Workhorse Group (NASDAQ:WKHS) news for Monday includes a deal with Hitachi (OTCMKTS:HTHIY) sending WKHS stock higher.
The deal between Workhorse Group and Hitachi will have the former receiving help from the latter with its production facilities. Hitachi’s advice will benefit WKHS in scaling up its creation of electric vehicles (EV).
According to the Workhorse Group news release, Hitachi will also make use of its Lumada platform to help accelerate the company’s production expansion efforts. This is Hitachi’s rapid-solution-delivery platform used in combination with its Smart Manufacturing plans.
To go along with this Workhorse Group news, Hitachi Capital America will also be working with the EV company. This will have it helping with the creation of a dealership network across the U.S. to help it better deliver its EVs to dealers and customers.
Duane Hughes, CEO of Workhorse Group, said the following about the news.
“This alliance with Hitachi comes at an ideal time for Workhorse as we value their best in class innovation and experience in ramping up production and enabling us in providing a complete solution to our customers. With Hitachi’s innovation and invaluable expertise in EV technology, smart factory automation and digital technologies, Workhorse is primed to build on our early leadership position as the only last-mile EV distributor selling vehicles for commercial use across the country.”
Financial details of the deal between Workhorse Group and Hitachi weren’t revealed.
WKHS stock was up 11% as of Monday afternoon.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
