Workhorse Group: The leading EV truck platform for last-mile delivery
- September 11, 2020
Initiating coverage with an Outperform Rating and $23 Price Target
Oppenheimer analysts view Workhorse Group as the leading Electric Vehicle (EV) delivery truck platform for last-mile delivery sector given its significant competitive advantages. Workhorse estimates the total addressable market for last-mile delivery trucks is approximately $18 billion annually. The company's latest EV delivery truck has a meaningful total cost of ownership advantage versus competition due to its significant weight advantage.
Workhorse's customers include many blue chip and private companies such as UPS, DHL, FedEx, W.B. Mason, Alpha Baking, and Ryder. Workhorse is also well positioned to win a portion of the US Postal Service fleet as an EV supplier and American company. The award announcement is expected in October.
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