Another electric vehicle (EV) startup is under the microscope.
The Securities and Exchange Commission (SEC) recently disclosed that it’s looking into electric delivery van maker Workhorse Group Inc. (Nasdaq: WKHS).
This is the fourth investigation of an EV company in the last 12 months!
Steve Burns, who started Workhorse, can’t seem to catch a break. His other EV company, Lordstown Motors Corp. (Nasdaq: RIDE), is also under investigation by the SEC.
Workhorse’s connections to the struggling Lordstown don’t end there, however.
Workhorse was an early investor in Lordstown, which has been having production issues. But the EV startup has been paring down its stake in its sister company, lopping off almost three-quarters of its 9% stake in Lordstown over the past several months.
Despite its decreased involvement with Lordstown, Workhorse has its own problems. The company has experienced high executive turnover and cash flow issues, all while missing its production goals.
It hasn’t been successful with new contracts either.
Workhorse makes electric delivery vans intended for parcel delivery services such as FedEx. Earlier this year, the United States Postal Service passed it over for a lucrative contract.
That blow was just one reason Workhorse’s shares have fallen 76% from their all-time high in February.
Workhorse and Lordstown are two of the many potential investments in the EV space — and right now, they both seem to be duds.
But with so many startups fighting for a piece of the EV profit pie, how can you be sure you’re investing in the companies that will skyrocket?
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And if you missed any of our experts’ market insights this week, keep reading!
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The Most Important Chart for Tech Investors
One chart explains the maturity, adoption and social applications of different technologies. And it shows investors exactly when to invest in the hottest tech trends. In this Market Insights video, Ian King and Steve Fernandez discuss pinpointing the part of a technology’s hype cycle where the biggest gains are made.
Best Wishes,
The Smart Profits Daily Team