With respect to production in June, we delivered a C-Series 650 vehicle to electric vehicle fleet solutions, who will use it in support of their field service and training business. This approval also allows us to have our vehicles on the California Hybrid Incentive Program or HVIP, which should provide for a $50,000 incentive per truck after the state of California is expected to appropriate funds later this year. Without the executive order, we would not be able to sell or place vehicles in California, and 13 other highly populated states. In addition to the EPA, CoC after going through another significant testing program, we applied for and received an executive order from CARB that enables us to sell our vehicles specifically in the state of California, as well as the 13 other states that follow the stricter California Air Resources Board standards.Įssentially, this means a California has approved production of our model year 2020 vehicles, the C-1000 and C-650. The EPA issued a certificate of conformity for our three C-Series models, which technically gives us permission to sell our vehicles in all 50 states. In turn, these credits can be sold to other OEMs to help meet CARB emission standards.Īt current rates, it is our belief that a typical CARB emission credit can expect to be sold for $200 to $300 on average, while not an immediate contributor to our top line or cash flow, as we begin to scale our operations, these credits should be reliable and more impactful as a new source of revenue over time. What this means is, through CARB, we will get one and a half credits through every vehicle we sell. An additional benefit to our car zero emission EV status, is that going forward Workhorse will now have carbon credit capabilities. Workhorse is the only American, all electric OEM, designing and manufacturing last-mile delivery vehicles to complete all these tests. We are also proud to say that our vehicle designs have been validated by the United States’ Environmental Protection Agency, the EPA and the California Air Resources Board known as CARB. To that end, we successfully completed the Federal Motor Vehicle Safety Standards or FMVSS testing in June. But our C-Series vehicles also have to pass a rigorous standard of federal and state regulators in order to be operated on U.S. “…During the first half 2020, we have all been dealing with the effects of the COVID-19 pandemic.Īs it relates to Workhorse specifically for the most part except for supplier issues in the first quarter and testing facility closings in the second quarter, we have been able to continue towards a ramping up of our production while maintaining all safety precautions for our employees.ĭesigning and building vehicles is certainly highly visible part of what we do. (NASDAQ:WKHS) Q2 2021 Earnings Conference Call Duane Hughes, CEO XTM (OTC: XTMIF) Signs Food Group, Foodtastic With More Than 21 Brands and 712 Locations Nova Mentis (OTC: NMLSF) Completes Production of Psilocybin Microdose Capsules Nextech AR (OTC: NEXCF) Announces Platform and Listing Updates on IPO Spin-Off ARway Terroir Symposium Selects (OTC: XTMIF) XTM’s Today™ Platform for EWA Pay-Out XTM (OTC: XTMIF) Launches an Earned Wage Access Rebrand for Its Growing Today™ Membership Nextech AR (OTC: NEXCF) Receives Large 3D Model Purchase Order From Blue Chip Enterprise Customer Nextech AR (OTC: NEXCF) Launches Groundbreaking AI Powered SaaS Software Platform “Toggle3D” For Rapidly Growing CAD-3D Model Market Nextech AR (OTC: NEXCF) Launches Major Upgrades For Its E-commerce SaaS Platform – ARitize DecoratorĭeepMarkit (OTC: MKTDF) Recaps Successful Climate Week 2022 in New York City Nova Mentis (OTC: NMLSF) Psilocybin Microdose Capsule Formulation to be Submitted in Health Canada Phase 2A Clinical Trial Application
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