DETROIT, April 07, 2026 (GLOBE NEWSWIRE) -- Workhorse Group Inc. (NASDAQ:WKHS) ("Workhorse"), a North American OEM and provider of all-electric trucks, step vans, shuttles and buses, today announced a limited-time pricing promotion on its W56 electric step van lineup. Effective April 1 through September 30, 2026, customers can purchase W56 step vans at significantly reduced prices through any authorized Workhorse dealer.

Promotional Pricing — April 1 through September 30, 2026:

W56 Standard Wheelbase (178"), 210 kWh: New pricing starts at $196,000 (versus $255,000 prior to promotion) — a savings of $59,000
W56 Extended Wheelbase (208"), 210 kWh: New pricing starts at $204,000 (versus $265,000 prior to promotion) — a savings of $61,000

This promotion is timed to help commercial fleets manage costs at a time when high fuel prices are driving costs for fleets, enabled, in part, by the initial synergies realized through Workhorse's December 2025 merger with Motiv Electric Trucks. The combined company has worked to drive down production costs through economies of scale, operational and supply chain efficiencies and product roadmap-driven Bill of Materials (BOM) and build cost reductions.

The W56 step van, with its spacious cargo capacity, demonstrated operating cost savings of 64 percent compared to internal combustion engines¹, ergonomic design, reliability and durability, is designed to meet the needs of real-world duty cycles, driver usability, and long-term durability. Every model includes a fully-integrated, purpose-built composite body. Because Workhorse produces the W56 fully on site, it has greater control of the manufacturing process, which can result in lower costs and more predictable delivery timelines.

The Standard 178" Wheelbase offers 1,000 cubic feet of cargo space and a payload of 10,000 lbs., while the Expanded 208" Wheelbase offers 1,200 cubic feet of cargo space and a payload of 9,000 lbs., making both configurations well-suited for the full spectrum of last-mile delivery needs. Workhorse recently announced a 140 kWh version of the W56 in both wheelbase options, with an estimated nominal range of 100 miles per charge, slightly more payload capacity, and a base price of $169,000.

The lower cost 140 kWh model and the new promotional prices for the 210 kWh model can be further reduced by various state incentive programs. California's HVIP program, for instance, offers between $60,000 and $80,000 for qualifying vehicles. Washington state's soon-to-be-launched WAZIP program offers incentives from $60,000 up to $100,000. A number of other states offer lower, but still significant, incentive amounts. Combining these incentives with the promotional pricing can significantly reduce, if not virtually eliminate in some cases, the price difference between an electric step van and a gas-powered one.

Today, many fleets are seeing significantly increased operating costs as a result of rising fuel prices, which now exceed $4.00 per gallon in many states resulting from the geopolitical disruptions in the Middle East², with analysts warning that high fuel prices could become a reality for years to come. For commercial fleet operators, fuel can be the second-largest operating expense after the vehicle itself³—and the current spike is hitting fleets hard. Fleets are also increasingly prioritizing cost stability, operational predictability, and vehicle uptime—areas where purpose-built electric platforms are delivering measurable advantages.

"We know exactly what this oil price environment is doing to fleet operators, because we live it every day," said Scott Griffith, CEO of Workhorse. "Through Stables by Workhorse, our own FedEx Ground ISP operation, we see firsthand how fuel costs are hammering route economics. Lowering the purchase price of the W56 is one of the most direct ways we can help our customers. As package delivery companies typically plan months in advance of the busy holiday season, there's never been a better time to add electric trucks to their fleets."

Electric trucks offer a compelling total cost of ownership versus their internal combustion counterparts. Workhorse has demonstrated 64 percent operating cost savings compared to internal combustion engine (ICE) vehicles in its Stables by Workhorse fleet, and that case strengthens considerably in periods of high oil prices. Electricity costs are comparatively low, often locally sourced and can be largely immune to the global oil shocks that are currently hammering gas- and diesel-dependent fleets. Every electric step van in a mixed fleet acts as a hedge, and can stabilize per-mile operating costs independent of what happens at the pump.

All models of the W56 lineup are produced 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. With expanded scale, an established dealer network, and more than 20 million real-world miles driven across its fleet, Workhorse brings a level of operational experience and production readiness that is critical for fleets making the transition to electric vehicles today.

About Workhorse Group Inc.

Headquartered in the Detroit area with a commercial-scale manufacturing plant in Union City, Indiana, Workhorse (NASDAQ:WKHS) 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 www.workhorse.com.

Media Relations Contacts:

Workhorse

John Williams, Communications

+1-206-660-5503, john.williams@workhorse.com

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 and plans regarding Workhorse's ability to achieve profitability, Workhorse's sales, pricing and product pipeline, Workhorse's access to capital to fund operations and fulfill orders, and other statements regarding the company's anticipated or planned operations 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 raise capital to fund our operations and to maintain access to our current debt facilities, our ability to achieve the expected synergies and/or efficiencies from our operations and as a result of the Motiv/Workhorse merger; our ability to reduce the cost to build our vehicles; the effect 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; and changes in laws, regulations, technologies, the global market and supply chain, and macro-economic and social environments affecting our business, including demand for electric trucks and our cost of production.

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, 2025, 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 www.sec.gov 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.

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¹Based on 2023 full year operations of W56 trucks at Stables by Workhorse, which operates FedEx ISP Fleet

² https://www.investopedia.com/20-states-now-have-gas-prices-at-4-plus-see-what-youll-pay-in-your-state-11943493#:~:text=Key%20Takeaways,each%20month%20the%20disruption%20persists.

³ https://www.automotive-fleet.com/346725/containing-fuel-spend-is-a-top-fleet-focus-despite-price-stability

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f30e29ae-ec30-4676-998b-612870e1f8e1

Workhorse Launches Pricing Promotion on W56 Electric Step Vans