationwide
• Vehicle manufactured in USA with two configuration options for different capacity needs

Negative

• None.

Insights

Electric Vehicle Industry Analyst

California's $85,000+ HVIP incentives significantly reduce W56 costs for fleet customers, potentially accelerating Workhorse's sales and backlog growth.

The $85,000 base incentive through California's HVIP program represents a substantial cost reduction for Workhorse's W56 step van, potentially transforming the unit economics for fleet operators. For context, this incentive likely covers 30-40% of the vehicle's purchase price, effectively bringing acquisition costs much closer to diesel alternatives while offering lower lifetime operating expenses.

The announcement of 20+ voucher requests being submitted this week demonstrates early market traction, with the company strategically timing customer order collection ahead of the program's reopening. The expected Q4 2025 voucher allocations will likely convert to revenue in late 2025 or early 2026, providing near-term visibility to Workhorse's production schedule.

Particularly noteworthy is the $85,000 incentive being a base amount, with potential for higher subsidies depending on deployment location. This sliding scale approach typically provides additional funding for disadvantaged communities, potentially pushing total incentives to $95,000-$105,000 per vehicle in certain areas.

The FedEx showcase is strategically significant as it represents Workhorse's third year at this event, indicating sustained interest from one of the world's largest delivery fleets. The press release confirms multiple W56 vans already operate in FedEx Express and Independent Service Provider fleets across several states, having accumulated "tens of thousands of miles" - validation that proves operational viability beyond pilot testing.

With production occurring at Workhorse's Union City facility, the company is also positioned to benefit from additional federal incentives under IRA provisions that favor US-manufactured electric vehicles, potentially stacking with state-level programs like HVIP.

CINCINNATI, Sept. 10, 2025 (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 that its W56 step van is eligible for $85,000 in base incentives per vehicle through California’s Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP), which reopened yesterday for voucher request submissions.

Workhorse Certified Dealer Kingsburg Truck Sales is submitting an initial set of more than 20 HVIP voucher requests this week on behalf of customers who placed orders through the dealership ahead of the program’s reopening. With voucher allocations expected in the fourth quarter of 2025, Workhorse anticipates a growing backlog as demand builds for its flagship W56 electric step van.

“At Workhorse, our goal is simple: build electric trucks that fleets can put to work right away,” said Rick Dauch, CEO of Workhorse. “With HVIP incentives, California fleets with up to 50 trucks can lower the cost of a W56 by at least $85,000—and possibly more depending on where it’s deployed. We’re already seeing the W56 prove itself on real delivery routes, and these incentives help accelerate that momentum.”

In addition to HVIP reopening, Workhorse is showcasing the W56 this week at the FedEx Forward Service Provider Summit in Orlando, Florida, marking its third year participating in the event. The vehicle on display represents the same W56 step vans already in service with FedEx Express and multiple FedEx Independent Service Providers (ISPs) in California and other states nationwide, where they have collectively logged tens of thousands of miles on daily delivery routes.

The W56 is available in 178-inch and 208-inch wheelbase configurations, offering 1,000 or 1,200 cubic feet of cargo capacity, and is designed, engineered, and built in the USA at the Company’s Union City, Indiana manufacturing facility.

For more information about the Workhorse W56 and available incentives, visit www.workhorse.com/W56 or contact sales@workhorse.com.

About Workhorse Group Inc.
Workhorse Group Inc. (Nasdaq: WKHS) is a technology company focused on pioneering the transition to zero-emission commercial vehicles. Workhorse designs and builds its vehicles in the United States at the Workhorse Ranch in Union City, Indiana. The company’s best-in-class vehicles are designed for last-mile delivery, medium-duty operations, and a growing range of specialized applications.

On August 15, 2025, Workhorse and Motiv Electric Trucks entered into a definitive merger agreement to combine in a transaction that will create a leading North American medium-duty electric truck OEM. The transaction is expected to close in the fourth quarter of 2025, subject to approval by Workhorse’s shareholders and other customary closing conditions. For more information, visit www.workhorse.com.

Forward-Looking Statements
The discussions in this press release contain 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 press release, the words “anticipate,” “expect,” “plan,” “believe,” “seek,” “estimate,” and similar expressions are intended to identify forward-looking statements and relate to future periods. These are statements that involve substantial risks and uncertainties, including our ability to timely deliver the W56 step vans. Forward-looking statements are statements that are not historical facts and 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:
Tom Colton and Greg Bradbury
Gateway Group
949-574-3860
WKHS@gateway-grp.com

FAQ

How much HVIP incentive is available for Workhorse W56 electric vehicles in California?

The Workhorse W56 step van is eligible for $85,000 in base incentives per vehicle through California's HVIP program, with potential for higher amounts depending on deployment location.

What are the cargo capacity options for the Workhorse W56 step van?

The W56 offers two configurations: a 178-inch wheelbase with 1,000 cubic feet of cargo capacity and a 208-inch wheelbase with 1,200 cubic feet of cargo capacity.

When will Workhorse (WKHS) receive HVIP voucher allocations for the W56?

Workhorse anticipates receiving the HVIP voucher allocations in the fourth quarter of 2025.

Which companies are currently using Workhorse W56 electric step vans?

The W56 step vans are currently in service with FedEx Express and multiple FedEx Independent Service Providers (ISPs) in California and other states nationwide.

Where is the Workhorse W56 electric step van manufactured?

The W56 is designed, engineered, and built in the USA at Workhorse's Union City, Indiana manufacturing facility.