After the announcement of a substantial contract, shares of Workhorse Group Inc. (NASDAQ: WKHS) experienced a notable increase, rising by 26.06% to close at $2.08 in the previous trading session.
Award of Sourcewell Contract
Workhorse disclosed that it has secured a Sourcewell contract for procurement within the Class 4-8 chassis and cabs category, including related equipment, accessories, and services. With this important milestone, Workhorse may now serve the charitable, governmental, and educational sectors in all 50 states as well as Canada.
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In order to expedite the procurement process, the Minnesota legislature established Sourcewell as a local government agency and service cooperative.
Sourcewell pools the purchasing power of many agencies into a single cooperative organization and competitively solicits contracts to satisfy the public bidding requirements of its member entities. Following a stringent call for proposals, Workhorse was granted the contract, guaranteeing adherence to regional procurement guidelines.
Implications and Innovations
As a contract supplier, Workhorse joins a distinguished group of vendors approved to serve Sourcewell’s network of members throughout the United States and Canada. Participants in Sourcewell now have easier access to Workhorse’s array of all-electric medium-duty vehicles, which includes the W56 step van, W750 step van, and W4 CC cab chassis.
Through this arrangement, municipalities throughout the country will be able to obtain zero-emission cars that effectively satisfy their operating needs while also easing the transition to zero-emission fleets.
On Product Development Front
Workhorse recently introduced its latest innovation, the W56 with a 208-inch wheelbase. This extended wheelbase variant is designed to accommodate Workhorse’s next-generation step van body, which spans 22 feet and offers an impressive cargo volume of 1,200 cubic feet.
The 208-inch wheelbase W56 exemplifies Workhorse’s commitment to continuous innovation to meet the evolving needs of customers, featuring over one hundred refinements aimed at enhancing efficiency and facilitating easier upfitting.
As previously announced, Workhorse has received an order for the extended wheelbase W56 from a client who was pleased with the W56 platform’s superior technical capabilities as well as the company’s first-rate service and support.
