New configuration purpose-built for the needs of in-city, last-mile package deliveryLower entry price combined with 100-mile range offers more affordable option for companies seeking to diversify fleets as a hedge

WKHS

Workhorse Expands Product Lineup with 140 kWh Version of Popular W56 Step Van

Workhorse Introduces Affordable W56 Electric Step Van Amid Rising Fuel Prices

<section class="insight" data-version="1">
 <section data-block="information">
 <h3>Information</h3>
 New configuration purpose-built for the needs of in-city, last-mile package deliveryLower entry price combined with 100-mile range offers more affordable option for companies seeking to diversify fleets as a hedge
 </section>

 <section data-block="ai-summary-paragraph">
 <h3>AI Summary</h3>
 Workhorse Group has unveiled a new 140 kWh W56 Step Van model, positioning it competitively amidst rising oil prices. The vehicle’s 100-mile range and lower starting price aim to attract fleet operators looking to electrify without compromising on efficiency or costs, likely enhancing Workhorse&#039;s market presence.
 </section>

 <section data-block="ai-summary-bullets">
 <h3>Key Points</h3>
 <ul><li>Workhorse launched a new W56 Step Van with a 140 kWh battery.</li><li>The van features a 100-mile range and starts at $169,000.</li><li>Demand for lower-cost electric vehicles rises amid surging oil prices.</li><li>The model supports fleet operators&#039; move towards electric vehicle diversification.</li><li>Production capabilities are enhanced by the recent Motiv Electric Trucks merger.</li></ul>
 </section>

 <section data-block="companies-mentioned">
 <h3>Companies Mentioned</h3>
 <ul><li>FedEx (FDX): FedEx&#039;s fleet operators may adopt W56 vans for electrification purposes.</li><li>Motiv Electric Trucks (N/A): The merger is expected to lower production costs for Workhorse.</li></ul>
 </section>

 <section data-block="category">
 <h3>Corporate Developments</h3>
 This fits within &#039;Corporate Developments&#039; as Workhorse&#039;s new product directly impacts its operational strategy and market positioning amidst economic shifts.
 </section>

 <section data-block="market-moving">
 <h3>Market-Moving</h3>
 <ul><li>The new W56 Step Van caters to fleet operators needing cost-effective electric solutions.</li><li>Skyrocketing fuel prices drive demand for electric vehicle alternatives like the W56.</li><li>Expected production growth from the Motiv merger may enhance profitability for WKHS.</li><li>Workhorse&#039;s competitive pricing could increase market share against traditional fuel vehicles.</li></ul>
 </section>

 <section data-block="key-facts">
 <h3>Key Facts</h3>
 <ul><li>The W56 Step Van&#039;s 140 kWh starts at $169,000.</li><li>The vehicle offers 1,000 cubic feet of cargo space and 11,000 lbs of payload.</li><li>Production capacity at the Indiana facility exceeds 5,000 vehicles per year.</li><li>The announcement follows the Motiv Electric Trucks merger in December 2025.</li><li>Analysts predict sustained high oil prices exceeding $100.</li></ul>
 </section>

