Workhorse Enters into Strategic Agreements with Hitachi

Workhorse Group, an American technology company focused on providing sustainable and cost-effective electric drone-integrated vehicles to the last-mile delivery sector, entered newly-formed strategic agreements with both Hitachi America and Hitachi Capital America.

Under these agreements, Hitachi America and other Hitachi Group companies (Hitachi) will provide an operational assessment of Workhorse’s manufacturing, operational and supply chain capabilities as well as a benchmark to best-in-class standards while providing recommendations to Workhorse that support the company’s increased production requirements. Hitachi will leverage its smart manufacturing, data-driven digital solutions and electric vehicle (EV) technologies, powered by Hitachi’s rapid-solution-delivery platform, Lumada. In addition, Hitachi Capital America will assist in developing a national dealer network and will support Workhorse’s sales with vehicle financing options for both dealers and customers, including dealer floor plan programs.

“This alliance with Hitachi comes at an ideal time for Workhorse as we value their best in class innovation and experience in ramping up production and enabling us in providing a complete solution to our customers.,” Duane Hughes, CEO of Workhorse, said. “With Hitachi’s innovation and invaluable expertise in EV technology, smart factory automation and digital technologies, Workhorse is primed to build on our early leadership position as the only last-mile EV distributor selling vehicles for commercial use across the country. In addition, we believe Hitachi can help the company drive customer orders as a well known and respected player in the commercial leasing and finance industry, and we are looking forward to benefiting from their expertise.”

“We are excited to partner with Workhorse to help accelerate the roll out of their EV solutions and meet growing customer demand in North America,” Hicham Abdessamad, CEO of Hitachi Global Social Innovation Business and chairman of Hitachi America, said. “Hitachi is uniquely positioned in the growing commercial EV market with a set of innovative technologies and solutions to enable production capacity at scale, a reliable charging network infrastructure and a digital platform for intelligent vehicle routing and energy optimization. The Workhorse partnership is a strong testament to Hitachi’s long-term commitment to social innovation.”

“We are pleased to enter into this multi-year strategic commitment to support increasing Workhorse’s channel capacity. We will provide the financial and distribution expertise to bring Workhorse’s C-Series delivery vehicles to end-user,” Kirk Mann, SVP and GM of transportation finance at Hitachi Capital America, said.

Three Keys Capital Advisors arranged and structured the agreements and advised Hitachi Capital America.

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