If Translated into Sales, the Letters of Intent Are Worth $113 Million
Workhorse said today that now has letters of intent for 2,150 of its developmental W-15 plug-in electric pickup trucks. Given the projected MSRP of $52,500 per vehicle, the LoIs are potentially worth nearly $113 million.
This item was initially published with news of a letter of intent
for 500 Workhorse W-15 PHEVs on February 27
Word of a letter intent for 500 of the new PHEVs from SCPPA, the Southern California Public Power Authority, was followed by an announcement on March 2 that Clean Fuels Ohio would help place an additional 500 units with various fleets in the state.
Workhorse said today that LoIs from Duke Energy, Portland General Electric and the City of Orlando, Fla. bring the total to 2,150 of the new trucks.
‘Safety, Efficiency, Advanced Technology and Sustainability’
Plans for the new PHEV/plug-in electric vehicle were announced this past autumn (F&F, November 8).
“The W-15 is to be designed offering safety, efficiency, advanced technology and sustainability,” Workhorse CEO Steve Burns says in today announcement.
“We feel the reception we’ve seen from fleets shows that these features and benefits are all things that fleets are looking for in their pickup truck vehicles,” he said.
Unveiling at ACT Expo in May
The vehicle is to be formally unveiled at ACT Expo on May 2. ACT Expo is organized by Fleets & Fuels publisher GNA/Gladstein, Neandross & Associates.
The new light duty W-15 – designed to compete with the Ford F-150 and GM 1500 vehicles – is based on the Workhorse E-Gen medium duty delivery PHEV. “With expected all-electric 80-mile range using Panasonic 18650 Li-ion batteries, the battery pack is expected to cover the vast majority of miles driven in a day by fleet owners of locally driven trucks,” Workhorse says.
If needed, a gasoline generator – based on a two-cylinder BMW engine – will operate after battery power has been depleted, “allowing the driver unlimited range.”
“Once production commences, we expect the W-15 to have a $52,500 MSRP,” Workhorse says.
“We will be testing the truck to confirm our expectation that the W-15 electric pickup may save utilities money over the life of the vehicle, when compared to a conventional gasoline-powered pickup,” SCPPA executive director Michael Webster says in February’s Workhorse announcement.
Reduced Emissions, Reduced Costs
“SCPPA and our publicly-owned utility members are committed to sustainability, the safety of our drivers and the communities we serve,” Webster said. “The Workhorse W-15 could assist in all of these areas by reducing emissions, as well as reducing fuel and maintenance costs.”
The W-15 will also allow utility fleets to power equipment directly from the battery power source, allowing a work crew to complete their tasks without having the truck running.
“With the goal of being the safest pickup truck in America, the truck’s safety features is expected to include an extra large crumple zone, and lower center of gravity while still providing ground clearance,” Workhorse adds. The current W-15 design also includes such crash mitigation technologies as automatic braking and lane centering.
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Source: Workhorse with Fleets & Fuels follow-up