Shares of electric vehicle company Workhouse Group (WKHS) - Get Report soared Monday, after President Trump made a positive remark about an electric truck of Lordstown Motors, in which Workhorse has a 10% stake.
Trump commented at the White House about Lordstown’s Endurance truck. “We’ve been working on this very long and very hard,” he said, according to Cleveland.com.
“This is a really unique thing because the four wheels are -- hub motor, hub motor -- this is the only one that does this in the world. It has a lot of advantages.” Trump said the truck’s all-electric four-wheel-drive system is an “incredible concept,” Bloomberg reports.
Workhorse recently ended up $3.32, or 13%, at $28.13. Shares have skyrocketed more than 800% so far this year amid investor enthusiasm for electric vehicle companies.
"In the first half of this year we accomplished a series of major operational and EV industry milestones, culminating in the first official deliveries of our C-Series trucks to Ryder just a few weeks ago," Workhorse CEO Duane Hughes said in the company’s earnings report Aug. 10.
"Additionally, after acquiring the requisite various state and federal approvals in recent months, we are now the only medium duty BEV [battery electric vehicle] OEM [original equipment manufacturer] permitted and able to sell and deliver our vehicles in all 50 states, which should allow us to further distance ourselves as the first movers in the last-mile EV space.”
Also, “widening our sales funnel through tax incentives, government programs and strategic partnerships, all of which we now have, will allow us greater opportunities to build on our growing backlog,” Hughes said.