Delivered 18 Tropos vehicles in Q1 2023, which were assembled in Workhorse’s Union City plant.Successfully unveiled the W56 production intent vehicle at the NTEA Work Truck Show® in Indianapolis in March and featured a fully subscribed ride-and-drive session at the Advanced Clean Transportation Expo in Anaheim, California in May.The Company expects to begin production of the W750 in Q2 2023.The Company is currently producing 16 units/week and plans to ramp up to 25 units/week by Q3. Ramped up production of its W4 CC vehicles in its transformed Union City, Indiana plant.Since the start of the year, Workhorse made progress across its strategic and operating priorities: Although we recognize there is still significant work ahead of us, we are confident that the actions we are taking today will establish a platform to drive growth and create value for our shareholders, customers, and communities.”įirst Quarter 2023 and Recent Operational Highlights We are making steady progress in expanding our CV dealer network and plan to onboard 8-10 new dealers in 2023.
Dauch concluded, “Looking ahead, our focus remains on executing our growth strategy of delivering quality products to our customers. Additionally, our Aerospace business continues to hold flight demonstrations with prospective government and commercial customers.” We are encouraged by customer feedback we received at recent industry conferences where we unveiled the W56, held test drive sessions, and displayed a services upfitted version of the W4 CC. Dauch continued, “We also remain on schedule to begin production of the all-new W56 step-van and strip chassis units in the third quarter. We are on track to meet our annual sales targets based on firm and forecasted customer orders.” The W4 CC is now in regular production, we completed the W750 pilot builds and expect to start production during Q2 2023. “In the first quarter, we continued to advance our commercial vehicle programs. “Following our stabilize, fix, and grow turnaround framework, we have rebuilt Workhorse’s foundation and are executing on our product portfolio roadmap, including moving forward with production and deliveries,” said Workhorse CEO Rick Dauch. (Nasdaq: WKHS) (“Workhorse” or “the Company”), an American technology company with a vision to pioneer the transition to zero emission commercial vehicles, today reported financial results for the first quarter ended March 31, 2023. CINCINNATI, (GLOBE NEWSWIRE) - Workhorse Group Inc.
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