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.
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.
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.
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