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© 2017 Workhorse Group Inc. All Rights Reserved.
INDUSTRY DATA AND FORWARD LOOKING STATEMENTS
1
Statements made in this presentation regarding matters that are not historical facts are “forward-looking statements” within the meaning of
the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ
materially from those expressed or implied by such forward-looking statements. In some cases, you can identify these forward-looking
statements by terms such as “anticipate,” “believe,” “continue,” “could,” “depends,” “estimate,” “expects,” “intend,” “may,” “ongoing,” “plan,”
“potential,” “predict,” “project,” “should,” “will,” “would” or the negative of those terms or other similar expressions, although not all forward-
looking statements contain those words. We have based these forward looking statements largely on our current expectations and projections
about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and
financial needs. These forward looking statements are subject to a number of known and unknown risks, which include management and
employee operations and execution risks; a failure to develop sales and the loss of any key customer that we may develop; loss of key
personnel; competition in the markets we serve; intellectual property risks; our ability to fund our working capital requirements; risks
associated with the uncertainty of future financial results; risks associated with this offering; risks associated with raising additional capital
when needed and at reasonable terms; and risks associated with our reliance on third party suppliers of raw materials and other
organizations that provide goods and services to us. For more information on the risk factors related to these forward-looking statements,
please refer to Workhorse's Annual Report, Quarterly Report, and other periodic regulatory filings as filed with the SEC. New risk factors
emerge from time to time, and it is not possible for our management to predict all risk factors nor can we assess the impact of all factors on
our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in,
or implied by, any forward looking statements.
Workhorse obtained the industry and market data used throughout this presentation from our own research, internal surveys and studies
conducted by third parties, independent industry associations or general publications and other publicly available information. Independent
industry publications and surveys generally state that they have obtained information from sources believed to be reliable, but do not
guarantee the accuracy and completeness of such information. Forecasts are particularly likely to be inaccurate, especially over long periods
of time. We are not aware of any misstatements in the industry and market data we have presented herein, but estimates involve risks and
uncertainties and are subject to change based on various factors beyond our control.
© 2017 Workhorse Group Inc. All Rights Reserved.
INVESTMENT HIGHLIGHTS
• Proprietary technology enabled by Tier-1 suppliers, including
BMW and Panasonic
• Experienced and seasoned management team with decades
of experience in technology and engineering
2
• Leading manufacturer of medium-duty electric step vans in the U.S. targeting commercial fleets
Only OEM building electrified medium-duty vehicles in the U.S.
• Billion dollar annual market opportunity as fleets turn over 20,000 step vans per year
• Blue-chip customer base at a critical inflection point of adoption
UPS, FedEx, Cintas and Alpha Baking Company, among others
• Strong economic value proposition versus conventional step-vans
400%+ fuel efficiency improvement – 6 MPG to 30+ MPGe
$165,000+ cost savings over the life of each vehicle
© 2017 Workhorse Group Inc. All Rights Reserved.
• Automotive electrification company with strong value proposition
for its customers
Workhorse Medium-Duty Step Chassis: E-Gen – Range-
Extended Electric Vehicle and E-100 – Full Electric
Real-Time Telematics: cloud-based, database-driven proof-
of-performance system
HorseFly Delivery Drone: proprietary unmanned aerial
system designed for the package delivery market
• Capacity to produce 60,000 chassis per year
• Partners with Morgan Olson for the body of its step vans, the
same supplier for standard UPS trucks
• Proven deployment with premier delivery providers
3
WORKHORSE AT A GLANCE
Workhorse (“WKHS” or “the Company”) is a leading manufacturer of last-mile, cost effective delivery systems
Over 100 Workhorse vehicles on the road today, with another 245 orders in backlog
Provides range-extended electric vehicles for UPS, FedEx, and Alpha Baking Company, among others
Pre-qualified supplier for the U.S. Postal Service (“USPS”) Next Generation Delivery Program with its partner VT Hackney, a
multinational specialized body and cab company
• Proprietary technology protected by a strong patent portfolio
Six granted patents, with two additional patents pending
FOUNDED: 2007 // HEADQUARTERS: CINCINNATI, OHIO // EMPLOYEES AND CONTRACTORS: 100
EXCHANGE: NASDAQ // TICKER SYMBOL: WKHS
© 2017 Workhorse Group Inc. All Rights Reserved.
