![]() ![]() Sure, this number was up more than 600% over last year’s $84,000 revenue number. Total revenue for this EV maker with a $1.6 billion market capitalization came in at only $521,000. Given the first quarter delivery numbers of only six trucks and 38 C-series vehicles (last mile delivery vans), it appears investors and the broader market have become concerned that even these targets may be unrealistic. However, during the company’s recent Q1 earnings report, it was announced that Workhorse would be reducing its year-end target to only 1,000 units. The company had initially targeted production of 1,800 units in 2021, given relatively strong preorder demand for approximately 8,000 of its vehicles. This year was supposed to be the year Workhorse took off, from a production standpoint. Slower Production Outlook Bearish for Workhorse Investors Let’s dive into what’s been driving shares of this EV maker on such a volatile ride recently. (See Workhorse stock charts on TipRanks)Īccordingly, investors seriously considering WKHS stock are betting that this maker of last mile EV vans can find demand for its vehicles, which has been slow to materialize of late. Currently trading at around $13 per share, this stock has been a near-double from the bottom, but has also declined approximately 70% from its peak. Since peaking at nearly $43 per share earlier this year, shares of WKHS stock declined to lows of nearly $7 per share in mid-May. Indeed, this clean energy and EV player was red-hot earlier this year. For investors considering EV options, Workhorse ( WKHS) is one company that may be on the periphery of most investors’ radar. ![]()
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