Electric Vehicles

The number of EVs Workhorse produces annually



Workhorse's revenue from electric-powered drones in 2020



Annual growth in Workhorse's EV delivery truck sales, 2018 - 2020

The Path to Drawdown: Electric Vehicles

The first electric vehicle (EV) prototype was built in 1828, but not being able to overcome the challenge of building a lightweight, durable battery with good range meant that internal combustion engines have dominated the automotive and transport landscape since the 1920s. 

Today this landscape is changing. Thanks to supportive policies and falling costs, there are millions of EVs on the road. The difference in impact on the climate is remarkable. Compared to internal combustion engine vehicles, CO2 emissions drop by 50% if an EV’s power comes off the conventional grid. If powered by solar energy, emissions fall by 95%. Once households purchase EVs, the operating costs for those cars are often cheaper than gas-based cars, too.

What once used to be a roadbump for EVs - the problem of how far the car can travel on a single charge - is now much less of a concern. The average range of a battery EV produced in 2020 is about 217.5 miles, up from 124 miles in 2015.

Making this increase in mileage possible is the continuing development in battery capacity. Global EV battery capacity is expected to increase from around 170 GWh per year today to 1.5 TWh per year in 2030. At the same time, the cost of batteries is falling as their production reaches greater scale.

To be on the path to remain under 1.5ºC of warming, 100% of passenger cars and vans (p. 138) need to be running on electricity by 2050. That’s a jump from 5% of cars and 0% of vans in 2020, respectively. Accomplishing this overhaul of the transportation landscape means EV production and ownership need to continue to expand over the next three decades:

  • 11 million EV cars and vans were on the road in 2020
  • 2 billion EV cars and vans (100% of total global sales) need to be on the road by 2050

This would require a CAGR of 18.94% from 2018-2050


Workhorse Group Inc. (stock ticker: WKHS) is an American manufacturing company based in Cincinnati, Ohio. Workhorse is currently focused on creating all-electric delivery trucks and drone systems, including the technology that optimizes the way these mechanisms operate.

WKHS's Role in Drawdown

Workhorse’s main products are electric-powered delivery trucks, vans, and drone systems, as well as the technology that optimizes the way these vehicles and machines operate. While it doesn’t report the number of vehicles and drones it sells annually, we know that its sales have been on the rise over the last three years, from $0.5 million in 2018 to about $1.3 million in 2020

These EVs offer commercial fleet operators economic and environmental benefits (p. 1), including lower cost of ownership and reduced carbon emissions compared to internal combustion engine vehicles.

WKHS: What We Like

Workhorse’s recently launched electric-powered drones are an innovative complement to its delivery product offering. They can carry packages up to 10 miles (p. 2) and automatically lower them safely from 50 feet above the delivery point via Workhorse’s ground control system.

In 2020, Workhorse began the Federal Aviation Administration’s Type Certification process for its drone model to ensure safety, reliability and capability. This certification would place Workhorse’s drone system above its competitors.

WKHS: What We Want to See Improve

Ensure that Production Process is Smooth

Workhorse has run into production delays in 2020 when its battery supplier couldn’t deliver a few thousand units. Going forward, we urge Workhorse to work with multiple suppliers so that its supply chain, and ultimately its production are more diversified and resilient.

Track Sustainability Metrics

While we are excited about Workhorse’s expansion in the EV delivery fleet industry, we have no idea how its production and operations directly contribute to climate change or ecological sustainability. This is because they haven’t published any sustainability metrics. We particularly want to see data on their scope 1, 2 and 3 GHG emissions, avoided emissions, waste management and water use.

Set Clear Targets

Once these key metrics are collected and published, Workhorse should set clear targets for cutting emissions and enhancing ecological sustainability within a concrete timeline. This would allow climate-conscious investors to hold Workhorse accountable.

Other Electric Cars (EV's) Stocks in the Climate Index

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