Workhorse Executes Strategic Development Agreement with J.B. Poindexter & Co. Subsidiary EAVX to Expand its Product Offerings

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, announced today that it has entered into a strategic development agreement with EAVX, a subsidiary of J.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.

Workhorse and EAVX will be developing a next-generation delivery vehicle that leverages Workhorse’s leadership in last-mile delivery EVs, controls software and drone technology as well as the EAVX and the J.B. Poindexter & Co group of companies’ decades of experience with vehicle body engineering, construction, and assembly. With the rapid growth of the last mile delivery sector, the increased demand for deliveries, and the expansion of product types being delivered, a broader option of vehicle sizes and configurations is another way for Workhorse to scale its manufacturing and distribution efforts and to accelerate sales and capture additional market share.

“This agreement with EAVX will allow us to jointly develop new offerings serving more of the last-mile delivery market, and we’re looking forward to the partnership,” said Duane Hughes, Workhorse CEO. “The agreement also opens up other areas of potential collaboration that we believe will drive significant value for both companies. We expect the end result to be a combination of the best attributes of our two companies being applied to fleet operations for new and better products.”

John Poindexter, JBPCO Chairman and CEO, added: "The electric chassis industry is changing radically, and we're pleased to partner with Workhorse to address our present and future customer’s plans. Our customers presently rely upon internal combustion chassis, which we integrate into truck bodies produced by one of the nine business units comprising JBPCO. Our strategic collaboration with Workhorse demonstrates our confidence in its abilities to produce a high-quality electric chassis intended to be incorporated into work trucks and delivery bodies.”