Shares of Workhorse (NASDAQ:WKHS) stock are kicking off 2021 with a bang on Monday after a major order announcement.
The company said it received a purchase order for 6,320 C-Series all-electric delivery vehicles from Pride Group Enterprises. Pride is a privately-held company that focuses on a number of different areas like transportation, logistics, heavy-duty equipment dealerships and equipment leasing and rentals. Workhorse specified that the order will be divided between its C-1000 and C-650 model vehicles.
Additionally, according to the release, the initial vehicle deliveries could begin in July 2021 and will run through 2026. And those delivered vehicles will be “distributed through Pride dealerships for fleet use.”
Duane Hughes, CEO of Workhorse, said this about the WKHS stock news:
Our new agreement with Pride marks our largest individual order to-date and expands our sales channel internationally into Canada for the first time. Our ongoing partnership with HCA continues to bear fruit as we gear up for scaled production in 2021. This large order solidifies our first-mover advantage and indicates the heightened interest in our last mile delivery products.
This is major news in terms of momentum for Workhorse and WKHS stock. Shares struggled to begin 2020, but received a clear boost in the second half of the year. In fact, it finished the year up nearly 550% from $3.06 at open on Jan. 2 to $19.78 at close on Dec. 31.
On Monday morning, WKHS stock is 4.7% to start the day.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Nick is a web editor at InvestorPlace.
