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Workhorse Group to discontinue C1000 program, proceed with W4 CC shipments
The Fly

Workhorse Group to discontinue C1000 program, proceed with W4 CC shipments

Workhorse Group provided a business update as the Company looks ahead to 2023: Workhorse is discontinuing the C1000 program, effective immediately, as it fully focuses its resources on advancing its product roadmap for the W4 CC, W750, and W56 vehicles. After thorough engineering review, durability testing and careful consideration, the Company determined the increasing time, cost and resources being devoted to the C1000 are better allocated on the development and production of its other vehicles and products. As a result, the Company expects to record a non-cash inventory write-off of approximately $10M plus disposal costs. The Company received notice from the Securities and Exchange Commission that the previously disclosed investigation of the Company has concluded, and the SEC does not intend to recommend any enforcement action against the Company at this time. The W4 CC vehicles that were previously delayed in ports are now beginning to be shipped to Workhorse facilities. The Company is working expeditiously to deliver the vehicles to customers.

Published first on TheFly

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