RECENT DEVELOPMENTS
4
Workhorse continues to deliver on its business plan and is poised for success going forward
Recent Business Highlights
• January 2016: Workhorse completes the first test delivery with its HorseFly Drone
• September 2016: UPS orders an additional 200 Workhorse electric vehicles as a follow-up order to its 125-unit order placed
in 2015
• September 2016: Workhorse and its partner VT Hackney are awarded entry to the USPS Next Generation Delivery Vehicle
Program
• October 2016: Workhorse signs a supply agreement with BMW for BMW i3 range extender units for the Workhorse E-Gen
step vans
• December 2016: Workhorse completes the year with a record 114 vehicle deliveries
Near-term Milestones
• Delivery of vehicles from Workhorse’s backlog
• Follow-up order from UPS and additional orders from new and existing customers, including the first commercial-scale order
from FedEx
• Expecting first customer delivery utilizing Workhorse’s HorseFly Drone
• Delivery of prototype electric vehicles to USPS in September 2017
© 2017 Workhorse Group Inc. All Rights Reserved.
WHAT WE DO
• Workhorse chassis is offered in two battery-powered electric models:
Workhorse E-GEN Range Extended Electric Vehicle delivers the
equivalent of 30+ mpg compared to the 5.5 mpg of conventional
fleet operators
Workhorse E-100 Full Electric is a highway-capable, 100% electric,
zero-emission vehicle that delivers approximately 100 miles of
range
• Both models utilize Panasonic Li-Ion batteries
• E-GEN benefits from a BMW REx engine
5
Workhorse is a technology company offering integrated products, enabling greater efficiency and profitability
1 23
4
Panasonic 18650 Li-ion Battery
Pack with integrated and
standard J1772 Charger
Workhorse W88
Straight-rail
ChassisBMW REx Internal
combustion engine
configured as on-
board Generator
Electric Motor
Direct-Drive =
No Transmission
Workhorse Step Vans
Workhorse W88 Chassis Layout – E-GEN Illustration
Workhorse Metron Telematics
HorseFly Delivery Drone
Cloud-based, database-driven
proof-of-performance monitoring
system that provides clients access
to real-time data to monitor,
measure the performance and give
fleet operators ultimate energy and
route efficiency
HorseFly™ is currently being developed
for the package delivery market and
other commercial applications
• Designed to comply with FAA guidelines
• Works in tandem with a Workhorse electric truck
• Delivers packages to remote locations while the driver continues on
the main delivery route, saving the fleet operator fuel costs and
increasing route efficiency
© 2017 Workhorse Group Inc. All Rights Reserved.
WORKHORSE WORKS WITH TIER-1 SUPPLIERS
6
Workhorse has successfully locked up best-in-class suppliers to ensure superior products
• Panasonic provides Workhorse
with their lithium-ion battery
technology
• In conjunction with Workhorse’s
onboard management system,
these products offer robust
performance in any duty cycle
or weather condition
• The BMW REx engine
integration helps make the
Workhorse E-GEN the most
cost-effective delivery truck on
the market
• The BMW REx engine
eliminates range anxiety by
providing the extended range
required by delivery fleets
• Prefix provides premier design
and engineering solutions
• Specializes in low volume
custom vehicle projects, designs,
prototyping, precision
machining, and testing, amongst
others
© 2017 Workhorse Group Inc. All Rights Reserved.
160,000
244,200
29,500
22,700
20,0007,000 5,000
Parcel Delivery
Services
Utilities /
Telecoms
Snack and Food
Delivery Services
Bakeries Uniform Rental,
Linen andLaundry Services
Beverage
Companies
Total
SIGNIFICANT MARKET OPPORTUNITY
7
• Largest 50 commercial fleets of class 3-6 (medium-duty) vehicles represent more than 203,000
medium-duty vehicles
• Workhorse focuses on penetrating large, last-mile delivery fleets
• Management estimates 20,000 step van units ordered per year by fleets
Source: Automotive Fleet 500, 2013.
