Experienced Teams From Both Organizations Have Formed a Strategic Partnership Focused on Finalizing the Workhorse N-GEN Production Process for Initial Delivery Beginning in the Third Quarter of 2019
CINCINNATI, April 12, 2019 /PRNewswire/ -- Workhorse Group Inc. (WKHS)("Workhorse"), an American technology company focused on providing sustainable and cost-effective electric-mobility solutions to the transportation sector, has formed a strategic partnership with 40-year automotive industry veteran Prefix Corporation for the final design, development and production of its NGEN series all-electric delivery van. This partnership signals a key step in moving forward following Workhorse's change of leadership in February 2019.
The two companies are now focused on building an underlying platform to support 1,200 ft3, 1,000 ft3 and a 650 ft3 capacity delivery vans. To streamline cost and increase production efficiency, all sizes will share a common cab and chassis configuration. The new delivery vans will be built on a low-floor chassis platform developed by Workhorse while Prefix will develop, build, and supply the 100% composite cab and body.
Production is scheduled to begin in Workhorse's Union City, IN plant in the third quarter of 2019 with deliveries beginning soon after.
Workhorse and Prefix have historically collaborated on real-world testing of several Workhorse prototypes, including previous N-GEN 450 delivery vehicles that were used in San Francisco, CA and Fairfield, OH. The proven-performance demonstrated by these test vehicles will inform the production of these new vehicles, incorporating features such as light-weighting the vehicle to improve mileage, performance, driver safety and reducing the burden of infrastructure requirements.
"This strategic partnership provides Workhorse with a proven partner that will allow us to remain on schedule to fulfill existing orders we have from our key customers like UPS and DHL," said company CEO Duane Hughes. "Through our previous partnerships with Prefix, we've already worked closely together and witnessed the quality of their work firsthand. With this new formal partnership in place, we'll be able to expedite production, and completion, of the industry's most innovative electric delivery van."
Eric Zeile, President of Prefix Corporation, added: "Our new collaboration with Workhorse has been a natural progression, given that we've already previously designed and built several prototype cabs and bodies on the Workhorse electric chassis. We are thrilled to work alongside Workhorse in producing the most efficient, cost effective and technologically advanced last-mile delivery van."
About Workhorse Group Inc.
Workhorse is a technology company focused on providing electric mobility solutions to the transportation sector. As an American original equipment manufacturer, we design and build high performance battery-electric vehicles including trucks and aircraft. We also develop cloud-based, real-time telematics performance monitoring systems that are fully integrated with our vehicles and enable fleet operators to optimize energy and route efficiency. All Workhorse vehicles are designed to make the movement of people and goods more efficient and less harmful to the environment. For additional information, visit www.workhorse.com.
About Prefix Corporation
Michigan-based Prefix Corporation is a recognized leader in the creation of prototype designs, mock-ups, and full- scale concept vehicles for the automotive and aviation industries. 2019 will mark 40 successful years in business. With over 250 employees and four impressive Midwest facilities, Prefix offers an extremely wide range of capabilities, providing clients with a one-stop-shop of services. Highly involved with advanced technologies relating to vehicle electrification and autonomous transportation, Prefix works with many companies that require complete design and engineering services, as well as low-volume production, engine development, and specialty vehicle development and production.
Workhorse Safe Harbor Statement
This release includes forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as "believes," "expects," "anticipates," "estimates," "projects," "intends," "should," "seeks," "future," "continue," or the negative of such terms, or other comparable terminology. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein. Factors that could cause actual results to differ materially include, but are not limited to: our limited operations and need to expand in the near future to fulfill product orders; risks associated with obtaining orders and executing upon such orders; the ability to protect our intellectual property; the potential lack of market acceptance of our products; potential competition; our inability to retain key members of our management team; our inability to raise additional capital to fund our operations and business plan; our inability to maintain our listing of our securities on the Nasdaq Capital Market; our ability to continue as a going concern; our liquidity and other risks and uncertainties and other factors discussed from time to time in our filings with the Securities and Exchange Commission ("SEC"), including our annual report on Form 10-K filed with the SEC. Workhorse expressly disclaims any obligation to publicly update any forward-looking statements contained herein, whether as a result of new information, future events or otherwise, except as required by law.
Investor Relations Contact:
Matt Glover and Tom Colton