Business
Workhorse Group Reports First Quarter 2020 Results
CINCINNATI, May 6, 2020 /PRNewswire/ -- Workhorse Group Inc. (Nasdaq: WKHS) ("Workhorse" or "the Company"), an American technology company focused on
About this update from Workhorse Group, Inc.
[{"type":"text","content":"CINCINNATI, May 6, 2020 /PRNewswire/ -- Workhorse Group Inc. (Nasdaq: WKHS) (\"Workhorse\" or \"the Company\"), an American technology company focused on providing sustainable and cost-effective electric vehicles to the last mile delivery sector, today reported financial results for the first quarter ended March 31, 2020.\n\n \n \n \n \n \n \n\n \nRelease Updates and Highlights \nContinued production efforts as an \"essential\" business with deliveries planned for second quarter of 2020. Reaffirmed previous production and delivery target of 300-400 vehicles in 2020. Receiving increased interest in patented delivery truck mounted HorseFly™ drone capabilities from both government and commercial customers.Management Commentary \"In the first quarter we completed several major roadmap objectives which have us well-positioned to execute on our production timeline as well as improve our long-term corporate governance and competitive positioning,\" said Workhorse CEO Duane Hughes. \"Because we provide vital support and infrastructure for the transportation and delivery sectors, we have been deemed an essential service, allowing us to continue working throughout the period. We will be delivering our C-Series vehicles to customers in the second quarter, and we remain on schedule to achieve our target of delivering 300 to 400 vehicles by the end of this year. To that end, we are in the final stage of preparing a detailed production plan of when we can deploy vehicles into Ryder Systems' sales channel starting in 2020 and into 2021. \n\"Through our recent appointments of Jacqui Dedo and Pamela Mader to our board of directors, we now have two automotive industry veterans, respectively, with experiences at international enterprises managing major vehicle production efforts. We expect their guidance will be invaluable as we look to ramp up our capacity during the second half of this year. We also further strengthened our intellectual property portfolio and made significant strides within our HorseFlyTM drone program during the period, highlighted by our provisional patent application and our recent collaborative testing efforts with UPS and CIT, which have the potential to provide a much-needed alternative delivery method to support our medical workers and healthcare system during a truly tumultuous time.\"\nFirst Quarter and Recent Operation...