Workhorse Receives Purchase Order from Pride Group Enterprises for 6,320 C-Series EV's
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, today announced that it has received a purchase order for 6,320 C-Series all-electric delivery vehicles from Pride Group Enterprises (“Pride”), a premier Canadian and U.S. based, privately held company with businesses in transportation equipment retail, wholesale, rental, leasing and logistics. The order is split between Workhorse’s C-1000 and C-650 models and is subject to various production and delivery conditions.
Inventory financing is being provided by Hitachi Capital America (“Hitachi Capital America” or “HCA”) as part of the Company’s previously announced strategic partnership with HCA. Initial delivery of the vehicles may begin by July 2021 and will run through 2026. The delivered vehicles will be distributed through Pride dealerships for fleet use.
“Our new agreement with Pride marks our largest individual order to-date and expands our sales channel internationally into Canada for the first time,” said Workhorse CEO Duane Hughes. “Our ongoing partnership with HCA continues to bear fruit as we gear up for scaled production in 2021. This large order solidifies our first-mover advantage and indicates the heightened interest in our last mile delivery products.”