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WORKHORSE ™ August 9 , 2021 Workhorse Group Reports Second Quarter 2021 Results CINCINNATI , Aug. 09 , 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 second quarter ended June 30 , 2021 . Release Updates and Highlights • Appointed Richard F. " Rick " Dauch as Chief Executive Officer and board member . • Produced 133 C - Series vehicles year to date , which included 14 deliveries in the second quarter . The Company anticipates the remainder to be sold or leased to niche markets in the next twelve months . • Entered into a strategic development agreement with EAVX , a subsidiary ofJ.B. Poindexter & Co. ( “ JBPCO ” ) , a leading provider of commercial vehicle body solutions , to expand Workhorse's product line and create solutions for new customer segments . • Subsequent to the end of the second quarter , the Company sold 72 % of its RIDE shares , providing expected net proceeds of nearly $ 79 million . Management Commentary " In my short time here with the Workhorse team , I have been impressed by the talent , resources , and capabilities of our collective group . I joined Workhorse because of their leadership position in last mile delivery technologies , the nearly 8,000 diverse customer order backlog confirmed with standard vehicle purchase agreements that include typical terms and conditions , eight million miles of road - tested delivery trucks operating in the field and the opportunity to be a market leader in our space , " said Workhorse CEO Rick Dauch . " Our initial production run of the C - 1000 has confirmed the excitement around that product , which we have shown to existing customers and dealers and are beginning to deliver in limited quantities . What is clear from the initial customer feedback is that we need to further increase the payload capacity of our vehicles . While we revise the design the vehicle , we believe we can continue with a limited level of production for customers where our current payload is adequate or those who want to road test one of the few , if not only vehicles in our market that are available to them now . I will be conducting a thorough review of all aspects of our operations with the goal of developing a new , long - term strategic roadmap to address and improve our trucks and operational capabilities by the fourth quarter of this year . " Workhorse is making the transition from an advanced technology start - up to a leading manufacturer of pure electric powered last mile delivery solutions , which is no small task . We recognize that there is a lot of work still to be done and likely difficult decisions ahead to position our company for long - term success . Workhorse and the EV industry at large are at an inflection point ; we have a tremendous opportunity ahead of us , and we intend to move decisively to capture a meaningful share of this nascent market . I look forward to working with our team , valued customers and industry partners as we take Workhorse into its next