Workhorse Group Inc (NASDAQ:WKHS) Stock Crosses $1 Mark: What Next?
Workhorse Group Inc (NASDAQ:WKHS) is a tech company that is involved in providing ground and air-based electric vehicles for the emerging last-mile delivery space. It is an American original equipment manufacturer and is focused on the designing and building of high-performance battery-powered electric drones and trucks.
The company also manufactures real-time telematics performance monitoring systems that are powered by the cloud. These systems are entirely integrated with the vehicles produced by Workhorse and help operators of fleets to make routes and energy usage more efficient.
WKHS stock soared 18% on Wednesday, extending its monthly gain to 32%.
On July 12 Workhorse Group was in prime focus after it announced that it had engaged the services of Burr Truck and Trailer Sales as its first service and distribution partner for New York State. Thereby, Burr Truck and Trailer Sales became the initial dealership for the company in the northeastern region of the United States.
In this context, it ought to be pointed out that Burr Truck is a family-owned, third-generation commercial truck dealership. It offers sales, leasing, and associated services for Class 3-8 medium and heavy-duty trucks. The company noted that the partnership with Burr would be a major step towards getting better access to zero-emission transportation technology. It would be particularly vital given the challenges in the supply chain market.
Rick Dauch, the Chief Executive Officer of Workhorse spoke about the matter as well. He noted that as the company continued to grow its production and delivery of Class 4 and other last-mile delivery solutions, it was also focused on building its national distribution channels. He went on to add that the partnership with Burr Truck would provide Workhorse with a key foothold in the northeastern United States market.
Additionally, it would also help the company in joining forces with an established brand in order to boost its sales efforts. Dauch stated that the company was looking forward to growing the partnership as it worked on ramping up its production and speeding up the deliveries of vehicles over the course of the upcoming months.
On June 27 the company announced that it had commenced production of the W750 at its manufacturing plant located in Union City, Indiana. Additionally, Workhorse Group also announced that it had gone into a partnership with Smyrna Truck by way of which the latter would be the first certified electric vehicle dealer in the state of Georgia.
At the time Dauch stated that the milestone was a significant one for the company since it reflected the sort of progress that Workhorse Group in executing its strategic goals. He went on to add that everyone at the company was excited at the rollout of the W750 from the company’s production facility. In the upcoming months, Workhorse Group would be working on ramping up production of the vehicle. Smyrna Truck would work on expanding the company’s customer network through the partnership. It could be a good idea for investors to keep an eye on the Workhorse Group stock over the near term.
