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The company is looking to launch its first lifestyle vehicle in late 2022, following it up with a delivery vehicle in 2023 and a sports vehicle in 2025. This allows the company to build highly customized vehicles that can serve multiple applications. See our analysis on Workhorse Group Stock Chances Of Rise for more details.Ĭanoo is looking to develop multiple consumer and commercial vehicles, based on its modular “skateboard” platform that integrates batteries into the EV’s chassis. So is Workhorse stock poised to recover or will it decline further? Per our machine learning engine, which analyzes historical stock price data for Workhorse, the stock has a 52% chance of a decline over the next month, after falling 8% over the last five days.
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Workhorse stock is also down by about 13% over the last month and by about 45% year-to-date. Postal Service contract, for which it was seen as a front runner. While there hasn’t been too much news relating to the company in the last week, the stock has come under pressure since February, when Workhorse lost out on a lucrative U.S. Workhorse Group (NASDAQ: WKHS) – an electric vehicle player focused on delivery vehicles – has seen its stock price decline by about 8% over the last week (five trading days), compared to the S&P 500 which has remained roughly flat. (Photo Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images) SOPA Images/LightRocket via Getty Images Nasdaq and others are seen on a smartphone screen. Manufacturing vehicles isn’t easy, a lesson that some electric vehicle startups are learning the hard way.UKRAINE - 2: In this photo illustration an increase of stock indices of Dow Jones, S&P 500. Now, Workhorse is a turnaround story, not a growth story. Now, with a new CEO making changes Workhorse is a totally different kind of investment. But the company didn’t win the USPS business and production hasn’t gone as smoothly as hoped. (NKLA) shares, back in July 2020, arguing that new USPS business and the ramp of production of its delivery vans were two potential positives. The third-quarter call should happen in early November.Ĭoming into Wednesday, Workhorse stock was down about 59% year to date and down about 81% from its 52-week high of almost $43 a share, reached in February.īarron’s wrote positively about Workhorse, while panning “We continue to be confident in our ability to be a leading manufacturer of last-mile delivery vehicles over the long term.” “We remain on track to communicate our new, long-term strategic roadmap to enhance our trucks and operational capabilities on our third quarter earnings call,” added Dauch in the news release. The silver lining for investors is that he appears to be radically changing the company’s approach to production and commercialization. Workhorse is working to replace traditional delivery vans with all-electric products.ĭauch was named CEO in July. The C-1000 vehicles are about the size of a UPS delivery van.
#Workhorse stock series
“We have identified a number of opportunities to improve our C-1000 series vehicles and are committed to getting these previously delivered vehicles back on the road.” “Our new leadership team is taking decisive and necessary actions as we conduct our comprehensive operational review of the business,” said new Workhorse CEO Rick Dauch in the company’s news release.