Here's Why Workhorse Stock Tumbled Today

Investors in last-mile electric delivery vehicle start-up Workhorse Group (NASDAQ: WKHS) haven't had much good news so far in 2021. The stock is down almost 60% year to date, and more than 80% off highs reached in February. Shareholders got more bad news today, and shares dropped 14% in reaction. The stock has regained some of that decline, but still remained down about 8.5% as of 10:25 a.m. EDT.

The latest hit comes after the company provided an update on its operations, saying it has suspended deliveries of its C-1000 electric delivery vans. Additionally, Workhorse is recalling 41 vehicles that have already been delivered to customers. The company said that based on customer feedback, it plans to review and redesign the vans "primarily related to vehicle dynamics to increase the vehicles' payload capacity."

Source Fool.com