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Workhorse W56 Eligible for California HVIP Vouchers of $85,000 and Higher; Dealers Submit Voucher Requests as Company Showcases Step Van at FedEx Forward Summit

1. WKHS's W56 van qualifies for $85,000 HVIP incentives in California. 2. Kingsburg Truck Sales requests over 20 HVIP vouchers for ordered W56 vehicles. 3. Workhorse expects increasing demand and backlog for W56 vans this quarter. 4. WKHS participates in FedEx Summit showcasing successful delivery routes. 5. Merger with Motiv Electric Trucks expected to finalize by Q4 2025.

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FAQ

Why Bullish?

The HVIP incentives enhance demand for WKHS's electric vehicles, likely boosting sales. Previous incentives for electric vehicles have led to increased market share and stock price for similar companies.

How important is it?

The article discusses significant incentives directly impacting WKHS's flagship product, the W56. Given the expected demand increase and showcase events, this has strong implications for growth.

Why Short Term?

With immediate HVIP vouchers available and upcoming allocations, sales can increase quickly. Similar situations have shown that incentives translate into faster revenue growth.

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September 10, 2025 08:30 ET  | Source: Workhorse Group, Inc. CINCINNATI, Sept. 10, 2025 (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 its W56 step van is eligible for $85,000 in base incentives per vehicle through California’s Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP), which reopened yesterday for voucher request submissions. Workhorse Certified Dealer Kingsburg Truck Sales is submitting an initial set of more than 20 HVIP voucher requests this week on behalf of customers who placed orders through the dealership ahead of the program’s reopening. With voucher allocations expected in the fourth quarter of 2025, Workhorse anticipates a growing backlog as demand builds for its flagship W56 electric step van. “At Workhorse, our goal is simple: build electric trucks that fleets can put to work right away,” said Rick Dauch, CEO of Workhorse. “With HVIP incentives, California fleets with up to 50 trucks can lower the cost of a W56 by at least $85,000—and possibly more depending on where it’s deployed. We’re already seeing the W56 prove itself on real delivery routes, and these incentives help accelerate that momentum.” In addition to HVIP reopening, Workhorse is showcasing the W56 this week at the FedEx Forward Service Provider Summit in Orlando, Florida, marking its third year participating in the event. The vehicle on display represents the same W56 step vans already in service with FedEx Express and multiple FedEx Independent Service Providers (ISPs) in California and other states nationwide, where they have collectively logged tens of thousands of miles on daily delivery routes. The W56 is available in 178-inch and 208-inch wheelbase configurations, offering 1,000 or 1,200 cubic feet of cargo capacity, and is designed, engineered, and built in the USA at the Company’s Union City, Indiana manufacturing facility. For more information about the Workhorse W56 and available incentives, visit www.workhorse.com/W56 or contact sales@workhorse.com. About Workhorse Group Inc.Workhorse Group Inc. (Nasdaq: WKHS) is a technology company focused on pioneering the transition to zero-emission commercial vehicles. Workhorse designs and builds its vehicles in the United States at the Workhorse Ranch in Union City, Indiana. The company’s best-in-class vehicles are designed for last-mile delivery, medium-duty operations, and a growing range of specialized applications. On August 15, 2025, Workhorse and Motiv Electric Trucks entered into a definitive merger agreement to combine in a transaction that will create a leading North American medium-duty electric truck OEM. The transaction is expected to close in the fourth quarter of 2025, subject to approval by Workhorse’s shareholders and other customary closing conditions. For more information, visit www.workhorse.com. Forward-Looking StatementsThe 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 vans. 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. Media Contact:Aaron Palash / Greg KlassenJoele Frank, Wilkinson Brimmer Katcher212-355-4449 Investor Relations Contact:Tom Colton and Greg BradburyGateway Group949-574-3860WKHS@gateway-grp.com

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