Shares of the EV maker Workhorse Group (NASDAQ:WKHS) are on the rise today after receiving approval as a qualified manufacturer for the Commercial Clean Vehicle Credit from the IRS. Following this approval, customers of the company are now eligible to receive up to a $40,000 credit for deliveries of all Workhorse vehicles in 2023 and beyond.
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Importantly, the company has also recently initiated production of the chassis for its W56 electric vehicle at its manufacturing facility in Indiana. The W56 is Workhorse’s first purpose-built class 5/6 model chassis platform that has been built from the ground up.
The company expects to begin production of full W56 step vans later this month and plans to deliver demo units to major fleets in the fourth quarter.
Overall, the Street has a consensus price target of $2.83 on Workhorse, along with a Moderate Buy consensus rating. This indicates an eye-popping 302% potential upside in the stock.
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