Workhorse Group Inc. (Workhorse), a technology company, focuses on providing solutions to the commercial transportation sector. The company designs and manufactures all-electric delivery trucks and drone systems, including the technology that optimizes the way these vehicles operate. The company focuses on its core competency of bringing its electric delivery vehicle platforms to serve the last mile delivery market.
The company is an American-based Original Equipment Manufacturer (OEM), and its...
Workhorse Group Inc. (Workhorse), a technology company, focuses on providing solutions to the commercial transportation sector. The company designs and manufactures all-electric delivery trucks and drone systems, including the technology that optimizes the way these vehicles operate. The company focuses on its core competency of bringing its electric delivery vehicle platforms to serve the last mile delivery market.
The company is an American-based Original Equipment Manufacturer (OEM), and its products are marketed under the Workhorse brand. All Workhorse last-mile delivery trucks are assembled in the company's Union City, Indiana production facility. All Workhorse drone systems are designed and built in its Mason, Ohio facility.
Commercial Vehicles
The company manufactures Class 4 and 5/6 commercial delivery vehicles. During 2023, the company launched the W56, a new truck chassis platform, which is the foundation of its revised strategic product roadmap. The W56, based on long-standing company know-how in the Class 5/6 truck chassis market, is a robust medium-duty chassis, designed for last-mile delivery and high payload work-truck applications. Initially the W56 is delivered in either a stripped chassis or complete step van configuration. The company intends to introduce a longer-wheelbase and cab-chassis version of the W56. The company's product roadmap also includes the WNext, which it will be its second generation, low floor, advanced content offering for the truck chassis market, expanding its vehicle foundation and is expected to begin production in late 2025 or 2026.
To accelerate time-to-market for customers seeking delivery of electric vehicles during 2023, the company produced and sold Class 4 vehicles using a supplied base vehicle. The company's Class 4 vehicles are a zero-emission chassis designed to be sold in either a cab chassis version (W4 CC) or a step van version (W750) made to haul various cargo and take on both mid and last-mile routes. The W750 was launched into production and sale in 2023, in addition to the W4 CC, which became available for sale in 2022. Both are sold under the Workhorse brand and with Workhorse after sales and support service.
The company generally sells its vehicles through its Certified Dealer Program, which is its official network of verified dealers trained to safely maintain and repair the electric components of its vehicles to support its customers.
Stables by Workhorse
In 2023, the company continued to electrify its fleet of delivery vehicles being used to operate its Stables by Workhorse program, a series of FedEx Ground delivery routes in the greater Cincinnati, Ohio area. Stables by Workhorse provides the company with firsthand experiences of the challenges and benefits independent fleet operators experience while executing last-mile delivery operations and making the transition to electric vehicles. During 2023 the company began the electrification of the Stables fleet, which provides it further experience and data on the benefits and challenges of independent fleet operators experience. The entire fleet is expected to be electrified in 2024. The initiative is designed to provide valuable insights into how the company's customers can plan for and manage the transition to Electric Vehicle (EV) operations, including how to develop adequate charging infrastructure, training and maintenance services and the associated total cost of EV transition and ownership.
Aero
In addition to its growing delivery vehicle technology portfolio, the company has developed Drones as a Service (DaaS) data products. As part of the pilot program, the company offers Unmanned Aerial Systems (UAS) services, including monitoring via drone, data procurement and analytics using Light Detection and Ranging (LiDar), which provides stakeholders the ability increase the efficiency of their land. The company has successfully demonstrated its DaaS enhanced functionality working with local, state and federal government agencies to validate other, new cases, including supporting the U.S. Department of Agriculture's National Resource Conservation Service (NRCS) where it provided enhanced geographical mapping and data analysis for the LiDar missions.
The company successfully developed two product lines of small UAS, which moved into production during 2023. During the first quarter of 2024, the company has made the decision to fully transition from a design and manufacturing drone business to DaaS.
Technology, Research and Development
The company's technology focus is on developing complete-vehicle solutions for manufacture, and on software systems to support the use and maintenance of those vehicles.
Commercial Vehicle
Commercial Vehicle activities are focused on the development and integration of EV powertrain, commercial chassis, and commercial truck bodies into OEM vehicles for production in the company's Union City, IN facility. In 2023, those activities included the development, validation, certification and production launch of the W56 strip chassis and step van products, and continued improvements to the company's W4CC and W750 products.
The company continues to develop and maintain its remote data telematics system that tracks the performance of all the vehicles it deploys, providing vehicle operational and service data to its customers and partners. It continues to work on integration of its telematics data with the internal telematics and data management systems of its clients, as well as expanding its ability to present and analyze data within a proprietary Workhorse interface. In 2023 the company continued the development of a 2.0 level release of its prior offering, with a new software and data management architecture that is the base for Workhorse telematics and a future suite of business applications such as fleet management and service and repair.
Research and Development (R&D)
R&D costs for the year ended December 31, 2023 was $24.5 million.
Regulations
The Clean Air Act requires that the company obtains a Certificate of Conformity (CoC) issued by the U.S. Environmental Protection Agency (EPA) Federal emissions compliance. In the state of California, an Executive Order issued by the California Air Resource Board (CARB) is required for emissions compliance, examined and issued with respect to emissions and mileage requirements for the company's vehicles. The CoC is required for vehicles sold in states covered by the Clean Air Act's standards and the California Executive Order is required for vehicles sold in states that have sought and received a waiver from the EPA to utilize California standards. Workhorse received Executive Order A-445-0011 for MY 2022 and MY 2021 W4CC and W750 electric vehicles. In addition, Workhorse received Executive Order A-445-0006 and Zero-Emission Powertrain Executive Order A-445-0005 for MY 2024 W56.
In the United States, the FAA regulates the company's aerospace vehicles.
History
The company was founded in 2007. It was formerly known as AMP Holding Inc. and changed its name to Workhorse Group Inc. in 2015.
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