Workhorse's W56 EV is now eligible for HVIP incentives, but stock falls
Shares of Workhorse Group Inc. (WKHS) trotted 0.5% lower in premarket trading Wednesday, as they approached record-low levels, even after the California Air Resources Board determined the maker of electric delivery vehicles' W56 EV is eligible for the Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project. The stock had closed at a record low of 35.0 cents on Dec. 19. "The receipt of HVIP approval from CARB for the W56 is the next step for Workhorse to unlock growth opportunities and build market share in the EV step van segment," said Chief Executive Rick Dauch. The stock has shed 4.7% over the past three months through Tuesday, while the Global X Autonomous & Electric Vehicles ETF (DRIV) has gained 6.6% and the S&P 500 has rallied 12.1%.
-Tomi Kilgore
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01-03-24 0901ET
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