W34: The Company is combining its Class 3 and Class 4 segment experience generated by the E-Gen and the C1000 programs with new technology to develop the W34 platform. Final design and testing protocols for the W56 will be completed by Q2 2023. Design confirmation build was completed in the new Wixom, Michigan technology center in July. As a result, about 75% of the materials for the vehicle are sourced and committed.
The Company continues to make key supplier decisions and has chosen suppliers for the eAxle and batteries.
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This approach provides the Company with the shortest path to full BEV platform production, leverages existing Workhorse designs and will have various wheelbase options with a common parts bin. W56: Workhorse continues to execute on its plan for the W56 platform with the start of regular production still planned for Q3 2023. Workhorse received the first shipment of Green Power chassis in July and will be in production on the W4 CC in Q3 2022 and the W750 step van in Q4 2022. W750/W4 CC: The Company’s Class 4 delivery vehicles are generating significant interest from customers in demonstrations across the country. The Company also plans to manufacture 50 to 75 additional C1000’s by year’s end from inventory on hand. Workhorse remains on track to return vehicles to service and repair all previously manufactured vehicles produced to date by year’s end. The Company continued to make steady progress across all four of its electric vehicle platforms during the quarter:Ĭ1000: Revised C1000 front suspension design is complete due care FMVSS testing is expected to be completed and production to begin in Q3 2022. Workhorse remains on track to execute its revised strategic product roadmap. market are expected to reach about 2,000 units per year once ramp-up is complete.Ĭompleted the relocation of the Company’s Aerospace business into a new 75,000 ft 2 facility in Mason, Ohio, which includes sufficient space for future manufacturing activity.Įxecuting Revised Strategic Product Roadmap The contract is a result of the people, plant, and process improvements made to date. Signed a three-year contract manufacturing agreement to assemble vehicles for Tropos Technologies in Union City beginning in Q4 2022. With factory renovations complete, warehouse repairs and upgrades ongoing, and test track construction and site security improvements well underway and expected to be completed by year’s end, the Company is on track to start production in the main production facility in Q3 2022. Strengthened the supply chain team, by adding four automotive industry veterans in purchasing, transportation & logistics and supplier development roles.Ĭontinued to make progress in transforming Workhorse’s Union City plant into a world-class manufacturing complex. Onboarded five Principal Engineers with a combined 175-plus years of experience, including a Chief Engineer for the Company’s Aerospace business. Hired a new VP Sales & Marketing for Commercial Vehicles, who will join the Company in early September. Hired experienced sales, functional, engineering, and operational talent across the business to complement previous executive appointments. Workhorse delivered on its stated priorities from the first quarter by enhancing its team and strengthening its financial and operational position in the following key areas: Second Quarter 2022 and Recent Operational Highlights: We remain confident in the solid foundation we are putting in place to deliver electric vehicles that our customers want and need.” We secured a new purchase agreement for our C1000, W4 CC and W750 products, which includes over 1,000 build slot reservations in 20. “The recent actions we’ve taken include building out our leadership team transforming our manufacturing operations establishing strategic relationships with industry-leading suppliers and executing on our product roadmaps for both Commercial and Aerospace vehicles. “Our critical strategic initiatives remain on time and on budget,” said Workhorse CEO Rick Dauch. (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, 2022. 09, 2022 (GLOBE NEWSWIRE) - Workhorse Group Inc.