Progressive Manufacturing Company becomes a Workhorse dealer, enhancing access to electric commercial vehicles with integrated EnviroCharge technology.
Quiver AI Summary
Progressive Manufacturing Company (PMC) has partnered with Workhorse Group Inc. to become a dealer of their electric commercial vehicles, enhancing the options available for specialized fleets. PMC has placed a purchase order for Workhorse's W56 step van and W4 CC cab chassis, which will serve as demonstration models showcasing the integration of EnviroCharge's mobile DC fast chargers for off-grid fleet EV charging. This collaboration aims to leverage Workhorse's zero-emission platforms to meet the unique needs of various industries, including last-mile delivery and utility services. The partnership reflects PMC's commitment to innovative, purpose-built vehicle solutions and strengthens Workhorse's network of OEM upfit partners.
Potential Positives
- Progressive Manufacturing Company (PMC) has joined the Workhorse dealer network, increasing the distribution of electric commercial vehicles to specialized fleets.
- The partnership enables the integration of innovative technologies such as EnviroCharge's mobile DC fast chargers, enhancing the functionality of Workhorse vehicles for off-grid and remote applications.
- PMC has placed a purchase order for Workhorse's W56 and W4 CC models to be used as demonstration units, showcasing their capabilities to potential customers.
- The collaboration supports the expansion of the zero-emission vehicle market, aligning with Workhorse's strategy to strengthen American manufacturing and increase its OEM upfit partner network.
Potential Negatives
- The press release includes forward-looking statements that indicate substantial risks and uncertainties regarding the timely delivery of the vehicles, which could impact the company's credibility and operational timelines.
- The mention of a need for integration of specialized equipment from EnviroCharge raises concerns about the dependency on third-party technology, which may affect the effectiveness and reliability of Workhorse’s vehicles.
- Workhorse's focus on expanding its dealer network highlights a potential need for increased distribution capabilities, suggesting current limitations in reaching broader markets.
FAQ
What is the significance of PMC becoming a Workhorse dealer?
PMC's dealership expands access to electric commercial vehicles, showcasing innovative applications for specialized fleets.
Which Workhorse vehicles did PMC purchase?
PMC signed a purchase order for the Workhorse W56 step van and W4 CC cab chassis for demonstration purposes.
What technology will be integrated with Workhorse vehicles?
EnviroCharge’s mobile DC fast chargers will be integrated, supporting off-grid EV fleet charging using clean energy.
Where is Progressive Manufacturing Company located?
PMC is located in Union City, Indiana, near Workhorse's manufacturing facility, enhancing collaboration and distribution.
How does PMC enhance Workhorse's vehicle offerings?
PMC specializes in custom upfitting, extending the functionality of Workhorse’s zero-emission vehicles for various industries.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$WKHS Hedge Fund Activity
We have seen 2 institutional investors add shares of $WKHS stock to their portfolio, and 4 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- ETHIC INC. added 15,268 shares (+inf%) to their portfolio in Q3 2024
- IFP ADVISORS, INC removed 475 shares (-10.8%) from their portfolio in Q2 2024
- GILLILAND JETER WEALTH MANAGEMENT LLC added 100 shares (+inf%) to their portfolio in Q3 2024
- BENJAMIN F. EDWARDS & COMPANY, INC. removed 25 shares (-100.0%) from their portfolio in Q2 2024
- CIBC PRIVATE WEALTH GROUP, LLC removed 24 shares (-100.0%) from their portfolio in Q2 2024
- FINANCIAL GRAVITY ASSET MANAGEMENT, INC. removed 9 shares (-100.0%) from their portfolio in Q2 2024
- ALPHAMARK ADVISORS, LLC added 0 shares (+0.0%) to their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
Progressive Manufacturing Company (PMC) has become a Workhorse dealer, expanding the availability of electric commercial vehicles to specialized fleets.
The partnership enables integration of equipment from EnviroCharge for specialized applications.
