Workhorse drops on annual revenue forecast cut

Workhorse

14/11/2023 13:44

** Shares of Workhorse Group WKHS.O  fall ~7% to 37 cents
premarket after electric vehicle company cuts annual revenue
forecast 
    ** Co now expects to generate revenue of $10-15 mln in 2023,
compared with prior expectations of $65-85 mln
     ** "Our ability to deliver W4 CCs and W750s during the
quarter was severely impacted by the lack of HVIP (Hybrid and
Zero-Emission Truck and Bus Voucher Incentive Project) voucher
availability in California"- WKHS
    ** Co says forecast cut is due to HVIP vouchers delays and
stalled access of its products in California market
    ** Co posts Q3 revenue of $3 mln, compared with expectations
of $20.9 mln, according to 5 analysts polled by LSEG 
    ** As of last close, WKHS shares down ~74% YTD

 (Reporting by Harshita Mary Varghese in Bengaluru)
 ((HarshitaMary.Varghese@thomsonreuters.com))