Business
Workhorse Group Reports Third Quarter 2020 Results
CINCINNATI, Nov. 9, 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, Nov. 9, 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 third quarter ended September 30, 2020.\n\n \n \n \n \n \n \n\n \nRelease Updates and Highlights \nSets 2021 production volume target at 1,800 vehicles. Received a purchase order for 500 C-1000 trucks from Pritchard Auto Company for its National Fleet Program, which is being financed by Hitachi Capital America (\"HCA\"). Through various financings, the Company improved its current cash position to over $260 million. Workhorse strategic partner Lordstown Motor Corporation (\"LMC\") completed its merger with DiamondPeak Holdings Corp. LMC's Class A shares now trade on the Nasdaq Global Select market under the ticker symbol \"RIDE.\" Workhorse has maintained its 10% ownership stake in the merged company. That stake is estimated at nearly $285 million based on the November 6th closing price. Partnered with Hitachi and Hitachi Capital America to optimize the Company's manufacturing, operational and supply chain capabilities as well as to develop a national dealer network to support Workhorse's sales with vehicle financing options for both dealers and customers. Recorded additional new vehicle sales orders from Fluid Systems and eTrucks LLC.Management Commentary \"Our strategic partnership approach to engaging with dealerships has paid off very quickly as evidenced by our recent 500 truck order from Pritchard Auto Company that will be financed by HCA,\" said Workhorse CEO Duane Hughes. \"We believe this initial sale is just the start of this channel's growth. We were also encouraged by the results of a positive dealer survey administered by HCA that looked favorably on the long-term prospects for the EV delivery truck market and, in particular, Workhorse within that ecosystem.\"\nHughes added, \"Previously, we projected 300-400 vehicles to be produced by the end of 2020, mostly in the fourth quarter. Although we will still manufacture and deliver vehicles in Q4, it will be a substantially lower amount than our previous guidance. We are unable to give a specific estimate for the following reasons:\nThe inability of our primary battery ...