Workhorse Secures EV Deal with Pride Group Enterprises

Wokrhorse Group Incorporated, which is known for bringing electric delivery vans into the commercial market has been reported that it already received an order amounting with a total of 6,320 vans which are all electric vehicles of EVs.

The stock for the company which was reported by Barrons.com became a lot higher when the orders which came from Pride Group Enterprises - a company which is established for their rental, leasing, and equipment sales in the industry of logistics, has been finalized. It then took the stock of Workshorse up to a toll of 6.4 percent during last Monday's afternoon trading.

The Deal Being Secured

The orders by the logistics company could be dubbed as a very big plus already for the EV based company. Their target number of units to be produced for this year was only set at an amount of 1,800 units. Yet the newest deal and order that was made already exceeded their goal by almost four times the original one.

The massive deal will take off as soon as possible, with this year as the kickstart to the delivery that will be done by Workhouse up until the year of 2026. Orders from other companies or entities may just be optional for the EV manufacturer as their focus from now on would surely be inclined with the orders from their latest deal and partnership.

The EV vans that are being developed and manufactured by Workhorse themselves are labeled as "last mile" delivery vehicles. Last mile delivery vehicles provide performance which could illustrate something that is delivered from a logistics center or warehouse all the way to the package's final destination.

Their development of their very own EV goes at par and may compete with some existing, as well as up and coming delivery trucks which are designed to be an EV as reported by known EV news and updates website Electrek.It includes the currently on testing delivery vans by world-renowned online selling and shopping platform Amazon, which are developed by the company itself in partnership with a Michigan-based vehicle and battery company Rivian.

Other EV Competitors' Deals

Last December, a what has been classified as a prototype delivery van which happened near the company's facility in Irvine, California was spotted to run through some tests for the van which is still in development. It was also reported that Amazon already secured and ordered a total of 100,000 units of the EV delivery van from Rivian, in which it was finalized after a funding round that amounted up to a total amount of 700 million USD was topped by the Michigan-based company.

Also last month, an order of 150 Tesla Semi Trucks to be developed and manufactured by the world's leading EV creator Tesla has also been secured by Pride Group. Another 500 others of the same truck were also reported to follow up their initial 150, yet with the news of the company ordering also in Workhorse may or may not seem to support this clause at the moment.