Core Focus Target Fleet Customers
Medium-Duty Vehicles by Market Segment
© 2017 Workhorse Group Inc. All Rights Reserved.
THE WORKHORSE VALUE PROPOSITION
• Low total cost of ownership can save fleets more than
$165,000 per vehicle over 20 years
• No vouchers required – three year ROI
• >400% fuel efficiency improvement – 6 MPG to 30+
MPGe
• >50% vehicle maintenance savings – no transmission,
regen braking reduces brake wear, etc.
• Low or zero emissions
• Additional upside via government incentive programs:
8
Total Cost of Ownership
Includes purchase price, infrastructure allowance, fuel and maintenance
$169,826
Savings
$0.07 per kWh
$57k Maintenance
$6,100 Infrastructure
$2.50/gallon go-
forward price
$120k Maintenance
Why Customers Choose Workhorse
$53.0
$133.8
$39.1
$303.6
$0
$50
$100
$150
$200
$250
$300
$350
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Tota
l C
ost
of
Ow
ners
hip (
in t
hous
and
s)
Year
E-GEN GAS
© 2017 Workhorse Group Inc. All Rights Reserved.
COMPETITIVE LANDSCAPE
9
Workhorse manufactures the only step van that addresses all four key features that fleets are seeking
Other Electric Vehicles
(Non-OEM)
Medium-Duty
Step Van P P P P
EV Drive Train P P
DurabilityHeavy duty, long
life-cycle componentsN/A
Conventional Fueled
Vehicles create
higher maintenance
costs
Conventional Fueled
Vehicles create
higher maintenance
costs
Lighter Design and
Build Quality
offering shorter life-
cycle
Design
Custom Chassis & 2
EV Power Train
options
N/A
Lacks innovation; No
EV option or Re-Gen
Breaking
Lacks innovation; No
EV option or Re-Gen
Breaking
Requires chassis
purchase from other
OEM
Environmental
Impact
Low Emission REx
Zero Emission All
Electric
N/A
Conventional fueled
vehicles have a
larger carbon
footprint
Conventional fueled
vehicles have a
larger carbon
footprint
Zero Emission All
Electric
Cost Efficiency
Lower fuel &
maintenance
Positive ROI in <4
years
No incentives
required
N/A
More than twice the
Total Cost-of-
Ownership over
expected life cycle
More than twice the
Total Cost-of-
Ownership over
expected life cycle
Higher initial
investment and more
expensive total cost-
of-ownership
© 2017 Workhorse Group Inc. All Rights Reserved.
CURRENT AND TARGET WORKHORSE CUSTOMERS
10
Known for its reliability, Workhorse has established a blue-chip client base
Current Customers
Near-term Customer Opportunities
© 2017 Workhorse Group Inc. All Rights Reserved.
ESTABLISHED RELATIONSHIP WITH UPS
• April 2012: Workhorse signs agreement with Navistar to electrify UPS delivery trucks
• April 2015: UPS deploys 2 Workhorse E-GEN range-extended vehicles purchased
directly from Workhorse in 2014
• July 2015: Workhorse begins delivery of 18 Workhorse E-100 All-Electric vehicles
purchased by UPS in 2014
• September 2015: Workhorse receives order from UPS for additional 125 Workhorse
electric vehicles, of which 91 have been delivered to 26 depots across 8 states
through December 2016
• October 2015: UPS announces the deployment of 18 Workhorse electric, zero-
emission delivery vehicles to Texas
• October 2016: UPS orders 200 additional Workhorse electric vehicles, expected to
be deployed beginning in Q1 2017
Source: UPS.
