CINCINNATI, Dec. 21, 2023 (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 issued a letter to its shareholders highlighting the important milestones the Company has reached throughout 2023 and opportunities ahead to enhance shareholder value and advance Workhorse's mission.
Dear Workhorse Shareholders,
I would first like to take a moment to say thank you for your ongoing engagement, patience and feedback throughout 2023. As we head toward year end, I wanted to reflect on the year and provide an update on recent achievements and the opportunities ahead.
We don't expect the transition to commercial EV powered vehicles to occur overnight. It will likely take years or even decades to happen. The path to commercial vehicle production, especially within the electric vehicle space, has experienced a number of ups and downs and we've certainly faced our fair share of each this year. I am proud of our team's resiliency and how quickly we addressed our challenges. We resolved unforeseen production and supply issues affecting the W4 CC and W750. We also resolved the CARB HVIP voucher matter in California this past quarter. Lastly, we strengthened our financial position and resolved legacy liabilities.
After this hard work, we are ending the year with important momentum. We have final vehicle assembly up and running for four new product lines, the W4CC cab chassis, the W750, and the W56 stripped chassis and step van. We continue to expand our regional dealer network with a focus on those regions where CARB Clean Fleet and Clean Truck mandates will be adopted in 2024-27. We have selectively resized our team here at Workhorse while maintaining the necessary resources and skills on the team to continue to design, test and build world class commercial trucks. The overhaul of our Union City, IN manufacturing complex is nearing completion and the "Workhorse Ranch" is now capable of building & painting up to 6000 vehicles/year on one shift. We can ramp up staffing and production in-line with market demand.
In the last couple of weeks alone, we have made real progress, including:
- Receiving our first fleet purchase order for W56 step-vans in California;
- Stabilizing W750 step van production at 4 units/week and deploying 3 additional units to FedEx Ground routes in OH and CA;
- Using several W4CC vehicles with multiple back-end configurations to perform demos with potential customers interested in a range of packages including reefers, flatbeds, utility truck and cargo box packages;
- Completing the final ...