 <section data-block="trading-thesis">
 <h3>Trading Thesis</h3>
 Invest in WKHS as the new model could drive significant demand in the short term.
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<link type="text/css" rel="stylesheet" href="https://www.globenewswire.com/styles/gnw_nitf.css"></link><ul type="disc"><li style="list-style-position:inside; text-align:center;">New configuration purpose-built for the needs of in-city, last-mile package delivery</li><li style="list-style-position:inside; text-align:center;">Lower entry price combined with 100-mile range offers more affordable option for companies seeking to diversify fleets as a hedge against rising fuel prices </li></ul> DETROIT, March 25, 2026 (GLOBE NEWSWIRE) -- <a href="https://www.globenewswire.com/Tracker?data=4kTR7dadXeR1pp6t3IK_AxyoQbAUNG-_ZzXD5wqwNR0h-5s3HitdD2sEhMUB9yb0cBr0E-siN4J08dhtogLyrfP_2Q-Cke268EZRdgO843E=" rel="nofollow" target="_blank">Workhorse Group Inc.</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/WKHS">WKHS</a>) ("Workhorse"), a North American OEM and provider of all-electric trucks, step vans, shuttles and buses, today announced the availability of a new W56 Step Van model with a 140 kWh battery. The new model is based on the same platform as the 210 kWh Workhorse W56 step van, which is renowned for its spacious cargo, ergonomic design, reliability and durability and comes in two wheelbases (Standard and Extended). W56 step vans with the Standard Wheelbase and 140 kWh configuration offer an estimated nominal range of 100 miles per charge at full payload. Pricing begins at $169,000 which includes a fully-integrated, purpose-built composite body. Because Workhorse produces the W56 fully on site, it has greater control of the process which can result in lower costs and more predictable delivery timelines. The Standard 178&#34; Wheelbase offers 1,000 cubic feet of cargo space and a payload of 11,000 lbs., making it ideal for many last-mile delivery needs. The Expanded 208&#34; Wheelbase offers 1,000 cubic feet of cargo space and 10,000 lbs., making it perfect for larger loads with the added benefit of enhanced stability for efficient operations. "The new 140 kWh version of our W56 step van is a result of listening to customer feedback and purpose-building a product to meet their needs," said Scott Griffith, CEO of Workhorse. "We've been able to balance the functional needs of fleets – range, durability, reliability and performance – with a lower entry price to offer a ‘no-compromise' electric truck." Fleet operators, (such as the network of independent service providers (ISPs) operating FedEx Ground routes, including Stables by Workhorse, an ISP that is owned and operated by Workhorse), have consistently reported that 100 miles of daily range substantially exceeds their needs for many of their routes. They've stated that a more appropriately sized battery pack at a lower price point would strengthen the business case for electrification. The timing of today's announcement comes as oil prices have surged — exceeding $100 at their recent peak1 — following geopolitical disruptions in the Middle East. Analysts at Goldman Sachs have warned that triple-digit oil could become a structural reality for years to come2. For fleet operators of any size, fuel is often the second-largest operating expense after the cost/depreciation of the vehicle itself3. "Commercial ground fleets have similar exposure to spikes in fuel prices as airlines, and the launch of this new model offers fleets a no-compromise option to control costs while still ensuring efficient operations," said Scott Griffith, CEO of Workhorse. "Because electricity costs are low, local, and more immune to global oil shocks, we believe every electric truck in a mixed fleet can act as a buffer against the volatility that is once again hammering operators who run entirely on gasoline and diesel." The new model and pricing are a result of the initial synergies realized through Workhorse's December 2025 merger with Motiv Electric Trucks, as the combined company works to drive down production costs through economies of scale as well as operational and supply chain efficiencies. Fleets now have new options as they seek to reduce overall operating costs and hedge against the volatility of gas prices. ISPs can now operate a blend of 140 kWh and 210 kWh configurations of the Workhorse W56 to optimize performance among the mix of shorter and longer routes they serve daily. The W56 is currently in production at Workhorse's commercial-scale manufacturing facility in Union City, Indiana, which is capable of producing up to 5,000+ vehicles per year on a single operating shift. Workhorse sells its vehicles through a national dealer network, with post-sale support bolstered by regionally deployed Workhorse-trained technicians. About Workhorse Group Inc. Headquartered in the Detroit area with a commercial-scale manufacturing plant in Union City, Indiana, Workhorse (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/WKHS">WKHS</a>) is redefining what a medium-duty truck should be. Workhorse builds software-first, electric trucks, shuttles and buses that are powerful, cost-efficient, reliable, safe and comfortable — all with zero tailpipe emissions. Our deep experience building electric vehicles at scale drives intentional innovations designed to help customers lower operating costs, improve fleet performance, enhance the driver experience, and maximize uptime without compromise. More information is available at <a href="http://www.workhorse.com" title="www.workhorse.com">www.workhorse.com</a>. Media Relations Contact: Workhorse John Williams, Communications +1-206-660-5503, <a href="mailto:john.williams@workhorse.com">john.williams@workhorse.com</a> ICR, Inc., workhorse@icrinc.com