![]() ![]() ![]() That is certainly a good sign that Workhorse has begun distancing itself from its murky past. While looking to close out 2022 strongly, the company continues to renovate and improve its manufacturing facilities in anticipation of higher production volumes in 2023. In a significant achievement last quarter, Workhorse built and sold its first Class 4 trucks, medium-duty vehicles capable of carrying up to 16,000 pounds each. During Workhorse's Q2 earnings call, he commented, "Make no mistake, Workhorse is a fundamentally different company today than it was a year ago." 2023 outlook and beyondĭead set on redemption, Dauch is confident about rebuilding the brand. With the help of its new CEO, Workhorse soon reduced its debt obligations significantly, and by late 2021 it had enough cash on hand to continue operations for the foreseeable future. In addition, Dauch withdrew Workhorse from its expensive USPS lawsuit and streamlined the company's workforce. The stock reached nearly $43 in early February 2021. Postal Service for electric delivery vehicles - drove the stock price to unforeseen heights. So what happened? During the overabundant, stimulus check–fueled market of early 2021, retail traders - anticipating Workhorse would win a $6 billion contract with the U.S. While those highs took place during a notoriously frenzied market, the drop has nonetheless been devastating for Workhorse and its shareholders. The stock is down more than 93% from its highs of February 2021. The stock price has fallen off a cliffĪ quick glance at Workhorse's five-year chart might be enough to scare away volatility-averse investors. With that in mind, let's take a closer look at Workhorse Group ( WKHS -2.80%), an American EV company with a questionable past but a potentially optimistic future. Investors will have to do their homework to determine which companies are best positioned for success, while being prepared for the stock market's often irrational behavior. That said, leading EV companies stand to benefit greatly from the electrification of the automotive industry. With so many players in the space, investing in EV stocks can be overwhelming. The global electric vehicle (EV) market is anticipated to reach well over $1 trillion by 2028, suggesting an impressive annual growth rate of 24.3% during that time period. ![]()
0 Comments
Leave a Reply. |