Workhorse Group Receives HVIP Approval from California Air Resources Board for the W56
January 03 2024 - 8:30AM
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 California Air Resources
Board (“CARB”) determined the Company’s W56 electric vehicle (“EV”)
is eligible for the Hybrid and Zero-Emission Truck and Bus Voucher
Incentive Project (“HVIP”).
The HVIP incentive program reduces cost barriers for EV
ownership in California to help transition the state to zero
emissions. Through the HVIP incentive program, vehicle purchasers
and participating dealers are eligible to apply for a base voucher
of $85,000 per W56 purchased.
The W56 is Workhorse’s first fully designed, purpose-built Class
5/6 model chassis platform. The Company began production of the W56
in September 2023 and recently received its first fleet purchase
order for W56 step vans in California.
“The receipt of HVIP approval from CARB for the W56 is the next
step for Workhorse to unlock growth opportunities and build market
share in the EV step van segment,” said Workhorse CEO Rick Dauch.
“We are continuing production of the W56 and have strategically
expanded our regional dealer network in California and other states
where we expect CARB mandates will be adopted. We have held
numerous positive product demonstrations in California, and
customer interest for the W56 is strong. With the HVIP approval and
capacity to build up to 5,000 W56 units per year, Workhorse is well
positioned to advance our product roadmap and drive growth.”
Additional information about the W56 can be found on Workhorse’s
website here.
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.
FORWARD LOOKING STATEMENTSThis 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,
expected growth in business and our ability to execute on the
strategies discussed above. 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,
including the financing agreements discussed above, 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; our ability to
execute on the strategies discussed above; 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.
Media Contact:Aaron Palash / Greg KlassenJoele
Frank, Wilkinson Brimmer Katcher212-355-4449
Investor Relations Contact:Matt Glover and Tom
ColtonGateway Investor
Relations949-574-3860WKHS@gateway-grp.com
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