Shares of EV maker Workhorse Group (NASDAQ:WKHS) are in focus today after the company provided strategic business updates as the new year dawns.
The company is channeling its energy into advancing the W4 CC, W750, and W56 vehicles. Consequently, it is putting a stopper in the C1000 program as the time and resources required for the program can be better deployed to the other vehicles. The move will mean a $10 million non-cash charge for the company.
Further, after delays at ports, the company’s facilities are now receiving W4 CC vehicles and Workhorse is working on making customer deliveries at the earliest. Additionally, the SEC has also wrapped up its investigation into the company and is not mulling any action against Workhorse at present.
Finally, Workhorse is planning to ramp up output for the W4 CC, W750, and W56 models and envisions substantial top-line growth in 2023 as a result. For 2022, the company has reiterated an output of 25-100 vehicles and revenue in the range of $5 million and $15 million.
Shares of the company have dropped nearly 68.5% over the past year and short interest in the stock remains elevated at about 25%. Analysts though have a Strong Buy consensus rating on the stock alongside an average price target of $4.75.
This implies a massive 217.73% potential upside in the stock.
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