Why Workhorse Group Stock Is Falling Today
Shares of Workhorse Group (NASDAQ: WKHS) lost nearly half their value on Tuesday after the U.S. Postal Service decided to go in another direction to modernize its fleet of delivery vehicles. The sell-off continued on Wednesday morning, with the stock off an additional 12% in early trading.
Workhorse is an early-stage company focused on the development of electric delivery trucks. The company is relatively small right now, with plans to manufacture just 1,800 vehicles in 2021, but had hoped to quickly change that if it was selected to replace upward of 165,000 postal vehicles over the next 10 years.
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Source Fool.com
