Shares of Workhorse Group Inc. jumped 2.8% in premarket trading Monday, after the electric van and drone maker announced strategic agreements with Hitachi America Ltd. and Hitachi Capital America Crop. to assess Workhorse’s manufacturing and supply chain capabilities.
The agreements will help Workhorse develop a national dealer network and support, sales with vehicle financing options for dealers and customers. “This alliance with Hitachi comes at an ideal time for Workhorse as we value their best in class innovation and experience in ramping up production and enabling us in providing a complete solution to our customers,” said Workhorse Chief Executive Duane Hughes. “With Hitachi’s innovation and invaluable expertise in EV technology, smart factory automation and digital technologies, Workhorse is primed to build on our early leadership position as the only last-mile EV distributor selling vehicles for commercial use across the country.”
Workhorse’s stock has run up more than fivefold (up 439.1%) year to date through Friday, while fellow EV maker Tesla Inc.’s stock has also soared more than fivefold (up 429.1%), China-based EV maker Nio Inc. shares have climbed nearly fivefold (up 360.2%) and the S&P 500 has gained 8.6%.