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Workhorse Receives Purchase Order for W56 Step Vans From FedEx
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Workhorse Group Inc. (WKHS - Free Report) , an America-based tech company focused on zero-emission commercial vehicles, has received a purchase order for 15 W56 step vans from FedEx Corporation (FDX - Free Report) , a leader in global express delivery services. This order follows a successful test where the W56 met FedEx’s operational requirements.
The addition of these vans supports FedEx’s goal of achieving carbon-neutral operations by 2040. In real-world delivery route tests, the W56 achieved 31 MPGe, a significant improvement over the national average of seven MPG for delivery trucks. With each van expected to drive 31,875 miles per year, the purchase will help avoid around 607 metric tons of tailpipe emissions annually.
The W56 step van is designed for the demanding requirements of last-mile delivery. With an efficient eAxle electric drivetrain, regenerative braking and extended range, it offers reduced energy consumption, lower operating costs and a smaller environmental footprint. This makes it ideal for stop-and-go delivery routes.
FedEx order comes just weeks after Workhorse raised concerns about its ability to continue as a going concern. At that time, WKHS cautioned about its ability to sustain operations due to ongoing operational losses, an accumulated deficit, anticipated capital requirements, as well as delays in vehicle launches and weaker-than-expected market demand.
In the second quarter of 2024, WKHS reported revenues of $0.8 million, down from $4 million in the corresponding quarter of 2024 due to lower year-over-year W4 CC vehicle sales. Net loss widened to $26.3 million from $23 million in the corresponding quarter of 2024. As of June 30, 2024, the company’s cash and cash equivalents amounted to $5.3 million, down from $25.8 million as of Dec. 31, 2023.
The consensus estimate for DORM’s 2024 sales and earnings suggests year-over-year growth of 3.71% and 35.46%, respectively. EPS estimates for 2024 and 2025 have improved 51 cents and 37 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for PLOW’s 2024 earnings suggests year-over-year growth of 60.4%. EPS estimates for 2024 have improved 15 cents in the past 60 days.
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Workhorse Receives Purchase Order for W56 Step Vans From FedEx
Workhorse Group Inc. (WKHS - Free Report) , an America-based tech company focused on zero-emission commercial vehicles, has received a purchase order for 15 W56 step vans from FedEx Corporation (FDX - Free Report) , a leader in global express delivery services. This order follows a successful test where the W56 met FedEx’s operational requirements.
The addition of these vans supports FedEx’s goal of achieving carbon-neutral operations by 2040. In real-world delivery route tests, the W56 achieved 31 MPGe, a significant improvement over the national average of seven MPG for delivery trucks. With each van expected to drive 31,875 miles per year, the purchase will help avoid around 607 metric tons of tailpipe emissions annually.
The W56 step van is designed for the demanding requirements of last-mile delivery. With an efficient eAxle electric drivetrain, regenerative braking and extended range, it offers reduced energy consumption, lower operating costs and a smaller environmental footprint. This makes it ideal for stop-and-go delivery routes.
FedEx order comes just weeks after Workhorse raised concerns about its ability to continue as a going concern. At that time, WKHS cautioned about its ability to sustain operations due to ongoing operational losses, an accumulated deficit, anticipated capital requirements, as well as delays in vehicle launches and weaker-than-expected market demand.
In the second quarter of 2024, WKHS reported revenues of $0.8 million, down from $4 million in the corresponding quarter of 2024 due to lower year-over-year W4 CC vehicle sales. Net loss widened to $26.3 million from $23 million in the corresponding quarter of 2024. As of June 30, 2024, the company’s cash and cash equivalents amounted to $5.3 million, down from $25.8 million as of Dec. 31, 2023.
Zacks Rank & Other Key Picks
WKHS currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the auto space are Dorman Products, Inc. (DORM - Free Report) and Douglas Dynamics, Inc. (PLOW - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The consensus estimate for DORM’s 2024 sales and earnings suggests year-over-year growth of 3.71% and 35.46%, respectively. EPS estimates for 2024 and 2025 have improved 51 cents and 37 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for PLOW’s 2024 earnings suggests year-over-year growth of 60.4%. EPS estimates for 2024 have improved 15 cents in the past 60 days.