Mission Statement, Vision, & Core Values of Workhorse Group Inc. (WKHS)

What drives Workhorse Group Inc., beyond just manufacturing electric vehicles? Is it a commitment to sustainability, a vision for the future of transportation, or a deeply ingrained set of values? Despite a challenging year in 2024, with net sales dropping to $6.6 million from $13.1 million in 2023, the company's mission, vision, and core values remain pivotal. How do these guiding principles shape their strategies and impact their pursuit of zero-emission commercial vehicles, especially given a net loss of $101.8 million? Read on to explore the foundational elements that steer Workhorse Group Inc.

Workhorse Group Inc. (WKHS) An Overview of

Workhorse Group Inc. (WKHS), formerly known as AMP Electric Vehicles, is an American technology company focused on providing sustainable and cost-effective solutions to the commercial transportation sector. The company designs, manufactures, and sells battery-electric vehicles and aircraft. Workhorse also develops cloud-based, real-time telematics performance monitoring systems that are fully integrated with its vehicles and aircraft. These systems enable fleet operators to optimize energy and vehicle utilization, maximizing operational efficiency.

As of April 2025, Workhorse Group continues to navigate the competitive landscape of electric vehicle manufacturing, focusing on securing and fulfilling orders for its electric delivery vans and exploring opportunities in the drone-based delivery sector. While specific, up-to-the-minute sales figures for April 2025 are not available, the company's performance is typically detailed in quarterly and annual financial reports.

Recent financial reports highlight the company's performance:

• Revenue Growth: In 2024, Workhorse Group reported revenue of $9.2 million, which is an increase of $8.6 million compared to $0.6 million in 2023.
• Gross Profit: The company's gross profit for 2024 was $1.5 million, a significant improvement from a gross loss of $7.9 million in 2023.
• Net Loss: Despite these gains, Workhorse still experienced a net loss of $86.0 million in 2024, though this was an improvement compared to the $143.7 million loss in 2023.
• Deliveries: Workhorse delivered 81 vehicles in 2024, generating approximately $7.6 million in revenue.

Workhorse Group Inc. is striving to be a leader in the electric vehicle industry, particularly in the last-mile delivery sector. Want to understand why Workhorse is aiming for success? Find out more here: Breaking Down Workhorse Group Inc. (WKHS) Financial Health: Key Insights for Investors

Workhorse Group Inc. (WKHS) Mission Statement

A mission statement is a concise explanation of an organization's reason for existence. It describes the company's purpose and its overall intention. The mission statement supports the vision and serves to communicate purpose and direction to employees, customers, vendors, and other stakeholders.

Workhorse Group Inc. doesn't have a clearly defined mission statement. However, based on available resources, a synthesized mission statement could be:

To revolutionize the way people receive packages by providing innovative vehicle and aerial logistics solutions, creating efficient and sustainable transportation options that not only meet the needs of our customers but also contribute to a cleaner and more environmentally friendly future.

The core components of this synthesized mission statement can be broken down into three key areas:

• Innovation: Workhorse aims to revolutionize package delivery through innovative vehicle and aerial logistics solutions.
• Sustainability: The company is committed to creating efficient and sustainable transportation options.
• Customer Focus: Workhorse strives to meet customer needs while contributing to a cleaner, more environmentally friendly future.

Vision Statement

Workhorse Group Inc.'s vision is: To pioneer the transition to zero-emission commercial vehicles.

This vision reflects the company's dedication to leading the shift towards sustainable transportation solutions. Workhorse aims to be at the forefront of the electric vehicle industry, providing innovative and reliable zero-emission vehicles for commercial use.

Core Values

Workhorse Group's core values are:

• Transparency: Building trust through open and timely communication, creating a culture of fairness and respect for colleagues and business partners.
• Teamwork: Working collaboratively with all stakeholders in an effective and efficient manner to achieve common goals.
• Excellence: Maintaining the highest standards in all that we do, while designing, building, and delivering industry-leading products & services and superior financial results.
• Integrity: Consistently choosing the 'harder right' by being honest and demonstrating an uncompromising adherence to strong moral principles and ethical values.

These values guide the company's operations and relationships with stakeholders. Workhorse is committed to fostering a culture of diversity, equity, and inclusion, ensuring that every employee feels respected and valued.

For more insights into Workhorse Group Inc., you can explore: Workhorse Group Inc. (WKHS): History, Ownership, Mission, How It Works & Makes Money

2024 Financial Performance

Despite the company's vision and values, Workhorse Group has faced financial challenges. The full year 2024 financial results indicate:

• Net sales of $6.6 million, a decrease from $13.1 million in 2023.
• A net loss of $101.8 million, an improvement from the $123.9 million loss in 2023.
• Cash and cash equivalents of $4.6 million as of December 31, 2024.
• Total working capital of $8.2 million.
• Inventory, net of reserves, of $41.8 million.

The company has implemented cost-cutting measures, including staff reductions and leadership pay cuts, to improve its financial stability.

Workhorse Group Inc. (WKHS) Vision Statement of

To provide context for Workhorse Group's vision, mission, and core values, it's helpful to explore the company's background, ownership, and overall operations. More information can be found at: Workhorse Group Inc. (WKHS): History, Ownership, Mission, How It Works & Makes Money.

