Business
Workhorse Group Reports Third Quarter 2022 Results
CINCINNATI, Nov. 08, 2022 (GLOBE NEWSWIRE) -- 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. 08, 2022 (GLOBE NEWSWIRE) -- Workhorse Group Inc. (Nasdaq: WKHS) (“Workhorse” or “the Company”), an American technology company focused on pioneering the transition to zero emission commercial vehicles, today reported financial results for the third quarter ended September 30, 2022. Management Commentary “Our team is making steady progress, executing on our product roadmap, including beginning initial production and delivery of vehicles, as well as adding experienced talent across the organization,” said Workhorse CEO Rick Dauch. “During the quarter, we built and sold our first Class 4 vehicles and continued to renovate and prepare our facilities for higher production levels in 2023. We believe the strong interest from customers in our Class 4 series and W56 vehicles reflects the significant market opportunity ahead. In parallel, we are managing through the important process of testing and repairing the C1000 vehicle. Separately, we are making great strides in our growth plans for Aerospace and are excited to be launching a new business platform, ‘Stables & Stalls’. This new platform will help address the unmet needs of small fleet operators making the transition to electric vehicles, such as providing charging infrastructure and service solutions. As we look to the remainder of the year and beyond, we remain focused on achieving our strategic priorities and delivering value for both our customers and shareholders.” Third Quarter 2022 and Recent Operational Highlights: Workhorse delivered on its stated priorities from the second quarter by enhancing its team and strengthening its financial and operational position in the following key areas: Completed the hiring of senior-level functional, engineering, and operational talent across the business, including: Hired a new VP, Sales & Marketing and three regional sales leaders with a combined 70+ years of commercial vehicle industry experience.Strengthened operating teams in Aero and Commercial Vehicles by hiring a new plant manager for Union City (CV), a Vice President, Manufacturing and Supply Chain (Aero), and a Vice President, Flight Operations and Technology (Aero). Completed the transformation and expansion of Workhorse’s Union City plant into a world-class manufacturing complex, doubling available floorspace. The plant has started initial production of Class 4...