Why Workhorse Stock Plunged Today
Electric delivery truck maker Workhorse Group (NASDAQ: WKHS) has had a rough start to its commercial business. It updated investors with its second-quarter results today, and the response wasn't positive. Workhorse shares are down 62% over the past year, including a drop of 14.2% this morning as of 10:12 a.m. ET.
In September 2021, Workhorse halted production and deliveries of its commercial vans. It also recalled all 41 of the C-1000 trucks it had already shipped. The company said it needed to alter its vehicle design to certify the C-1000 under Federal Motor Vehicle Safety Standards.
In its third-quarter financial update in November, management said it was continuing testing "with plans for future reconfiguration." Today's update said the service and repair of all recalled vehicles should be complete by the end of 2022. It also said it planned to make another 50 to 75 vehicles from existing inventory through the end of the year.
Source Fool.com
