WKHS Workhorse Group Inc

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 first delivery of its W56 step van as part of an ongoing collaboration with NorCal Transports Inc. (“NorCal”), a last-mile package delivery contractor in Richmond, California. The delivery, facilitated through Workhorse's Certified Dealer, Kingsburg Truck Sales, provides a significant opportunity to showcase the W56’s outstanding real-world performance in the last-mile package delivery sector.

NorCal has been a leader in adopting alternate fuel vehicles for last-mile package delivery. Currently 80% of NorCal’s fleet consists of alternate fuel vehicles, with a target of achieving 100% by 2025.

“We have been thoroughly impressed with the performance of the Workhorse W56. Its durability, capacity, and range make it a perfect fit for our demanding delivery routes,” said Edson A. Costa Jr., CEO of NorCal Transports, Inc. “Support from the Workhorse team and Kingsburg Truck Sales has been outstanding. They’ve been proactive in ensuring we have everything we need for a smooth transition to electric vehicles.”

“This collaboration with NorCal Transports is a true demonstration of the quality and performance of our products, as well as our proactive engagement in California,” said Ryan Gaul, President Commercial Vehicles at Workhorse. “Working together to host ride-and-drive events with our Certified Dealers, like Kingsburg Truck Sales, has been key. Once drivers experience the W56 for themselves, they see firsthand why it’s the superior choice for delivery fleets.”

With the forthcoming introduction of the W56 with an extended 208” wheelbase, alongside the existing W56 with 178” wheelbase and W750, Workhorse offers a diverse lineup of ready-to-work step vans. These models provide cargo capacities of 1,200, 1,000, and 750 cubic feet, respectively, ensuring comprehensive coverage of various logistics needs. Each vehicle is backed by Workhorse’s superior warranty, service, range, and payload capacities.

“As the adoption of commercial electric vehicles accelerates in incentive-driven states, we are excited for customers to experience the Workhorse difference,” added Gaul.

The W56 step van, Workhorse's flagship electric delivery vehicle, is purpose-engineered for fleet operators aiming to transition to zero-emission vehicles. With its robust design and class-leading 10,000-pound payload capacity, the W56 offers a no-compromise solution for last-mile delivery fleets.

In January, Workhorse announced that the W56 electric step van had become eligible for California’s Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (“HVIP”). Through HVIP, vehicle purchasers and participating dealers are eligible to apply for a base voucher of $85,000 per W56 purchased.

The deployment of the W56 step van will aid in reducing greenhouse gas emissions in the Richmond area while supporting NorCal Transport’s sustainability goals and compliance with California Advanced Clean Fleet Requirements. The vehicle will go into service in August 2024, with Workhorse and Kingsburg Truck Sales collaborating to ensure a seamless delivery and implementation process.

About Workhorse GroupWorkhorse is a technology company focused on providing ground-based electric vehicles to the last-mile delivery sector. As an American original equipment manufacturer, we design and build high performance, battery-electric trucks. 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 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 document, the words “anticipate,” “expect,” “plan,” “believe,” “seek,” “estimate,” “will,” and “continue” and similar expressions are intended to identify forward-looking statements. These statements involve substantial risks and uncertainties. For a further description of the risks and uncertainties relating to the business of the Company in general, see the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. 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 Group949-574-3860WKHS@gateway-grp.com