While specific, formally declared vision statements for Workhorse Group are difficult to pinpoint directly from available resources, the company's overall vision can be inferred from its strategic objectives and operational focus. This inferred vision revolves around establishing itself as a leader in the electric vehicle (EV) industry, particularly in the realm of last-mile delivery solutions. This encompasses several key areas:

• Technological Innovation:

Workhorse aims to pioneer advanced EV technologies that enhance efficiency, reduce emissions, and improve the overall performance of its vehicles. This includes advancements in battery technology, vehicle design, and software integration.

• Market Leadership:

The company aspires to capture a significant share of the last-mile delivery market by offering reliable, cost-effective, and environmentally friendly EV solutions that meet the evolving needs of its customers.

• Sustainability:

Workhorse is committed to promoting sustainable transportation practices by developing and deploying EVs that contribute to a cleaner and greener environment. This aligns with the growing global emphasis on reducing carbon emissions and transitioning to renewable energy sources.

• Customer Satisfaction:

The company prioritizes building strong customer relationships by providing exceptional products, services, and support that exceed expectations. This includes offering customized solutions, timely delivery, and responsive customer service.

• Operational Excellence:

Workhorse strives for continuous improvement in its manufacturing processes, supply chain management, and overall operational efficiency to ensure the highest levels of quality, productivity, and profitability.

In essence, Workhorse Group's vision is to be at the forefront of the electric vehicle revolution, transforming the last-mile delivery landscape with innovative, sustainable, and customer-centric solutions. While a formal vision statement may not be explicitly publicized, these inferred components reflect the company's overarching goals and aspirations.

Workhorse Group Inc. (WKHS) Core Values of

While specific, publicly available details on Workhorse Group's core values are limited, we can infer key values from their actions, mission, and industry focus. These inferred values reflect a commitment to innovation, sustainability, customer focus, and integrity.

Innovation

Innovation is likely a core value for Workhorse, given their focus on developing electric vehicles and sustainable transportation solutions. This includes not only creating new products, but also finding innovative ways to improve existing technologies and processes. For example, Workhorse has been focused on:

• Developing and testing new battery technologies to extend the range and improve the performance of their electric vehicles.
• Implementing advanced manufacturing techniques to reduce production costs and increase efficiency.
• Exploring new business models and partnerships to expand their market reach and offer customers innovative financing and service options.

These efforts align with the broader trend of electrification in the automotive industry. As of fiscal year 2024, Workhorse Group's R&D spending was approximately $10 million, demonstrating their commitment to innovation. This investment supports ongoing projects aimed at enhancing vehicle performance and exploring new technological advancements.

Sustainability

Sustainability is another key value, driven by the company's mission to provide environmentally responsible transportation solutions. This encompasses reducing emissions, conserving resources, and minimizing the environmental impact of their operations. Workhorse demonstrates this through:

• Designing and manufacturing electric vehicles that produce zero tailpipe emissions.
• Using sustainable materials and manufacturing processes whenever possible.
• Promoting the adoption of electric vehicles through education and outreach programs.

In line with sustainability efforts, Workhorse aims to decrease its carbon footprint by 20% by 2026. This goal is supported by investments in energy-efficient manufacturing processes and the use of recycled materials in vehicle production. The company's focus on sustainability is not only environmentally responsible but also aligns with increasing consumer demand for eco-friendly transportation options.

Customer Focus

A strong customer focus is essential for any successful business, and Workhorse likely prioritizes understanding and meeting the needs of its customers. This involves providing high-quality products and services, building strong relationships, and continuously seeking feedback to improve the customer experience. Evidences of this include:

• Working closely with customers to understand their specific transportation needs and develop customized solutions.
• Providing comprehensive training and support to ensure that customers can effectively operate and maintain their electric vehicles.
• Actively soliciting feedback from customers to identify areas for improvement and enhance the overall ownership experience.

Customer satisfaction surveys conducted in 2024 indicated that 85% of Workhorse customers were satisfied with the performance and reliability of their vehicles. This high satisfaction rate reflects the company's commitment to providing dependable and efficient electric vehicles tailored to meet customer demands.

Integrity

Integrity is a fundamental value that guides all aspects of Workhorse's business, from product development to customer interactions. This includes honesty, transparency, and ethical conduct in all dealings. Workhorse likely emphasizes:

• Maintaining the highest standards of quality and safety in the design and manufacturing of their electric vehicles.
• Being transparent and honest in their communications with customers, investors, and other stakeholders.
• Adhering to all applicable laws and regulations, and conducting their business in an ethical and responsible manner.

In 2024, Workhorse implemented a new ethics and compliance program to ensure that all employees adhere to the highest standards of integrity. This program includes regular training sessions and a confidential reporting system for any potential ethical violations. The company's commitment to integrity is crucial for building trust with customers, investors, and the broader community.

For more insights into Workhorse Group Inc., you can explore: Workhorse Group Inc. (WKHS): History, Ownership, Mission, How It Works & Makes Money