- The new addition is based on the same platform as Workhorse’s 210 kWh Workhorse W56 step van, but with a lower entry price.
- The company noted that it is looking to cater to fleet operators bothered by rising fuel prices and opting for electrification with the new vehicle.
- The W56 is currently in production at Workhorse’s manufacturing facility in Union City, Indiana.
Shares of Workhorse Group Inc. (WKHS) jumped 5% after hours on Wednesday after the company announced the availability of a new W56 Step Van model with a 140 kWh battery.
The 140 kWh configuration offers an estimated nominal range of 100 miles per charge at full payload and has a starting price of $169,000, the truck maker said, while adding that it is ideal for last-mile delivery needs. Most fleet operators need only 100 miles of daily range for many of their routes, it added.
The new addition is based on the same platform as Workhorse’s 210 kWh Workhorse W56 step van, but with a lower entry price. The company also noted that it is looking to cater to fleet operators bothered by rising fuel prices and opting for electrification with the new vehicle.
“Commercial ground fleets have similar exposure to spikes in fuel prices as airlines, and the launch of this new model offers fleets a no-compromise option to control costs while still ensuring efficient operations,” said company CEO Scott Griffith.
The W56 is currently in production at Workhorse’s manufacturing facility in Union City, Indiana. The facility is capable of producing up to 5,000+ vehicles per year on a single operating shift and making the vehicle wholly on site allows the company to provide predictable delivery timelines, Workhorse.
How Did Stocktwits Users React?
On Stocktwits, retail sentiment around WKHS stock stayed within the bullish territory over the past 24 hours, while message volume rose from normal to high levels.
WKHS stock has dropped about 89% over the past 12 months.
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