Business
Workhorse Group Reports Second Quarter 2020 Results
CINCINNATI, Aug. 10, 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, Aug. 10, 2020 /PRNewswire/ -- 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 reported financial results for the second quarter ended June 30, 2020.\n\n \n \n \n \n \n \n\n \nRelease Updates and Highlights \nOfficially began production and delivered three C-series electric step vans to Ryder System, Inc. and Electric Vehicle Fleet Solutions. Became the first and only medium duty battery electric vehicle (BEV) OEM to receive approvals from both the Environmental Protection Agency (EPA) as well as the California Air Resources Board (CARB), permitting the Company to sell vehicles in all 50 states. Reaffirmed previous production and delivery target of 300-400 vehicles in 2020. Management Commentary\"In the first half of this year we accomplished a series of major operational and EV industry milestones, culminating in the first official deliveries of our C-Series trucks to Ryder just a few weeks ago,\" said Workhorse CEO Duane Hughes. \"Additionally, after acquiring the requisite various state and federal approvals in recent months, we are now the only medium duty BEV OEM permitted and able to sell and deliver our vehicles in all 50 states, which should allow us to further distance ourselves as the first movers in the last-mile EV space. Widening our sales funnel through tax incentives, government programs and strategic partnerships, all of which we now have, will allow us greater opportunities to build on our growing backlog. We are now focusing on maximizing our efficiency and output as we look to ramp production throughout the remainder of this year to meet our ambitious delivery campaign goals.\"\nSecond Quarter and Recent Operational Highlights\nAugust 2020: Workhorse strategic partner Lordstown Motors Corp. (\"LMC\") entered into a business combination agreement with DiamondPeak Holdings Corp., a special purpose acquisition company, that will result in LMC becoming a publicly listed company on the NASDAQ under the ticker symbol \"RIDE.\" Post-transaction, which is expected to close in the fourth quarter of this year, Workhorse will retain its 10% ownership stake in the merged company, which is estimated at approximately $160 million base...