LOVELAND, OH—Electric vehicle maker Workhorse has secured $200 million in financing to add jobs, speed up production and expand its product offerings.
The company is in the process of hiring 200 people between its Loveland and Union City, IN, facilities. “We don't want to lose any momentum while we have a head start,” says Workhorse CFO Steve Schrader.
The new financing will allow Workhorse to speed up production on a backlog of orders for its electric delivery vehicles. UPS and DHL have outstanding orders for the company’s C650 and C1000 large delivery trucks.
The company also hopes to start production on smaller trucks and refrigerated trucks.
“With this financing in place, we can more quickly advance our production efforts heading into 2021 by increasing our supply chain component volumes, hiring more manufacturing employees and automating certain subassembly processes,” says Workhorse CEO Duane Hughes.