CINCINNATI, Nov. 4, 2019 /PRNewswire/ -- Workhorse
Group Inc. (NASDAQ: WKHS) ("Workhorse" or
"the Company"), an American technology company focused on
providing sustainable and cost-effective electric-mobility
solutions to the transportation sector is hosting a private event
for a group of current and prospective customers where the Company
will unveil the latest test version of its next generation electric
delivery vehicle (EDV)
Now officially named the C1000, this EDV was
previously known as the Workhorse N-GEN, a placeholder used in
reference to the Company's overall development project. With
production imminent, the Company is formally unveiling the new,
clean name and look. The "C" references the vehicle's "composite"
body while the numeral indicates the cubic feet of the
model's storage volume. The production-intent C1000 will
be the first vehicle off the line, while its more compact
C650 sister model will follow shortly thereafter.
The event will be held on November
5 at the Transportation Research
Center (TRC) in East Liberty,
OH, the largest independent vehicle test facility in the
U.S. During the day, participants will attend a series of
educational lectures, perform hands-on inspections and conduct test
drives of the new C1000 vehicle.
"We are continuing to make real progress as we enter the final
pre-production stages with our C1000 electric delivery
vehicle," said Company CEO Duane
Hughes. "This event provides a great opportunity for us to
consult with, and receive feedback from, some of our existing
customers as we work together to put the first of many Workhorse
EDVs on the road. We also took this opportunity to introduce a
group of new potential buyers to the C1000, and
we're excited to continue those conversations."
Benefits
The C1000 EDV features a 100%
structural composite body and frame, a design that eliminates more
than 4,000 lbs. of chassis and body weight compared to a
conventional, internal combustion vehicle while carrying the same
cargo volume and payload. This weight advantage, combined with its
ultra-low floor and 100-mile range, creates ergonomic and
cost-saving benefits to make the electric vehicle (EV) alternative
to traditional fleet delivery vehicles even more appealing.
Workhorse Group aims to create competitive advantages for its
customers that differentiate themselves from the competition and
provide a competitive edge. Some additional benefits to Workhorse
vehicle owners include but are not limited to:
- Significantly reduced total cost of ownership per vehicle,
through:
-
- Lower fuel expenses through a potential 500%+ improvement in
fuel efficiency
- Modular battery technology allows for optimizing battery
capacity
- Minimum 20-year life expectancy for body and frame
- Enhanced use of regenerative braking
- Low maintenance required – no engine, transmission, fuel or
exhaust system
- Increased deliveries through safer, even more efficient
delivery methods
-
- Configurable collision avoidance, lane departure warnings,
360-view cameras and other safety features
- Optional "cold weather" package provides all-wheel drive (AWD)
and enhanced interior heating
- Increased market share leveraged through innovation-centric
platform
-
- Opportunities for more efficient vehicle technology available
as new tech becomes commercially viable, i.e. drone usage,
autonomous driving, etc.
Outlook
Workhorse will be holding a conference call to
discuss its current production efforts as well as its results for
the third quarter of 2019 on November 8,
2019. Please reference the related press release, which was
issued on October 31, for more
details.
About Workhorse Group Inc.
Workhorse is a technology
company focused on providing electric mobility solutions to the
transportation sector. As an American original equipment
manufacturer, we design and build high performance battery-electric
vehicles including trucks and aircraft. 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 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 "believes," "expects,"
"anticipates," "estimates," "projects," "intends," "should,"
"seeks," "future," "continue," 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 satisfy covenants in our financing agreements; our
inability to maintain our listing of our securities on the Nasdaq
Capital Market; our inability to satisfy our customer warranty
claims; 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.
Workhorse Investor Relations Contact:
Matt Glover and Tom Colton
Gateway Investor Relations
949-574-3860
WKHS@gatewayir.com
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SOURCE Workhorse Group Inc.