![]() Workhorse hired a new Chief Executive Officer, Rick Dauch, with a long and successful track record in the automotive industry. If there's any good news from the year, it's that the company has to at least some degree reset. ![]() Combined with a broader swoon in electric vehicles over the end of the year, the 78% decline in WKHS stock in 2021 isn't all that surprising. Securities and Exchange Commission as well. Workhorse has confirmed that it's the target of an investigation by the U.S. Political posturing around the selection provided some hope, and Workhorse filed a lawsuit challenging the decision, but in September Workhorse threw in the towel.Ī week later, the company suspended production of its C-1000 model, while also recalling 41 vehicles that already had been delivered. Most notably, in February Workhorse lost out on a major contract for the United States Postal Service, with USPS going with Oshkosh ( OSK) instead. Simply put, 2021 was a disaster for Workhorse. There is a path toward long-awaited success here, even if that path at the moment looks a bit too narrow. 2022 will be a pivotal year, and new management gives the company at least a chance to spend this year changing its reputation with customers and investors. Yes, WKHS stock is cheaper - but given its positioning, that declining stock price itself creates problems going forward.Īll that said, it is still too early to write Workhorse off entirely. The balance sheet has real concerns, and competition is stiff and getting stiffer.Īnd even at the lows, I'd personally back that bearish take. Its flagship vehicle has been pulled from production. This, after all, is a company that has made multiple missteps since it pivoted to the commercial electric vehicle market back in 2013. And yet, even with that decline, it's still easier to make the bear case for WKHS than a bullish argument. Shares have fallen 80% since the beginning of 2021. ( NASDAQ: WKHS) stock closed Friday below $4, at its lowest level in more than 18 months. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.Workhorse Group Inc. ![]() ![]() Meanwhile, the company is building a plant in Tennessee that, when completed, should meaningfully boost its profitability and enable it to benefit from key provisions provisions of the Democrats’ climate change law. The company expects its 2023 revenue to come in above $200 million, meaning that the company is trading at a very attractive forward price-sales ratio of well under one time.Īs of the date of publication, Larry Ramer owned shares of EVGO. In 2022, before that deal was announced, Tritium received an impressive order total of $195 million. In fact,the order was Tritium’s largest ever, and, under the deal, BP will deploy the company’s chargers ” in the United States, the United Kingdom, Europe, and Australia,” Tritium reported. For 2024, the mean estimate is $266.6 million.Īs I noted in a previous column, “ Tritium (NASDAQ: DCFC ), which builds electric-vehicle chargers, has partnered with one of the world’s largest oil companies, BP (NYSE: BP ).” Showing that the alliance is alive and well, Tritium disclosed that it had obtained a large order from BP. Analysts, on average, expect its top line to climb to $140 million this year versus the $54.6 million that it generated in 2022. Given the high penetration of EVs in California, those new chargers should meaningfully boost EVgo’s top and bottom lines, significantly lifting EVGO stock in the process. Making EVGO on of the best EV charging growth stocks, the company is expanding extremely rapidly. Using the funds, “EVgo will build more than 100 DC fast charging stalls across 17 locations in central and eastern California, including Fresno, Hayward, Manteca, El Cerrito, Antioch and San Jose,” Seeking Alpha noted. Source: /Nixx PhotographyĮVgo (NASDAQ: EVGO), which already has one of the largest fast-charging networks in the U.S., will be able to add significantly to its network in California without spending any of its own funds. That’s because, on April 4, the company disclosed that it had been awarded $6.6 million from the state to launch EV chargers in central and eastern California.
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