Workhorse stock falls after sales miss, need to revise vehicle design to boost payload

Shares of Workhorse Group Inc. WKHS, -6.24% slid 3.5% successful premarket trading Monday, aft the electric-vehicle shaper reported second-quarter income that roseate overmuch little than expected. The institution said it would person to redesign its C-1000 vehicles to summation the payload. The institution reported a nett nonaccomplishment that narrowed to $43.6 cardinal from $131.3 cardinal a twelvemonth ago; Workhorse did not supply investors with what the losses were per share. Sales roseate to $1.20 cardinal from $91,942 a twelvemonth ago, portion the mean estimation of the six analysts surveyed by FactSet was $5.4 million. Workhorse said the summation successful gross comes aft deliveries accrued to 14 trucks during the 2nd 4th from 1 a twelvemonth ago. "What is wide from the archetypal lawsuit feedback is that we request to further summation the payload capableness of our vehicles," said Chief Executive Rick Dauch. While we revise the plan the vehicle, we judge we tin proceed with a constricted level of accumulation for customers wherever our existent payload is capable oregon those who privation to roadworthy trial 1 of the few, if not lone vehicles successful our marketplace that are disposable to them now." The banal has plunged 48.9% twelvemonth to day done Friday, portion the S&P 500 SPX, -0.16% has gained 18.1%.