9/20/2023 0 Comments Workhorse group stock![]() ![]() Workhorse hasn’t manufactured or delivered trucks at scale yet and it’s not clear if all of its orders will translate into actual revenue. Overall, we think that deciding between the two stocks comes down to choosing between Workhorse’s potential order backlog and Canoo’s interesting tech. Postal Service’s aging fleet of delivery trucks and anticipation surrounding a deal has been a big factor driving the stock this year. Workhorse is one of three finalists for a $6 billion-plus fleet upgrade contract to replace the U.S. However, the company has been highlighting orders for its EVs from several customers, the largest of which is a 6,000 plus vehicle order from Pride Group, a company that specializes in commercial vehicle rentals and leasing. Workhorse’s business appears to be more focused although its product doesn’t appear to be as innovative as Canoo. Workhorse builds electrically powered delivery and utility vehicles, targeted at last-mile delivery – a segment that should be an ideal application for EVs, given the low maintenance costs and lower range related issues. ![]() Canoo projects revenue of close to $330 million in 2022 and is targeting a revenue CAGR of 88% through 2026. In fact, there were reports that Apple AAPL and Canoo were in discussions relating to the rumored Apple car late last year. The company is also likely to consider licensing its platform to other OEMs. Canoo is looking to make its first vehicle available via an all-inclusive subscription fee. The company is looking to launch its first lifestyle vehicle in late 2022, following it up with a delivery vehicle in 2023 and a sports vehicle in 2025. This allows the company to build highly customized vehicles that can serve multiple applications. See our analysis on Workhorse Group Stock Chances Of Rise for more details.Ĭanoo is looking to develop multiple consumer and commercial vehicles, based on its modular “skateboard” platform that integrates batteries into the EV’s chassis. So is Workhorse stock poised to recover or will it decline further? Per our machine learning engine, which analyzes historical stock price data for Workhorse, the stock has a 52% chance of a decline over the next month, after falling 8% over the last five days. Workhorse stock is also down by about 13% over the last month and by about 45% year-to-date. Postal Service contract, for which it was seen as a front runner. While there hasn’t been too much news relating to the company in the last week, the stock has come under pressure since February, when Workhorse lost out on a lucrative U.S. Workhorse Group (NASDAQ: WKHS) – an electric vehicle player focused on delivery vehicles – has seen its stock price decline by about 8% over the last week (five trading days), compared to the S&P 500 which has remained roughly flat. ![]() (Photo Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images) SOPA Images/LightRocket via Getty Images Nasdaq and others are seen on a smartphone screen. UKRAINE - 2: In this photo illustration an increase of stock indices of Dow Jones, S&P 500. ![]()
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