Workhorse Group Receives California Air Resources Board Approval for W56 HVIP Program

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Workhorse Group ($NASDAQ:WKHS), Inc. is a technology company focused on providing sustainable and cost-effective solutions to the commercial transportation sector. The company recently achieved a major milestone when the California Air Resources Board (CARB) approved its W56 model for the Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP). The HVIP program provides voucher incentives to assist businesses in purchasing zero-emission and hybrid technology commercial vehicles. This approval will allow Workhorse Group to offer W56 vehicles to customers in California, thereby expanding its customer base.

The CARB approval also sets a precedent for the company’s other models to receive similar approval in other states. The model also utilizes Workhorse Group’s proprietary electric drive system and powertrain components to ensure maximum efficiency and reliability. Thanks to the CARB approval, Workhorse Group can now offer the W56 model to a larger customer base, allowing them to experience the cost-saving benefits of electric vehicles.

Market Price

On Wednesday, the Workhorse Group (WORKHORSE GROUP) saw its stock prices open at $0.4 and close at $0.4, a 2.1% drop from the prior closing price of 0.4. This comes as the Workhorse Group received approval from the California Air Resources Board (CARB) for their W56 High Volume Incentive Program (HVIP). The W56 HVIP program is a California-funded program that provides vouchers to help cover the cost of purchasing electric light-duty vehicles and light-duty trucks.

The vouchers are available to fleets and consumers through participating dealerships in California. This move is expected to provide a major boost to the company’s bottom line, especially when it comes to sales of their electric vehicles in California. Live Quote…

About the Company

Income Snapshot

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Balance Sheet Snapshot

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Analysis

GoodWhale has conducted a comprehensive analysis of WORKHORSE GROUP‘s fundamentals. According to our Star Chart, WORKHORSE GROUP has a low health score of 3/10, indicating that it is less likely to sustain future operations in times of crisis. We have classified WORKHORSE GROUP as a ‘cheetah’ type of company – one that achieves high revenue or earnings growth but is considered less stable due to lower profitability. What type of investor may be interested in such a company? WORKHORSE GROUP is strong in asset, growth and medium in profitability, but weak in dividend. It may appeal to investors seeking robust asset, growth and potential for capital appreciation. Investors who seek stability or an attractive yield may want to look elsewhere. More…

Peers

Workhorse Group Inc. is an American manufacturer of electric vehicles, aircraft, drones and other aerospace technology. Founded in 2007, the company is headquartered in Cincinnati, Ohio, and has over 600 employees. Workhorse has three main divisions: Workhorse Custom Chassis, which manufactures commercial truck and van chassis; Workhorse Parts, which sells aftermarket parts and accessories; and Workhorse Technology, which develops electric vehicles, drones and other aerospace technology. Workhorse’s main competitors are Lordstown Motors Corp, Tesla Inc, Electrameccanica Vehicles Corp Ltd.

– Lordstown Motors Corp ($NASDAQ:RIDE)

The company has a market capitalization of 378.52 million as of 2022. The company’s return on equity is -39.42%. The company manufactures electric vehicles.

– Tesla Inc ($NASDAQ:TSLA)

Tesla, Inc. is an American electric vehicle and clean energy company based in Palo Alto, California. Tesla’s market cap is $709.36B as of 2022 with a ROE of 20.66%. Tesla designs, manufactures, and sells electric vehicles, and energy storage systems. The company operates through three segments: Automotive, Energy Generation and Storage, and Services. The Automotive segment includes the design, development, manufacture, and sale of electric vehicles. The Energy Generation and Storage segment includes the design, manufacture, installation, sale, and lease of stationary energy storage products and solar energy systems, and the sale of electricity generated by its solar energy systems to customers. The Services segment includes the provision of vehicle maintenance and repair services, as well as the sale of used vehicles.

– Electrameccanica Vehicles Corp Ltd ($NASDAQ:SOLO)

Electrameccanica Vehicles Corp Ltd is a Canadian electric vehicle manufacturer. The company’s market cap as of 2022 is 133.15M, and its ROE is -24.99%. The company produces electric vehicles, including cars, motorcycles, and scooters.

Summary

Workhorse Group Inc. (WKHS) recently received HVIP approval from the California Air Resources Board (CARB) for their W-56 electric delivery vehicle. The approval allows the company to offer financial incentives to customers in California who purchase or lease their electric vehicles, which could lead to increased demand and sales. Investors may want to consider the potential growth opportunities this could bring for Workhorse Group as increased sales would likely be a positive catalyst for the stock.

In addition, investors should take into account that the company is focused on capitalizing on their disruptive technologies, such as their drone technology which is expected to launch later this year. The company has also partnered with larger companies to help increase their exposure and sales. Overall, Workhorse Group appears to have a promising future ahead and could be a great investment for those looking for long-term growth potential.