Workhorse (NASDAQ:WKHS) stock isn’t doing so hot on Wednesday following a recent announcement from the electric vehicle (EV) company. Plans aren’t going as expected and it’s causing some turbulence among investors today.
What Happened With WKHS Stock?
While EV companies are rushing forward to roll out their newest offerings in the market, Workhorse is doing the opposite. The company is delaying deliveries of its C-1000 delivery van. It’s also recalling 41 of the EVs that have already been delivered.
This is due to the EV not meeting certain standards set out by the company. As a result, additional testing and modifications are on the way. The company hopes to complete these in Q4 2021 and certify the C-1000 under Federal Motor Vehicle Safety Standards.
What It Means
To put it simply, this means that Workhorse won’t be shipping out its C-1000 delivery vans as soon as it thought. This will likely end up affecting the company’s earnings. It plans to address this in its upcoming earnings call for the third quarter of 2021.
What’s Next for WKHS Stock?
There’s no denying that today’s news is rough for TMC shareholders. The company was already staggering from a lost bid to provide the United States Postal Service with delivery vans. That would’ve been a major win for it but the company withdrew its counter-complaint about losing the bid last week.
Now it’s falling further as investors lose faith in the company. However, there’s still plenty of time for a turnaround, and today’s dip could represent a good entry point into the stock.
WKHS stock was down 10% as of Wednesday afternoon and is down 65.6% since the start of the year.
Investors looking for more recent stock market news are in luck!
We’ve got all the latest stock news from Wednesday that traders need to know about. That includes what’s happening with Bridgeline Digital (NASDAQ:BLIN), Freshworks (NASDAQ:FRSH), and Creatd (NASDAQ:CRTD) shares. You can learn more at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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