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Express News | Shares of EV-related Stocks Are Trading Higher Following Recent CPI Data. The Department of Energy Announced a $1.7 Billion to Convert 11 Shuttered or At-risk Auto Facilities to Manufacture Electric Vehicles and Their Supply Chain
What's Going On With Workhorse Group Stock Thursday?
Workhorse Group, Inc. (NASDAQ:WKHS) share are trading higher on Thursday. The company announced the release of the W56 with a 208-inch wheelbase on Wednesday after the market closed.What To Know:
Express News | Workhorse Group Unveils W56 With 208-Inch Wheelbase; New Version Features 22-Foot Step Van Body And 1,200 Cubic Feet Cargo Volume
Poor sales of electric cars in Europe and America have put the fourth largest battery manufacturer in the world in a difficult position.
South Korean electric car battery manufacturer SK On is in crisis due to sluggish sales of electric cars in Europe and the United States, with 10 consecutive quarters of losses and soaring debts. Commentators say that Korean battery makers are "very disappointed" with American auto manufacturers, and General Motors predicts that it will sell 1 million electric cars by 2025, but only sold 21,930 in the second quarter of this year.
Under heavy pressure from the global slowdown in the electric autos market, LG's new energy fund's profits plummeted 58%.
The continuous slowdown in sales of electric cars has had a significant impact on the performance of LG new energy fund, causing its second-quarter profit to fall short of analyst expectations.
Workhorse Group Inc. (WKHS): A Good Stock to Buy According to Reddit's WallStreetBets?