Electric vehicles maker Workhorse secures $70 million additional financing

US-based electric vehicles manufacturer Workhorse has agreed terms to raise $70 million from an unnamed institutional investor through a new bond.

CEO Duane Hughes commented: “With this note in place, we have much greater financial flexibility to support our current and future production needs. Heading into the second half of the year, we'll be looking to meet our previously stated annual delivery target, which should have us in a strong position to accelerate our production ramp into 2021.

“Successful vehicle production and delivery should also lead to additional orders as we demonstrate our ability to meet our current demand and provide road-ready last-mile delivery EVs."

Workhorse CFO Steve Schrader added: “This financing will also allow us to continue to pursue a credit revolver, which we believe is the best financing vehicle for ramping up production. We expect these proceeds to provide corporate operating funds for the foreseeable future.”