Workhorse Group Receives HVIP Approval From California Air Resources Board For The W56
Portfolio Pulse from Benzinga Newsdesk
Workhorse Group Inc. (NASDAQ:WKHS) announced that its W56 electric vehicle has been approved for the California Air Resources Board's HVIP incentive program, which offers a base voucher of $85,000 per vehicle to reduce cost barriers for EV ownership in California. The W56 is a Class 5/6 model chassis platform, with production starting in September 2023. Workhorse has received its first fleet purchase order for W56 step vans in California and is aiming to expand market share in the EV step van segment.
January 03, 2024 | 1:46 pm
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Workhorse Group's W56 EV has been approved for the HVIP incentive program by CARB, potentially boosting sales and market share in California's EV segment.
The HVIP approval is a significant regulatory milestone for Workhorse, likely to enhance the attractiveness of the W56 EV to potential buyers by reducing cost barriers. This approval, coupled with the first fleet purchase order and the capacity to build up to 5,000 units annually, positions Workhorse for potential growth in sales and market share in the short term. The news is directly related to Workhorse's core business and is expected to be positively received by investors.
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