Electric vehicle firm Workhorse (NASDAQ: WKHS) has entered into a strategic development agreement with EAVX, a J.B. Poindexter & Co subsidiary, to expand Workhorse’s product line and create solutions for new customer segments.
The agreement will see the two companies develop “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.”
Workhorse stated that it feels the rapid growth of the last mile delivery sector and the increased demand for deliveries is another way to scale its manufacturing and distribution and accelerate sales and increase market share.
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“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.”
Workhorse’s share price is trading over 11% below Friday’s close at $8.53 after the company reported a net loss of $120.5 million and revenue of $521,060, below analyst estimates of $2.3 million.
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