Workhorse Group Inc. (NASDAQ: WKHS)

Workhorse Group Inc. is an American technology company focused on pioneering the transition to zero-emission commercial vehicles. The company designs and manufactures all-electric vehicles, with a primary emphasis on providing sustainable and cost-effective solutions to the commercial transportation sector. Workhorse's core competency lies in bringing its electric delivery vehicle platforms to serve the last-mile delivery market. The company operates as an Original Equipment Manufacturer (OEM), with its products marketed under the Workhorse brand. All Workhorse last-mile delivery vehicles are assembled in the company's Union City, Indiana production facility.

Workhorse generates revenue through the design, manufacture, and sale of all-electric commercial vehicles. The company's primary products include the W56, W4 CC, and W750 delivery vehicles, as well as the legacy E-100 and E-GEN delivery vans. These vehicles cater to the last-mile delivery market, offering fleet operators significant benefits such as lower total cost-of-ownership, improved profitability through lower maintenance costs and reduced fuel expenses, increased package deliveries per day, decreased vehicle emissions, and improved vehicle safety and operator experience. Workhorse's general customer base consists of fleet operators seeking sustainable and efficient delivery solutions.

• Commercial Vehicles: Workhorse manufactures Class 4 and 5/6 commercial delivery vehicles, including the W56, W4 CC, and W750. The W56 is a versatile platform designed for last-mile delivery and high payload work-truck applications, available in either a stripped chassis or complete step van configuration. The W4 CC and W750 are Class 4 cab chassis and step van vehicles sold under the Workhorse brand. The company also has a significant number of legacy E-100 and E-GEN delivery vans still in service. These vehicles are sold through the company's Certified Dealer Program, which is an official network of verified dealers trained to safely maintain and repair the electric components of the vehicles to support customers.

Workhorse operates in the competitive electric vehicle market, facing competition from established automakers and new entrants focusing on commercial electric vehicles. Key competitors include GreenPower Motor Company Inc., with whom Workhorse has a strategic supply agreement for Class 4 step vans. Workhorse's competitive advantages include its focus on complete-vehicle solutions, proprietary software systems for vehicle support and maintenance, and a strong commitment to sustainability. The company's long-standing know-how in the Class 5/6 truck chassis market and its robust medium-duty chassis design also provide a competitive edge.

Workhorse's customer base primarily consists of fleet operators in the last-mile delivery market seeking sustainable and efficient delivery solutions. The company's vehicles are designed to cater to the needs of fleet operators looking to reduce their carbon footprint and operating costs. While specific customer names are not disclosed in the filing, Workhorse's focus on the last-mile delivery market suggests that its customers include delivery service providers and logistics companies.