The electric vehicle space has grown at a breakneck pace over the course of the past five years or so, and nowadays investors have plenty of options beyond Tesla. One of the companies that has caught investors attention is Workhorse Group Inc (NASDAQ:WKHS).
Key Factors to Watch
That being said, those who may be interested in investing in Workhorse stock should also note that it’s prone to making drastic moves either way. Hence, a closer look is necessary. The company describes itself as a provider of ‘drone integrated electric vehicles to the last mile delivery sector’.
Last-mile delivery may be a small sector but it is vital for a large number of companies as they try to reach the doorstep of their customers in the most efficient way possible. Moreover, Workhorse is different from other companies in the electric vehicle space since it does not actually manufacture passenger cars but electric vans.
The company has developed a new model named C1000, which is all-electric and has a capacity of 1000 cubic feet. Many believe that this particular model could in fact be the future of delivery vans if companies do decide to go for all-electric last-mile delivery.
While being all-electric is well and good, it can often prove to be quite expensive and hence, Workhorse has come up with another product that could correct the situation. WKHS has produced a small robot known as the Horsefly, which is a four-rotor drone and can make deliveries in a far more cost-effective way.
While a delivery with a C1000 might cost $1 per package, deliveries with the Horsefly are going to cost 4 cents a package, according to Workhorse Chief Executive Officer Steve Schrader. Hence, it’s quite clear that Workhorse is not the run of the mill electric vehicle stock and there is much more to the company. Sign up below for more updates on WKHS and other breakout stocks.