Workhorse reports 2017 earnings, receives $7-Million electric truck order

Workhorse Electric Truck E-GEN 3

Workhorse Group (NASDAQ: WKHS) has received a $7-million repeat order for all-electric delivery trucks, to be deployed by “a major delivery company in the San Diego area.”

Workhorse all-electric trucks are powered by Panasonic batteries, and deliver a 100-mile range. According to Workhorse, its e-trucks can improve fuel efficiency from an average of 5.5 MPG to more than 30 MPGe, while significantly lowering the cost of fleet maintenance.

“We have entered an exciting new phase of our production operations,” said Duane Hughes, Workhorse President and COO. “We see this gross margin-positive $7-million order as the first of many more electric truck orders to come.”

Also this week, the company announced its 2017 results. Workhorse delivered 245 units during the year, including 121 units to UPS, completing the fourth order from the delivery giant. Workhorse is collaborating with UPS to design a custom-built electric delivery truck that it says will be comparable in acquisition cost to conventional-fueled trucks without subsidies.

“The fourth quarter was a solid finish to a transformational year for our company,” said Workhorse CEO Steve Burns. “Financially, we grew our topline by 81% for the quarter and nearly 70% for the year thanks to our increasing production capacity and continued demand from new and existing customers.  We’ve grown our backlog to a record $12 million, putting us at a pace that already exceeds our total sales in 2017.”

 

Source: Workhorse Group