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May 10 , 2021 WORKHORSE ™ Workhorse Group Reports First Quarter 2021 Results CINCINNATI , May 10 , 2021 ( GLOBE NEWSWIRE ) -- Workhorse Group Inc. ( Nasdaq : WKHS ) ( " Workhorse " or " the Company " ) , an American technology company focused on providing sustainable and cost - effective drone - integrated electric vehicles to the last - mile delivery sector , today reported financial results for the first quarter ended March 31 , 2021 . Release Updates and Highlights • Produced a total of 38 C - Series vehicles year - to - date , more than doubling the number produced in comparison to the combined previous three quarters . • Entered into a strategic development agreement with EAVX , a subsidiary ofJ.B. Poindexter & Co. ( “ JBPCO ” ) , a leading provider of commercial vehicle body solutions , expand Workhorse's product line and create solutions for new customer segments . • Entered into a supply agreement with Coulomb Solutions , Inc. ( “ CSI ” ) , the North American distributor of Contemporary Amperex Technology Co. , Limited ( “ CATL ” ) Commercial Vehicle Battery Systems , to provide battery systems for the Company's delivery vans starting in the second quarter of this year . • Appointed Ryan Gaul as President - Commercial Vehicles , a newly created role responsible for the Company's commercial vehicles division , including its manufacturing facility in Union City , IN . • Appointed John Graber as President - Aerospace , a newly created role responsible for Workhorse's Unmanned Aerial Systems businesses . Graber brings decades of C - level experience at public and private companies engaged in the aerospace industry , where he specialized in corporate strategy , business development and M & A . Management Commentary " We have had a step function improvement in production in the last month . Although we had planned to have achieved our year - to - date number of trucks produced sooner , we took the additional time to ensure that we were building top - quality vehicles for our customers while improving our production processes , " said Workhorse CEO Duane Hughes . " Bottlenecks within the global supply chain and offshore shipping delays of commodity raw materials and components as well as our initial stages of production limited our capacity to produce during the first quarter . However , our vehicle production numbers in April in comparison to the last few quarters are encouraging as are the proactive steps we are taking to build our volumes and ensure consistent production . " " More specifically , we've solidified our inspection processes for quality control , grown our production workforce significantly , bolstered our supply chain with the addition of another battery supplier in CSI / CATL , and made enhancements to our customer service processes through an improved , end - to - end approach . Though we are certainly making steady progress in improving our vehicle manufacturing throughput , we are adjusting our 2021 production estimate to 1,000 units . Our deliberate approach to growth will ensure we are