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Workhorse shares jump after strategic agreements with Hitachi

Shares of Workhorse Group Inc. WKHS,
jumped 2.8% in preliminary trading on Monday after the manufacturer of electric vans and drones announced strategic agreements with Hitachi America Ltd. and Hitachi Capital America Crop. to assess Workhorse’s production capacity and supply chain capabilities. The agreements will help Workhorse develop a national dealer network and support sales with vehicle financing opportunities for dealers and customers. “This alliance with Hitachi comes at the perfect time for Workhorse, as we value their best-in-class innovation and production growth experience and enable us to provide a complete solution to our customers,”

; said Workhorse CEO Dwayne Hughes. . “With Hitachi’s innovations and invaluable experience in EV technology, intelligent factory automation and digital technology, Workhorse is poised to build on our early leadership position as the only last-mile EV distributor selling commercial vehicles nationwide.” Workhorse has risen more than five times (by 439.1%) from the beginning of the year to Friday, while shares of Tesla Inc. shares of Nio Inc., based in China NIO, also increased more than fivefold (by 429.1%),
have risen almost fivefold (by 360.2%) and the S&P 500 SPX,
+ 0.67%
has gained 8.6%.

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