11
• Headquarters: Atlanta, GA
• 2015 Delivery Volume: 4.7 billion
packages and documents
• Daily Delivery Volume: 18.3 million
packages and documents
• Delivery Fleet: 104,926 package cars,
vans, tractors, and other vehicles
• Alternative Fuel Fleet: 7,700 alternative
fuel and advanced technology vehicles
“These vehicles are a bridge to the delivery trucks of tomorrow. This investment will
help create and grow the market for ground-breaking alternative propulsion systems
that reduce environmental impact, reduce operating costs and save fuel.”
- Mark Wallace, UPS Senior VP Global Engineering and Sustainability
© 2017 Workhorse Group Inc. All Rights Reserved.
ADDITIONAL CURRENT CUSTOMER RELATIONSHIPS
Relationship Overview
• October 2016: Workhorse range-extended vehicle integrated a hydrogen fuel cell for the FedEx
Express/DOE Hydrogen Fuel Cell Extended-Range Battery Electric Vehicle project (Award Number: DE-
EE0006522)
• February 2015: Alpha Baking Company ordered 5 Workhorse E-GEN step vans
• November 2016: Initial Workhorse E-GEN pilot vehicle delivered
• September 2016: Unites States Postal Service awarded a contract for six prototype Next Generation
Delivery Vehicles (NGDV) to the VT Hackney – Workhorse team as part of the NGDV acquisition process
12
Workhorse has achieved commercial success with multiple leading customers
30,000 Step Vans
400 Step Vans
7,000 Step Vans
180,000 Vehicles
© 2017 Workhorse Group Inc. All Rights Reserved.
UNITS SHIPPED
Source: The Company.
1) Q4 2016 figure is preliminary.
13
Workhorse has seen significant shipment growth since the beginning of 2016
Workhorse Historical and Projected Unit Shipments
3
18
36
57
0
10
20
30
40
50
60
Q1 2016A Q2 2016A Q3 2016A Q4 2016E
Units
Ship
ped
1
© 2017 Workhorse Group Inc. All Rights Reserved.
NEAR-TERM PRODUCTS IN DEVELOPMENT
• The USPS intends to retire its fleet of 180,000 vehicles and
replace them with Next Generation Delivery Vehicles (NGDV)
• In September 2016, the VT Hackney – Workhorse team was one
of six suppliers awarded a prototype contract to build six
delivery vehicles as part of the next phase of the NGDV
acquisition process
• Prototypes are scheduled for September 2017 delivery, with the
formal decision expected six months later
• This opportunity represents a $6.3+ billion fleet refresh starting
in 2019
14
Workhorse plans to capitalize on two large upcoming market opportunities
• Workhorse is developing the Workhorse W-15, the US’ first
light-duty pickup truck with electric powertrain aimed at
commercial fleets
• The development of the pickup will leverage the R&D performed
for the USPS award, greatly accelerating the production process
• Target customers include delivery fleets, utility companies,
telecom companies, municipalities and more
• Received nearly 1,000 pre-orders (non-binding Letters of Intent)
to-date
Workhorse W-15 Work TruckU.S. Postal Service Award
© 2017 Workhorse Group Inc. All Rights Reserved.
EXPERIENCED MANAGEMENT TEAM
15
The Workhorse team brings years of experience in technology and engineering
Stephen Burns, Founder, CEO & Director
Mr. Burns has founded several companies, most recently iTookThisOnMyPhone.com, a leading mobile photo and
video-sharing technology company, MobileVoiceControl, Inc. sold to Nuance Communications, Inc. in 2006,
AskMeNow [OTCC:AKMN] a mobile search and information delivery system sold to Ocean West Holdings in
2005, PocketScript sold to ZixCorp [NASDAQ:ZIXI] in 2002, Over The Line/AdLink, sold to Gannett Co. Inc.
(NYSE:GCI) in 1994 and the design and development of Suspension Parameter Measurement Machines.
Duane Hughes, President / COO
Mr. Hughes is a senior-level executive with more than 20 years experience including direct business relationships
in the automotive, advertising, and technology segments. Prior to joining Workhorse/AMP Electric Vehicles,
Duane served as Chief Operating Officer for Cumulus Interactive Technologies Group. Prior to Cumulus ITG,
Duane spent nearly fifteen years in senior management positions with Gannett Co., Inc., including his duties as
Vice President of Sales and Operations for Gannett Media Technologies International.
