CINCINNATI, July 28, 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, announced that its C-Series all-electric delivery
trucks have been deemed eligible for the Hybrid and
Zero-Emission Truck and Bus Voucher Incentive
Project ("HVIP") program by the California Air
Resources Board ("CARB").
Earlier this month, the Company announced that it had
received Executive Order: A-445-0003 from
CARB, designating its trucks as zero-emission vehicles in the state
of California. Obtaining an
Executive Order was also one of the preliminary requirements in
order to be considered for the HVIP program. With its eligibility
into the program confirmed, certain Workhorse C-Series vehicles can
now qualify for monetary vouchers, helping to reduce the total cost
for any purchaser domiciled in the state of California.
Workhorse's 2020 model year C-1000 Standard Range (4-pack),
C-650 Extended Range (4-pack) and C-650 Standard Range (2-pack)
battery electric step vans are eligible for monetary vouchers of up
to $50,000 per vehicle. While the
HVIP program is currently withholding additional voucher requests
until the fall of 2020, Workhorse will remain on the eligible
vehicle list until additional funding has been designated for the
program.
"Our eligibility for the HVIP program is expected to help
dramatically reduce purchasing costs for California-based potential customers when
additional funding becomes available, which is expected in the fall
of this year," said Workhorse CEO Duane
Hughes. "CARB's commitment to a greener future through the
HVIP program has been a tremendous catalyst for the EV industry at
large, and we look forward to maximizing the benefits of the
program to increase our future sales as well as reduce carbon
footprints in many of most impacted areas throughout the
state."
In addition to the above mentioned CARB approvals, Workhorse
also received a Certificate of Conformity ("CoC") from the EPA in
March and a Federal Motor Vehicle Safety Standards ("FMVSS")
Certification in June. Workhorse is the first medium duty
BEV OEM to be certified by both the
EPA and CARB.
About Workhorse Group Inc.
Workhorse is a technology company focused on providing
drone-integrated electric vehicles to the last-mile delivery
sector. As an American original equipment manufacturer, we design
and build high performance, battery-electric vehicles including
trucks and aircraft. Workhorse also develops cloud-based, real-time
telematics performance monitoring systems that are fully integrated
with our vehicles and enable fleet operators to optimize energy and
route efficiency. All Workhorse vehicles are designed to make the
movement of people and goods more efficient and less harmful to the
environment. For additional information
visit workhorse.com.
Forward-Looking Statements
This press release includes forward-looking statements.
These statements are made under the "safe harbor" provisions of the
U.S. Private Securities Litigation Reform Act of 1995. These
statements may be identified by words such as "believes,"
"expects," "anticipates," "estimates," "projects," "intends,"
"should," "seeks," "future," "continue," or the negative of such
terms, or other comparable terminology. Forward-looking statements
are statements that are not historical facts. Such
forward-looking statements are subject to risks and uncertainties,
which could cause actual results to differ materially from the
forward-looking statements contained herein. Factors that
could cause actual results to differ materially include, but are
not limited to: our limited operations and need to expand in the
near future to fulfill product orders; risks associated with
obtaining orders and executing upon such orders; the ability to
protect our intellectual property; the potential lack of market
acceptance of our products; potential competition; our inability to
retain key members of our management team; our inability to raise
additional capital to fund our operations and business plan; our
inability to satisfy covenants in our financing agreements; our
inability to maintain our listing of our securities on the Nasdaq
Capital Market; our inability to satisfy our customer warranty
claims; our ability to continue as a going concern; our liquidity
and other risks and uncertainties and other factors discussed from
time to time in our filings with the Securities and Exchange
Commission ("SEC"), including our annual report on Form 10-K filed
with the SEC. Workhorse expressly disclaims any obligation to
publicly update any forward-looking statements contained herein,
whether as a result of new information, future events or otherwise,
except as required by law.
Media Contact:
Mike Dektas
Creative Storm PR
513-266-3590
mike@creativestorm.com
Workhorse Investor Relations Contact:
Matt Glover and Tom Colton
Gateway Investor Relations
949-574-3860
WKHS@gatewayir.com
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SOURCE Workhorse Group Inc.