Workhorse Group Inc. announced a strategic collaboration with Kingsburg Truck Sales (?Kingsburg?), its certified dealer based in Kingsburg, California, as well as the completion of the previously disclosed divestiture of its Aero business. These developments highlight Workhorse?s ongoing efforts to address the needs of California?s commercial truck and small fleet owners amid the enforcement of California Air Resources Board (CARB) regulations, while also streamlining its business to focus on core strengths. An integral part of the collaboration is Kingsburg?s commitment to purchase 141 units of the Workhorse W4 CC Class 4 battery-electric cab chassis trucks which are expected to be delivered in 2024.

This order, which is subject to significant terms and conditions, including the receipt of California?s Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP) vouchers, demonstrates Kingsburg?s confidence that Advanced Clean Fleet (ACF) regulations are changing the market for work trucks in California and beyond. By expanding their inventory with a notable number of W4 CC trucks, Kingsburg is well-equipped to serve customers seeking reliable, zero-emission work vehicles that comply with California?s ACF regulations. In December 2022, Kingsburg became Workhorse?s first certified electric vehicle (EV) dealer in the state of California.

Since then, Kingsburg has played a pivotal role in facilitating multiple purchase orders for Workhorse vehicles, earning recognition as Workhorse?s 2023 dealer of the year. Workhorse?s extensive network of commercial vehicle upfit partners and approved upfits enables the W4 CC to be customized for a wide array of applications, from refrigerated and dry box trucks to utility work and landscaping. This versatility, combined with the W4 CC?s reliable performance, positions Workhorse and its dealers to meet the growing demand for electric work trucks across various industries.

Through a limited promotion, Kingsburg Truck Center is offering the Workhorse W4 CC with three popular body options ? Flatbed, Utility Bed, and Landscape Body ? ensuring quick delivery to meet the needs of work truck owners and small fleet operators.

The promotion is available while supplies last and HVIP vouchers remain available. Workhorse expects the Workhorse W4 CC to qualify for up to $60,000 in incentives through California?s HVIP, which is intended to offset the cost of clean vehicle purchases for eligible customers. Additional state and federal incentives may also be available to qualified buyers.

Kingsburg Truck Sales and Workhorse are committed to assisting customers in securing these incentives, which are crucial for fulfilling the order, and simplifying the acquisition process. Aero Divestiture Enhances Focus on Commercial EVs:In a move to further streamline its operations and focus on core strengths, Workhorse has completed the previously disclosed divestiture of its Aero business to an affiliate of ATW Partners LLC (?ATW?). This divestiture is expected to provide monthly cost savings of approximately $375,000 and enhances Workhorse?s ability to concentrate on its commercial EV truck business.

Under the agreement?s earn-out provisions, Workhorse will receive a portion of the proceeds if the Aero business realizes revenues from certain contingent sources.