Workhorse Receives Purchase Order from Pride Group Enterprises for 6,320 C-Series All-Electric Delivery Vehicles
January 04 2021 - 8:00AM
Workhorse Group Inc. (Nasdaq:
WKHS)
(“Workhorse” or “the
Company”), an American technology company
focused on providing sustainable and cost-effective
drone-integrated electric vehicles to the last-mile delivery
sector, today announced that it has received a purchase order for
6,320 C-Series all-electric delivery vehicles from
Pride Group Enterprises
(“Pride”), a premier Canadian and U.S. based, privately held
company with businesses in transportation equipment retail,
wholesale, rental, leasing and logistics. The order is split
between Workhorse’s C-1000 and C-650 models and is subject to
various production and delivery conditions.
Inventory financing is being provided by Hitachi Capital America
(“Hitachi Capital America” or “HCA”) as part of the Company’s
previously announced strategic partnership with
HCA. Initial delivery of the vehicles may begin by July 2021 and
will run through 2026. The delivered vehicles will be distributed
through Pride dealerships for fleet use.
“Our new agreement with Pride marks our largest individual order
to-date and expands our sales channel internationally into Canada
for the first time,” said Workhorse CEO Duane Hughes. “Our ongoing
partnership with HCA continues to bear fruit as we gear up for
scaled production in 2021. This large order solidifies our
first-mover advantage and indicates the heightened interest in our
last mile delivery products.”
Pride Group Enterprises CEO Sam Johal added, “Pride is excited
to establish this new partnership, which will add last mile
delivery vehicles to our existing product offering. It is one of
the key steps we have taken over the past year towards achieving
our future target of 100% electric vehicles, including our recently
finalized largest Class 8 EV order. We are continuing to work on
infrastructure to provide public charging stations at all of our
locations as well as EV service, OEM warranty and parts across all
major North America highways.”
“Workhorse’s last mile delivery trucks continue to be in demand
across North America, which has been highlighted from our dealer
group surveys and is further illustrated by this large order from
Pride,” said Kirk Mann, SVP & GM Transportation Finance at
Hitachi Capital America. “We are proud that our Mobility Solutions
effort is a North American answer to this important electric
vehicle fleet program.”
About Workhorse Group Inc.Workhorse is a
technology company focused on providing drone-integrated electric
vehicles to the last-mile delivery 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.
About Pride Group EnterprisesPride Group
Enterprises, ranked no. 28 on the 2019 Growth 500 list, is a
privately held, diversified establishment and is the parent company
for Pride Truck Sales, TPine Leasing Capital, TPine Truck Rental,
Pride Group Logistics and Pride Fleet Service. Headquartered in
Mississauga, the company has its presence in 15 other locations
across North America. The company and its affiliates are proud
members of NationaLease, one of the largest full-service truck
leasing organizations in North America. To learn more about Pride
Group, visit the company’s
website https://pridegroupenterprises.com/.
About Hitachi Capital America Corp.Hitachi
Capital America provides financing and services solutions that help
businesses in the U.S. and Canada achieve their growth objectives.
Our offerings include mobility supply chain solutions, retail and
wholesale financing for work truck dealers, vendor programs for
OEMs, inventory finance solutions for technology dealers, structure
finance solutions for a variety of projects and as-a-service needs,
and asset-based lending for a variety of businesses. In keeping
with our social innovation focus, HCA strives to improve society by
supporting the United Nations’ Sustainable Development Goals.
We are proud to provide solutions that enable energy efficiency and
mobility improvements for many business and organizations. For
additional information visit
https://www.hitachicapitalamerica.com/.
Three Keys Capital Advisors, LLC advised HCA on the
transaction.
Forward-Looking StatementsThis 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; negative impacts
stemming from the continuing COVID-19 pandemic; 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.
Media Contact:
Mike DektasCreative Storm
PR513-266-3590mike@creativestorm.com
Investor Relations Contact:
Matt Glover and Tom ColtonGateway Investor
Relations949-574-3860WKHS@gatewayir.com
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