Workhorse Group highlights achievements in 2023 year-end letter to shareholders

Workhorse Group issued a letter to its shareholders highlighting the important milestones the Company has reached throughout 2023 and opportunities ahead to enhance shareholder value and advance Workhorse’s mission. “We don’t expect the transition to commercial EV powered vehicles to occur overnight. It will likely take years or even decades to happen. The path to commercial vehicle production, especially within the electric vehicle space, has experienced a number of ups and downs and we’ve certainly faced our fair share of each this year…. We have final vehicle assembly up and running for four new product lines, the W4CC cab chassis, the W750, and the W56 stripped chassis and step van. We continue to expand our regional dealer network with a focus on those regions where CARB Clean Fleet and Clean Truck mandates will be adopted in 2024-27. In the last couple of weeks alone, we have made real progress, including: Receiving our first fleet purchase order for W56 step-vans in California; Stabilizing W750 step van production at 4 units/week and deploying 3 additional units to FedEx Ground routes in OH and CA; Using several W4CC vehicles with multiple back-end configurations to perform demos with potential customers interested in a range of packages including reefers, flatbeds, utility truck and cargo box packages; Completing the final FMVSS certification of the W56, enabling us to ship completed units to dealers; Receiving approval for all of our CL4-6 products under the New York Truck Voucher Incentive Program with voucher amounts ranging from $100,000 – $125,000 for eligible vehicles. Advancing our Aero business, including selling our drones and continuing to add additional governmental grants, while evaluating a range of alternatives to capture new growth opportunities for this business; Continuing to successfully deliver last mile packages for FedEx, while organically gaining new route assignments as we electrify the fleet in our Stables initiative; Implementing new back-office IT/Operating systems across product development, supply chain, manufacturing, quality, HRM and Finance/Accounting operations, and Entering into agreements for up to $40 million in green convertible notes and a $50 million forward purchase contract facility.