CINCINNATI, March 7, 2017 /PRNewswire/ -- Workhorse
Group Inc. (NASDAQ: WKHS), an original equipment manufacturer (OEM)
of battery-electric vehicles today announced it has received
Letters of Intent from fleets totaling 2,150 of the Workhorse W-15
electric pickup trucks.
The Letters of Intent have come from Duke Energy, Portland
General Electric, the City of
Orlando, Southern California Public Power Authority, Clean
Fuels Ohio and one other utility.
Workhorse intends to build the W-15 in its Union City, Indiana plant, a facility with the
capacity to build 60,000 chassis a year. Subject to
development, regulatory approval and financing, once production
commences, Workhorse expects the W-15 to have a $52,500 MSRP.
"We believe the W-15 will be the first electric plug-in pickup
made in America by an OEM," said Steve
Burns, Workhorse CEO. "Fleets look at total cost of
ownership for their vehicles and we are very encouraged by the
number of fleets that the positive feedback we have received with
respect to the economics in owning W-15s as part of a fleet."
The W-15 has been designed to reflect features and benefits that
we believe fleets want today. The W-15's safety features are
expected to include an extra large crumple zone, and a lower center
of gravity while still providing ground clearance.
A hi-tech design, the W-15 is also expected to offer crash
mitigation technologies, including automatic braking and lane
centering. Electric power will be supplied using Panasonic
18650 Li-on batteries. The truck's battery pack is expected to
deliver 80-mile all-electric range and to achieve 75 MPGe while in
all-electric operation. The 80 mile range is designed to cover the
majority of the miles driven in a day by fleets. If needed, the
on-board gasoline generator will then operate after battery power
has been depleted, extending the range. To reduce weight, the
W-15's body panels are made of a carbon fiber composite which also
have the benefit of being rustproof
The Workhorse W-15 light duty platform design is an extension of
the E-Gen electric range extended technology used in Workhorse
medium-duty delivery trucks. This existing medium-duty, delivery
truck business has demonstrated low Total Cost of Ownership and
dramatically reduced emissions.
"The W-15 is to be designed offering safety, efficiency,
advanced technology and sustainability," continued Burns. "We feel
the reception we've seen from fleets shows that these features and
benefits are all things that fleets are looking for in their pickup
truck vehicles."
The W-15 electric pickup drivable prototype will be unveiled at
the ACT EXPO show in Long Beach,
California on May
2nd. Fleet managers are invited to attend the
show and test drive the W-15 prototype.
Fleet managers who would like additional information should
contact Jeff Esfeld at
jeff.esfeld@workhorse.com or 206-228-5400, or Angela Strand at angela.strand@workhorse.com
or 415-902-3762
About Workhorse Group Inc.
Workhorse Group, Inc. (NASDAQ: WKHS), is a U.S. – based original
equipment manufacturer of medium duty EPA-approved battery-electric
delivery vehicles and fully integrated truck-launched, FAA
compliant unmanned aerial systems (UAS) delivery drones. Workhorse
trucks have historically been sold to the largest fleets in the
USA and Canada for last-mile delivery and related
uses.
For additional information visit www.workhorse.com
Forward Looking Statement
This press release includes forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These statements
may be identified by words such as "feel," "believes," expects,"
"estimates," "projects," "intends," "should," "is to be," or the
negative of such terms, or other comparable terminology.
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 herein.
Factors that could cause actual results to differ materially
include, but are not limited to: our limited operations and need to
expand in the near future to fulfill product orders; risks
associated with obtaining orders and executing upon such orders,
the ability to protect our intellectual property; the potential
lack of market acceptance of our products; potential competition;
our inability to retain key members of our management team; our
inability to raise additional capital to fund our operations and
business plan; our inability to maintain our listing of our
securities on the Nasdaq Capital Market; our ability to continue as
a going concern; our liquidity and other risks and uncertainties
and other factors discussed from time to time in our filings with
the Securities and Exchange Commission ("SEC"), including our
annual report on Form 10-K filed with the SEC. Workhorse expressly
disclaims any obligation to publicly update any forward-looking
statements contained herein, whether as a result of new
information, future events or otherwise, except as required by
law.
Contact:
Mike Dektas
Workhorse Group Inc.
513-266-3590
Mike.Dektas@workhorse.com
Workhorse Group Inc., 100 Commerce Drive,
Loveland, OH 45140
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SOURCE Workhorse Group Inc.