Yahoo Finance Workhorse (WKHS) Adds Eco Auto to Its Certified Dealer Network
Workhorse Group Inc. WKHS announced that Eco Auto has joined its Workhorse Certified Dealer Network, becoming the company's first dealer in the Greater Boston area and the 13th across the nation.
Located in Tewksbury, MA, northwest of Boston, Eco Auto focuses on providing sustainable commercial vehicle solutions for businesses. Massachusetts is a leading state for EV adoption, largely due to the MOR-EV program, which offers significant rebates to make transitioning to zero-emission vehicles more affordable for fleets. These rebates range from $30,000 to $60,000 per vehicle and are available to private businesses, universities, nonprofits and municipalities.
Eco Auto is dedicated to customer service, offering a wide range of services, including the purchase of electric and hybrid vehicles, energy solution evaluations and expert EV maintenance. By adding Workhorse’s Class 4-6 electric work trucks to its offerings, Eco Auto is set to provide even greater value to its commercial clients.
As Workhorse continues to lead the electrification of the commercial vehicle sector, its partnership with Eco Auto represents an important step in expanding zero-emission transportation in the Northeast. To support this integration, WKHS offers extensive technical and vehicle maintenance training to its dealers. Moreover, certified dealers like Eco Auto invest in EV charging infrastructure, specialized tools and spare parts inventory to ensure high service standards.
The company announced a 1-for-20 reverse stock split of its common stock, which started trading on a split-adjusted basis on Jun 17, 2024, under the symbol “WKHS.” This decision, approved by stockholders on May 14, 2024, allows a reverse split ratio between 1-for-10 and 1-for-20 before Aug 30, 2024. The reverse split aims to raise the stock price to meet Nasdaq's minimum bid price requirement of $1 per share, which must be maintained for at least 10 consecutive trading days by Sep 16, 2024.
For the first quarter of 2024, Workhorse reported sales of $1.3 million, down from $1.7 million in the corresponding quarter of 2023, mainly due to reduced W4 CC vehicle sales. The cost of sales rose to $7.4 million from $5.3 million, driven by a $2.2 million increase in inventory reserve expenses, a $1 million rise in depreciation expenses and a $0.6 million rise in employee compensation and related expenses to support vehicle production.
Zacks Rank & Key Picks
WKHS currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the auto space are Blue Bird Corporation BLBD, Geely Automobile Holdings Limited GELYY and American Axle & Manufacturing Holdings, Inc. AXL, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The consensus estimate for BLBD’s 2024 sales and earnings suggests year-over-year growth of 17.29% and 155.14%, respectively. The EPS estimates for 2024 and 2025 have improved 63 cents and 69 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for GELYY’s 2024 sales suggests year-over-year growth of 36.63%. The EPS estimates for 2024 and 2025 have improved 21 cents and 34 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for AXL’s 2024 sales and earnings suggests year-over-year growth of 3.05% and 544.44%, respectively. The EPS estimates for 2024 have moved up 5 cents in the past 60 days. The EPS estimates for 2025 have moved up 5 cents in the past seven days.
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American Axle & Manufacturing Holdings, Inc. (AXL) : Free Stock Analysis Report
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Workhorse Group, Inc. (WKHS) : Free Stock Analysis Report
