Under the newly developed business plans, Workhorse said it expects to manufacture and sell at least 250 vehicles in 2022 "assuming current supply chain visibility remains unchanged, and generate at least $25 million in revenue". It was also cheered by the earlier announcement of a multi-year supply agreement with the GreenPower Motor Company during which GreenPower will deliver 1,500 EV Star cab and chassis for the new Class 4 W750 step van line starting in July 2022. In the meantime it is reshaping its product roadmap including new releases: the W750 for the third quarter of 2022, the W56 scheduled for third quarter 2023 and the W. The company, which specialises in delivery vehicles for the "final mile" sector, has now said it will discontinue to C-1000 vehicle. Last year it lost out on a multi-billion-dollar contract from the US Postal Service and had to recall its C-1000 delivery van because it failed to meet safety standards. On the downside on 1 March Workhorse reported a net loss of $156m for the fourth quarter of 2021 after having reported profits of more than $280m in the same period the previous year. Other EV stocks have risen in the same period for example Ideanomics ( IDEX) is up 20%, Tesla ( TSLA) is up 25% and Nikola ( NKLA) has gained 38%.Īnd there is a hope perhaps that Workhorse has put the worst behind it and is looking positively to the future. Sentiment has turned towards tech stocks with the Nasdaq Composite rising 8% in that time. With hydrocarbon fuel costs rising dramatically they may also make EV stocks look more attractive. Struggling electric vehicle (EV) maker Workhorse Group ( WKHS) has seen its stock price rise 42% over the last week and today (22 March) is priced at $4.43. Tesla’s EV revolution: Where will the TSLA stock price be in five years?.Read more: XPeng stock forecast 2021-2025: stronger earnings, new EV models, $76m investment from government.You can see the complete list of today’s Zacks #1 Rank stocks here.US30 US Wall Street 30 (USA 30, Dow Jones) You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is not the case here. Our proven model does not conclusively predict an earnings beat for Workhorse this time around. pure play original equipment manufacturer in medium-duty electrification has been incurring elevated SG&A and R&D costs, which are expected to have ailed operating margins. Also, the market leader, first mover and only U.S. Nonetheless, high cost of goods sold due to elevated tooling expenses for C-Series production is anticipated to have dented gross profits. Increasing demand for green vehicles amid favorable government policies and climate change concerns, along with strategic partnerships with firms including Lordstown Motors are likely to have strengthened the firm’s backlog. These C-series vans are designed for last mile service for delivering packages or cargo to final destinations. Rising deliveries of C-Series vans is expected to have boosted Workhorse’s top line during the to-be-reported quarter. The Zacks Consensus Estimate for Workhorse’s third-quarter loss per share has remained stable over the past 60 days. The electric vehicle (EV) maker incurred a loss of 12 cents in the last reported quarter amid high operating expenses. The Zacks Consensus Estimate for the quarter’s loss and revenues is pegged at 11 cents and $400,000, respectively. Workhorse Group, Inc. WKHS is slated to release third-quarter 2020 results on Nov 9, before the opening bell.
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