Workhorse (WKHS) Commences Production of W750 Electric Van
Workhorse Group Inc. WKHS has started producing W750 electric vans in its manufacturing plant located in Union City, IN. Moreover, the commercial fleet electric vehicle (EV) manufacturer has also entered into a partnership with Smyrna Truck, which is set to become Workhorse’s first certified dealer in Georgia. This partnership will allow Workhorse to expand its network for customers.
Rick Dauch, CEO of Workhorse, said that these milestones reflect the progress of the company toward making advancements in its product roadmap and executing the company’s strategic growth plan. He added that the company is excited to see its W750 van rolling out of its manufacturing facility and is poised to ramp up the van’s production in the coming months.
Last year, Workhorse discontinued its Class 3 C-1000 van to focus on W750, W4CC and W56. The company also signed a cab and chassis deal for W750 with GreenPower in March 2022.
The W750 has an interior volume of 750 cubic feet and 150 miles of range on a 118 kWatt battery. It takes about 11 hours to recharge on a level 2 charger and around 3 to 4 hours on a level 3 charger.
The Certified Dealer Program, launched by Workhorse in March 2023, is an initiative to develop a network of verified dealers that have passed the protocols necessary to safely repair and maintain the electric components of the company’s vehicles. The company has set up a comprehensive training program that provides dealers with hands-on and online training, including technical sales training.
Smyrna Truck has a 700,000-square-foot facility in Milledgeville, GA and one facility in La Grange, TX. It is a wholly-owned subsidiary of Fouts Bros, Inc.
Zacks Rank & Key Picks
WKHS currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Some top-ranked players in the auto space are Allison Transmission Holdings, Inc. ALSN, Li Auto, Inc. LI and Wabash National WNC.
Allison manufactures fully automatic transmissions for medium and heavy-duty commercial and heavy-tactical U.S. defense vehicles. ALSN shares are up 33.8% year-to-date.
Allison has a Zacks Rank #1 and a VGM Score of A. The Zacks Consensus Estimate for its current-year earnings has moved up 9.1% over the past 60 days. The company’s expected earnings growth rate for the current year is 19.53%.
Li Auto designs, develops, manufactures and sells premium smart electric SUVs. Li shares are up 70.1% year-to-date.
Li Auto has a Zacks Rank #1 and a VGM Score of B. The company’s expected earnings growth rate for the current year is 2,400%.
Wabash is one of the leading manufacturers of semi-trailers in North America. WNC shares are up 11.4% year-to-date.
Wabash has a Zacks Rank #1 and a VGM Score of B. The Zacks Consensus Estimate for its current-year earnings has moved up 47.9% over the past 60 days. The company’s expected earnings growth rate for the current year is 90.67%.
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