WKHS Stock: Why Hard-Hit Workhorse Is Starting to Rev Up Workhorse is ready to fight for a chance with the USPS. Here s what to watch. By Sarah Smith, InvestorPlace Web Content Producer Mar 1, 2021, 1:59 pm EDT March 1, 2021
Workhorse (NASDAQ:
WKHS) is not giving up. After losing almost half its value last week, WKHS stock is starting to rev up on Monday. It turns out that there are two reasons for the comeback.
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Investors likely know that Workhorse is an electric vehicle startup promising to electrify last-mile delivery with its C-Series trucks. Although it has other customers, a big catalyst for shares was the coveted deal with the United States Postal Service. Last week, we learned that Workhorse lost that bid. Instead, the contract went to
Lordstown Motors
A startup truck-maker in Northeast Ohio is now trading on the tech-heavy Nasdaq stock exchange.
Lordstown Motors listed for the first time Monday under the ticker symbol RIDE.
The initial public offering culminates a $675 million merger announced this summer with DiamondPeak Holdings, a special purpose acquisition company.
While the big American vehicle makers trade on the New York Stock Exchange, Lordstown Motors CEO Steve Burns says the software used in his electric pickup trucks makes it more like a tech-stock.
“It’s a highly technical play, just the software in the vehicle is a tremendous amount of high-tech, Burns said. We’re making our own battery packs, and we’re using hub motors, where the motor is in the wheel.”