Workhorse Group (WKHS) Stock Gains Momentum After Announcing Strategic Agreement

After weeks of continuous selling pressure, Workhorse Group Inc (NASDAQ:WKHS) is having a relief rally thanks to the company’s announcement of the strategic development agreement with EAVX.

Workhorse Group (WKHS) Stock Gains Momentum After Announcing Strategic Agreement

WKHS stock is witnessing a buying interest in the pre-market session as the company has entered into a strategic development agreement with EAVX, a subsidiary of J.B. Poindexter & Co., a provider of commercial vehicle body solutions, to expand Workhorse’s product line and create solutions for new customer segments.

As per the agreement, both the company will be developing a next-generation delivery vehicle that leverages Workhorse’s leadership in last-mile delivery EVs, controls software, and drone technology as well as the EAVX and the J.B. Poindexter & Co group of companies’ decades of experience with vehicle body engineering, construction, and assembly.

Related:  Is Rush Street Interactive (RSI) All Set To Hit New Highs After Robust Earnings?

WKHS stock is up by 4.25% at $10.05 in the pre-market session. The stock has lost almost 75% from February’s peak as the company didn’t get any part of the USPS contract and the same was given to another company.

Michael Rowels

Weekend Contributor. Writing for business and finance publishers has become his passion over the last decades after he completed a master's degree in Financial Management. Sharing some opinions and forecasts to thousands of readers is a routine job for him but he never promises to invest in one stock.