PMC has signed a purchase order for Workhorse’s W56 and W4 CC vehicles which will become demo models.
CINCINNATI, Dec. 10, 2024 (GLOBE NEWSWIRE) -- Workhorse Group Inc. (Nasdaq: WKHS ) (“Workhorse” or “the Company”), an American technology company focused on pioneering the transition to zero-emission commercial vehicles, today announced that Progressive Manufacturing Company LLC (PMC) has joined its growing dealer network. PMC is a second-stage manufacturer and distributor specializing in equipping commercial vehicles with highly specialized technology.
As part of this partnership, Progressive Manufacturing has signed a purchase order for a Workhorse W56 step van and W4 CC cab chassis, which will be used as demonstration units by their contracted sales team. Both will showcase EnviroCharge’s mobile DC fast chargers, providing a groundbreaking solution for off-grid fleet EV charging using clean energy sources.
EnviroCharge, based in Sacramento, California, delivers mobile and stationary fast charging solutions that are essential for EV fleets operating in off-grid or remote locations. These integrations highlight the diverse operational capabilities of Workhorse vehicles.
“Partnering with PMC to deploy new, enabling technologies for customer applications aligns perfectly with our strategies of building a strong, American manufacturing base in Union City, Indiana, and growing the market for our electric vehicle platforms by having the largest network of OEM upfit partners in the industry,” said Ryan Gaul, Workhorse President of Commercial Vehicles. “This collaboration demonstrates the adaptability of Workhorse's zero-emission platforms, offering solutions that elevate fleet performance while addressing unique operational needs.”
Rob Lykins, Founder and Owner of PMC added, “Becoming a Workhorse dealer is an exciting milestone for us. We’re excited to work with Workhorse because their electric vehicles are as versatile as they are reliable. The W56 and W4 CC provide a strong foundation for the advanced equipment we integrate, giving our customers innovative all-electric solutions that redefine what’s possible in their industries.”
Progressive Manufacturing Company, located in Union City, Indiana, near Workhorse's manufacturing facility, specializes in upfitting vehicles with purpose-built solutions that extend beyond traditional upfitting. Their work expands the functionality of Workhorse’s zero-emission vehicles for industries such as last-mile delivery, EV fleet operations, and utility applications. Licensed to sell vehicles nationally, PMC will distribute these vehicles through an extended dealer network and directly to customers.
About Progress Manufacturing Company LLC
Progress Manufacturing Company LLC (PMC) is a contract manufacturer located in Progress Industrial Park in Union City, Indiana next to the Workhorse Ranch. With over 130,000 square feet of manufacturing space, PMC has many diverse capabilities including custom upfitting, assembly, design, distribution, transportation and special vehicle integration on many truck and chassis platforms. PMC’s experienced, talented staff and workforce offer years of experience and ample capacity to support its growing customer base. For more information, visit
www.envirocharge.tech
or call 765-969-0807.
About Workhorse Group Inc.
Workhorse is a technology company focused on providing ground-based electric vehicles to the last-mile delivery sector. As an American original equipment manufacturer, we design and build high performance, battery-electric trucks. Workhorse also develops cloud-based, real-time telematics performance monitoring systems that are fully integrated with our vehicles and enable fleet operators to optimize energy and route efficiency. All Workhorse vehicles are designed to make the movement of people and goods more efficient and less harmful to the environment. For additional information visit
workhorse.com
.
Forward-Looking Statements
The discussions in this press release contain forward-looking statements reflecting our current expectations that involve risks and uncertainties. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. When used in this press release, the words “anticipate,” “expect,” “plan,” “believe,” “seek,” “estimate,” and similar expressions are intended to identify forward-looking statements and relate to future periods. These are statements that involve substantial risks and uncertainties, including our ability to timely deliver the W56 step van and W4 CC cab chassis applicable to the purchase order and conditions to delivery and acceptance thereof. Forward-looking statements are statements that are not historical facts and speak only as of the date hereof. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions, or circumstances on which any such statement is based, except as required by law.
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