Stock Groups

Workhorse Slumps on Suspending Delivery of C-1000 Electric Van, Recall   By


© Reuters.

By Dhirendra Tripathi – Workhorse stock (NASDAQ:) plunged about 14% Wednesday to touch year’s low of $7.05 as the company suspended deliveries of its C-100 electric vans, citing the need for more tests and modifications to comply with regulatory standards.

Although it did not receive any safety reports, the company stated that it was recalling 41 units it delivered previously.

Workhorse stated that it concluded modifications were necessary in order to certify the C-1000 cars under Federal Motor Vehicle Safety Standards. According to Workhorse, the National Highway Traffic Safety Administration has been informed about additional vehicle testing and modifications.

In the December quarter, the company plans to finish testing the van. It has a 100-mile range and is powered with a 70-kilowatt hour battery.

Accordingly, the company’s previous statements related to the vehicle’s compliance with NHTSA standards cannot be relied upon, it said.



Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. CFDs include futures, stocks, indexes and Forex. Prices are provided not by the exchanges. They are given by market makers. Therefore, prices can be inaccurate and differ from actual market prices. These prices should not be used for trading. Fusion Media does not accept any liability for trade losses caused by the data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.