Workhorse Group (NASDAQ:WKHS) is in the news Monday after certification for its electric delivery trucks sent WKHS stock soaring higher.
Workhorse Group notes its a news release that the approval comes from the California Air Resources Board (CARB). It has the organization giving the company’s electric vehicles (EV) Executive Order A-445-0003.
According to Workhorse Group, this has the CARB recognizing its electric delivery trucks as zero-emissions vehicles in California. This has the company moving closer to joining the California Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP).
Why does this matter to Workhorse Group? Vehicles that are able to join HVIP are eligible for monetary vouchers that reduce the total cost of purchase for the customer. That incentive means that more companies may consider its EVs when choosing delivery trucks.
Duane Hughes, CEO of Workhorse Group, said the following about the news.
“Going forward, this Executive Order will take on even more significance with CARB’s recent Advanced Clean Truck regulation, which will require manufacturers of commercial vehicles to start selling electric options in 2024 and move exclusively to electric trucks in California by 2045.”
Workhorse Group also notes that its medium-duty battery electric vehicle is the first, and only, of its type to get approval from both the Environmental Protection Agency and CARB.
WKHS stock was up 5.8% as of Monday afternoon and is up 394.5% since the start of the year.
As of this writing, William White did not hold a position in any of the aforementioned securities.
