Workhorse receives FedEx order for W56 transporters (WKHS)

Workhorse (NASDAQ:WKHS) shares rose sharply in premarket trading on Monday and are expected to end a four-day losing streak on an order for 15 W56 delivery trucks from FedEx (FDX).

During a demonstration, the W56 met the operating cycle of FedEx (FDX) with an average fuel economy of 31 MPGe compared to 7 MPG for conventional vans and avoids an estimated 607 tons of exhaust emissions annually.

The FedEx (FDX) order comes less than a month after Workhorse (WKHS) expressed doubts about its ability to continue as a going concern as revenues fell 78% to less than $1 million and working capital dropped 92% to just $5.3 million. At the time, Workhorse (WKHS) warned it could not continue operations due to recurring operating losses, an accumulated deficit, projected capital needs, as well as delays in vehicle launches and lower than expected market demand.

Workhorse (WKHS) shares are currently an increase of 7%, Pre-market earnings down 15%.