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Workhorse Jumps on 6,300-Vehicle Order From Pride Group

Workhorse Group shares jumped after it said it received an order for 6,320 of its C-Series all-electric delivery vehicles from Pride Group.
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Shares of Workhorse Group  (WKHS) - Get Workhorse Group Inc. Report jumped Monday after the electric-vehicle maker said it received a purchase order for 6,320 of its C-Series all-electric delivery vehicles from Pride Group Enterprises. 

Closely held Pride Group Enterprises, Mississauga, Ontario, has interests in transportation, logistics, heavy-duty equipment dealerships, equipment leasing and rentals, real estate holdings and hospitality, the website says. 

"Our new agreement with Pride marks our largest individual order to date and expand our sales channel internationally into Canada for the first time," said Workhorse Chief Executive Duane Hughes. 

"Our ongoing partnership with [Hitachi Capital America] continues to bear fruit as we gear up for scaled production in 2021."

Workhorse Group shares at last check rose 3% to $20.37. The stock jumped by more than a factor of seven in 2020 amid increased investor and consumer interest in the electric-vehicle space. 

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Pride Group's order is split between Workhorse's C-1000 and C-650 models with inventory financing for the deal being provided by Hitachi Capital America. Initial delivery of the vehicles will begin in July 2021 and run through 2026.

Pride said the deal would add last-mile-delivery vehicles to its current product offerings. "It is one of the key steps we have taken over the past year towards achieving our future target of 100% electric vehicles," Pride Chief Executive Sam Johal said in a statement.

Electric vehicles were in focus on Monday after Tesla  (TSLA) - Get Tesla Inc. Report pushed to an all-time high. The Palo Alto, Calif., electric-vehicle maker company said it delivered 180,570 vehicles in the December quarter, a 61% increase from the year-earlier period. 

The company delivered 499,550 vehicles in the year, just short of CEO Elon Musk's target of 500,000 vehicles delivered.