Workhorse Receives Purchase Order for 500 C-1000 EV's from Pritchard Companies
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 today that it has received a purchase order for 500 of its all-electric C-1000 delivery vehicles from Pritchard Companies ("Pritchard").
Inventory financing will be provided by Hitachi Capital America ("Hitachi Capital America" or "HCA") as part of the Company's previously announcedstrategic partnership with HCA. Vehicles will be distributed through Pritchard Companies' dealership locations across the country. Throughout its 107 years of operating history, Pritchard Companies has developed a robust national network of partners and is one of the nation's largest commercial vehicle distributors, selling over 30,000 units annually to customers across all 50 states.
"With this significant order and agreement from Pritchard, we can build upon our nationwide distribution network and expand the number of potential fleet customers that will be able to operate and own a Workhorse delivery truck," said Company CEO Duane Hughes. "Along with HCA's financing programs, Pritchard will be able to offer fleet customers a variety of flexible options to start using our last-mile delivery vehicles, lowering the barrier to entry for adoption and enabling total cost of ownership advantages from the outset."
We see this initial 500 vehicle purchase as being the first of many future orders and look forward to growing with Workhorse in 2021 and beyond," said Ryan Pritchard, COO of Pritchard Companies EV Division.
"We appreciate the opportunity to be one of the first companies to commercially offer this state-of-the-art all-electric vehicle to our fleet customers and believe that the market acceptance will be resoundingly positive and swift," added Joe Pritchard, President and owner of Pritchard Companies.
"To us, the Workhorse C-1000 is a significant milestone in the electrification of last mile delivery trucks," said Kirk Mann, SVP & GM Transportation Finance at Hitachi Capital America. "We are proud to be the financing partner to this important electric vehicle fleet program."
The Workhorse C-1000 all-electric truck offers a lightweight design, creating maximum range from modular battery packs. The vehicle also features a low floor that allows easy access for the driver while facilitating loading and unloading. Workhorse recently became the first original equipment manufacturer ("OEM"), to have its medium-duty all-electric parcel delivery truck certified by both the U.S. Environmental Protection Agency and California Air Resources Board thereby permitting the sale of the vehicle to all 50 U.S. states.