Investor Relations Contact: ir@workhorse.com Forward-Looking Statements This press release contains "forward-looking statements" within the meaning of Section 21E of the Exchange Act, and the Private Securities Litigation Reform Act of 1995, as amended. All statements other than statements of historical fact included in this press release, including, among other things, statements regarding future events, plans and anticipated results of operations, business strategies, the anticipated benefits of the Motiv/Workhorse merger, the anticipated impact of the Workhorse/Motiv merger on the combined company's business and future financial and operating results, the expected amount and timing of synergies from the Workhorse/Motiv merger and other aspects of either company's operations or operating results are forward-looking statements. Some of these statements may be identified by the use of the words "plans", "expects" or "does not expect", "estimated", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", "targets", "projects", "contemplates", "predicts", "potential", "continue", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "should", "might", "will" or "will be taken", "occur" or "be achieved". Forward-looking statements are based on the opinions and estimates of management of Workhorse as of the date such statements are made, and they are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Some factors that could cause actual results to differ include our ability to achieve the expected synergies and/or efficiencies from our operations and as a result of the Motiv/Workhorse merger; the effect of the announcement of the Motiv/Workhorse merger on the ability of the parties to operate their businesses and retain and hire key personnel and to maintain favorable business relationships; the possibility that the integration of the parties may be more difficult, time-consuming or costly than expected or that operating costs and business disruptions may be greater than expected; the risk that the price of our securities may be volatile due to a variety of factors; changes in laws, regulations, technologies, the global supply chain, and macro-economic and social environments affecting our business; and our ability to maintain compliance with Nasdaq rules and otherwise maintain our listing of securities on Nasdaq. Additional information on these and other factors that may cause actual results and Workhorse's performance to differ materially is included in Workhorse's periodic reports filed with the SEC, including, but not limited to, Workhorse's Annual Report on Form 10-K for the year ended December 31, 2024, including those factors described under the heading "Risk Factors" therein, and Workhorse's subsequent Quarterly Reports on Form 10-Q. Copies of Workhorse's filings with the SEC are available publicly on the SEC's website at <a href="http://www.sec.gov" title="www.sec.gov">www.sec.gov</a> or may be obtained by contacting Workhorse. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. These forward-looking statements are made only as of the date hereof, and Workhorse undertakes no obligations to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. <hr></hr> 1 <a href="https://www.globenewswire.com/Tracker?data=Zmp3Re4pxZBkVV8tAORTblbtRTuSF9JCsX7rbZ2JURj3KNhlNilxJVYe6qu287dqrY1FC5QyHw0MnHa-biK6mHnJwfkFnT1REeva152EsOE-npfJv4UtqO0-adCu5VIhh3ZpKmYbIpnrLP4xfvJGmRtFqTJN-Ytan9sJ1ujMgyH5BDFTgBtVTXcaju0Xuxi9o6-nt02qPxoh_kFKkE7-1BW42b0iiXfeX1N1EDxk4goK0fgnG6Bcm54PXDdi0_HX" rel="nofollow" target="_blank">https://qz.com/brent-crude-oil-prices-wti-iran-war-energy-attacks-south-pars</a> 2 https://www.cnn.com/2026/03/20/energy/oil-gas-prices-intl-hnk 3 <a href="https://www.automotive-fleet.com/346725/containing-fuel-spend-is-a-top-fleet-focus-despite-price-stability" title="https://www.automotive-fleet.com/346725/containing-fuel-spend-is-a-top-fleet-focus-despite-price-stability">https://www.automotive-fleet.com/346725/containing-fuel-spend-is-a-top-fleet-focus-despite-price-stability</a> A photo accompanying this announcement is available at <a href="https://www.globenewswire.com/Tracker?data=Zmp3Re4pxZBkVV8tAORTbhAtMtF48R_yb3-vUIw-q78re2TyMbVro34Pfhg4mePGUY_D-cfbibhp2tz_9ybP6882fDRXWiIi-Dg31LT0w3k2IsORan2KZsvNtx2muuCsfh1RRpmzYV_x9gQo1MJy_sYOSvGAZfk2yKhNXcqMsrzpruuKnqhc-nW0cLwuoUo608yVdsPYM3vPF30nFuxpJhQ34d-549tJZti4HS7MBvbaxbzwJOPDZPR-eN6vwUEKnnojDNUl9acvlcnmysiIKQ==" rel="nofollow" target="_blank">https://www.globenewswire.com/NewsRoom/AttachmentNg/e7d2a6f4-92e1-44f6-817b-94364a951e49</a> <img alt="" class="__GNW8366DE3E__IMG" src="https://www.globenewswire.com/newsroom/ti?nf=OTY3ODY3NCM3NTA0MDg4IzIwMjg4MjM="></img> <img alt="" src="https://ml.globenewswire.com/media/ZWM3Y2E3YTgtNTM4Mi00ODEzLWFmNGEtODYzZWJkMGRiYThhLTEwNDAzOTQtMjAyNi0wMy0yNS1lbg==/tiny/Workhorse-Group-Inc-.png" referrerpolicy="no-referrer-when-downgrade"></img><a href="https://www.globenewswire.com/NewsRoom/AttachmentNg/aa2a96de-9c3a-40a4-91ee-e9e32b0e475a"><img src="https://ml.globenewswire.com/media/aa2a96de-9c3a-40a4-91ee-e9e32b0e475a/small/workhorse-logo-png.png" border="0" width="150" height="65" alt="Primary Logo"></img></a>

Workhorse Group has unveiled a new 140 kWh W56 Step Van model, positioning it competitively amidst rising oil prices. The vehicle’s 100-mile range and lower starting price aim to attract fleet operators looking to electrify without compromising on efficiency or costs, likely enhancing Workhorse's market presence.

Workhorse Expands Product Lineup with 140 kWh Version of Popular W56 Step Van

AI Summary

Sentiment Rationale

Trading Thesis

Market-Moving

Key Facts

Companies Mentioned

Corporate Developments

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