Workhorse (NASDAQ:WKHS) stock is on the rise Wednesday, thanks to a new update from the IRS concerning its electric vehicle (EV) manufacturer status.
The IRS has approved Workhorse as being eligible for the qualified manufacturer for the Commercial Clean Vehicle Credit. With this approval, customers of Workhorse are able to receive as much as $40,000 in credit for deliveries of the company’s EVs.
Rick Dauch, CEO of Workhorse, said the following about the news:
“We are focused on leading the transition to commercial EVs to make last-mile delivery more efficient and less harmful to the environment and are pleased that the IRS recognizes the inherent sustainability of our commercial EVs. We look forward to providing this credit to our customers as we deliver our all electric, dependable, high quality commercial vehicles.”
How This Affects WKHS Stock
With Workhorse being added to the Commercial Clean Vehicle Credit, it could cause an increase in customers. That would come from those seeking out work-related EVs while also looking for credits to reduce the costs.
This news could be a benefit to WKHS stock as it could result in more business for the company. That’s something investors will want to keep an eye on in future earnings reports from Workhorse.
WKHS stock is up 13.4% as of Wednesday morning.
Investors searching for more of the most recent stock market news will want to stick around!
We’re offering up even more of the hottest stock market coverage that traders need to know about on Wednesday. Among that is what’s moving shares of Eiger BioPharmaceuticals (NASDAQ:EIGR), Calidi Biotherapeutics (NYSE:CLDI), and Avalo Therapeutics (NASDAQ:AVTX) stock today. All of that news is ready to go 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.