Julio Rodriguez, CFO
Mr. Rodriguez has over 25 years of finance and accounting experience in the automotive and food industries
most recently at Genuine Parts Company, a distributor of automotive aftermarket parts and at Federal Mogul
an OEM parts manufacturer. Mr. Rodriguez has held multiple executive positions including CFO, VP of Finance,
Director of Finance, Controller and Audit Manager at corporate headquarters and subsidiary levels. Mr.
Rodriguez started his career in public accounting with Arthur Andersen.
Don Wires, Director of Engineering
Prior to AMP, Mr. Wires worked at P&G for 35 years where he was the first Technology Associated Director for
Power, Control, & Information Systems. Mr. Wires is co-author of several patents on machine automation and
safety systems, and an early leader in developing a mechatronics approach to complex machine design at
P&G. He is the first Engineering Technology Distinguished Alumni Graduate of the University of Cincinnati
College of Engineering and Applied Science.
© 2017 Workhorse Group Inc. All Rights Reserved.
RECENT DEVELOPMENTS
16
Workhorse continues to deliver on its business plan and is poised for success going forward
Recent Business Highlights
• January 2016: Workhorse completes the first test delivery with its HorseFly Drone
• September 2016: UPS orders an additional 200 Workhorse electric vehicles as a follow-up order to its 125-unit order placed
in 2015
• September 2016: Workhorse and its partner VT Hackney are awarded entry to the USPS Next Generation Delivery Vehicle
Program
• October 2016: Workhorse signs a supply agreement with BMW for BMW i3 range extender units for the Workhorse E-Gen
step vans
• December 2016: Workhorse completes the year with a record 114 vehicle deliveries
Near-term Milestones
• Delivery of vehicles from Workhorse’s backlog
• Follow-up order from UPS and additional orders from new and existing customers, including the first commercial-scale order
from FedEx
• Expecting first customer delivery utilizing Workhorse’s HorseFly Drone
• Delivery of prototype electric vehicles to USPS in September 2017
© 2017 Workhorse Group Inc. All Rights Reserved.
INTELLECTUAL PROPERTY
18
The asset purchase of Workhorse Custom Chassis in March 2013 included several patents, schematics, CAD files, design documents, bill of materials, and rights to all vehicles including the W22, W42, W62, W88 and LF72 chassis. Workhorse also received documents and descriptions related to plant operations personnel, staffing and procedures.
Abstract: A vehicle chassis assembly includes a frame assembly having a plurality of frame members connected together, a
drivetrain, a suspension system, and an exhaust system. The connection of the frame members provides a low-profile
configuration for reduced step height and a kick-up portion to allow ascent of steeper inclines. The frame further includes an
exhaust pipe supported within a frame member and two castings bolted to removable wheel arches. The exhaust pipe has a
circular cross-section that changes to a rectangular cross-section near the back of the chassis assembly.
D6069, 11/252220, US7717464
Abstract: A vehicle chassis assembly includes a frame assembly having a plurality of frame members connected together, a
drivetrain, a suspension system, and an exhaust system. The connection of the frame members provides a low-profile
configuration for reduced step height and a kick-up portion to allow ascent of steeper inclines. The frame further includes an
exhaust pipe supported within a frame member and two castings bolted to removable wheel arches. The exhaust pipe has a
circular cross-section that changes to a rectangular cross-section near the back of the chassis assembly.
D6053, 11/252219, US7559578
D6070, 29/243129, D561079 Design patent for a vehicle header.
D6071, 29/243074, D561078 Design patent for a vehicle header.
2523653 (Canada) Vehicle chassis assembly.
US 8541915 B2 A coolant fluid distributing manifold for a drive module in an electric motor drive assembly.
US 9,481,256 SN: 14,606,497 Onboard generator drive system for electric vehicles that share an electric motor for both propulsion and generation.
Workhorse Technologies current and pending patents, service marks and trademarks
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