CINCINNATI, March 7, 2017 /PRNewswire/ -- Workhorse Group Inc. (NASDAQ: WKHS), an original equipment manufacturer (OEM) of battery-electric vehicles today announced it has received Letters of Intent from fleets totaling 2,150 of the Workhorse W-15 electric pickup trucks.
The Letters of Intent have come from Duke Energy, Portland General Electric, the City of Orlando, Southern California Public Power Authority, Clean Fuels Ohio and one other utility.
Workhorse intends to build the W-15 in its Union City, Indiana plant, a facility with the capacity to build 60,000 chassis a year. Subject to development, regulatory approval and financing, once production commences, Workhorse expects the W-15 to have a $52,500 MSRP.
"We believe the W-15 will be the first electric plug-in pickup made in America by an OEM," said Steve Burns, Workhorse CEO. "Fleets look at total cost of ownership for their vehicles and we are very encouraged by the number of fleets that the positive feedback we have received with respect to the economics in owning W-15s as part of a fleet."
The W-15 has been designed to reflect features and benefits that we believe fleets want today. The W-15's safety features are expected to include an extra large crumple zone, and a lower center of gravity while still providing ground clearance.
A hi-tech design, the W-15 is also expected to offer crash mitigation technologies, including automatic braking and lane centering. Electric power will be supplied using Panasonic 18650 Li-on batteries. The truck's battery pack is expected to deliver 80-mile all-electric range and to achieve 75 MPGe while in all-electric operation. The 80 mile range is designed to cover the majority of the miles driven in a day by fleets. If needed, the on-board gasoline generator will then operate after battery power has been depleted, extending the range. To reduce weight, the W-15's body panels are made of a carbon fiber composite which also have the benefit of being rustproof
The Workhorse W-15 light duty platform design is an extension of the E-Gen electric range extended technology used in Workhorse medium-duty delivery trucks. This existing medium-duty, delivery truck business has demonstrated low Total Cost of Ownership and dramatically reduced emissions.
"The W-15 is to be designed offering safety, efficiency, advanced technology and sustainability," continued Burns. "We feel the reception we've seen from fleets shows that these features and benefits are all things that fleets are looking for in their pickup truck vehicles."
The W-15 electric pickup drivable prototype will be unveiled at the ACT EXPO show in Long Beach, California on May 2nd. Fleet managers are invited to attend the show and test drive the W-15 prototype.
About Workhorse Group Inc.
Workhorse Group, Inc. (NASDAQ: WKHS), is a U.S. – based original equipment manufacturer of medium duty EPA-approved battery-electric delivery vehicles and fully integrated truck-launched, FAA compliant unmanned aerial systems (UAS) delivery drones. Workhorse trucks have historically been sold to the largest fleets in the USA and Canada for last-mile delivery and related uses.
For additional information visit www.workhorse.com
Forward Looking Statement
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 "feel," "believes," expects," "estimates," "projects," "intends," "should," "is to be," 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 maintain our listing of our securities on the Nasdaq Capital Market; 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.
Workhorse Group Inc.
Workhorse Group Inc., 100 Commerce Drive, Loveland, OH 45140
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SOURCE Workhorse Group Inc.