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Electric Van Maker Workhorse Soars as Market Tanks

Investing.com
·1-min read

By Christiana Sciaudone

Investing.com -- Electric vehicle maker Workhorse Group Inc. jumped 38% on Wednesday to a record in the midst of a market meltdown.

Shares were already up Tuesday by about 20% after the company reported it had received federal approval for its all-electric vans. After being delayed because of the coronavirus, Workhorse said it has successfully completed Federal Motor Vehicle Safety Standards (FMVSS) testing for its C650 and C1000 delivery vans.

"With this late-stage milestone certification now behind us, we remain well-positioned to execute on our production timeline for the remainder of the year,” CEO Duane Hughes said in a statement.

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The stock has four buy ratings and no holds or sells, according to MarketWatch.

Workhorse peers including Tesla (NASDAQ:TSLA) Inc., Nio (NYSE:NIO) Inc. and Nikola Corp. are all trading lower in line with the market.

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