WKHS Stock Price Increases Over 10% Pre-Market: Why It Happened

By Amit Chowdhry ● Jan 26, 2021
  • The stock price of Workhorse Group Inc (NASDAQ: WKHS) is trading at over 10% pre-market today. This is why it happened.

The stock price of Workhorse Group Inc (NASDAQ: WKHS) is trading at over 10% pre-market today. One of the reasons for the stock price increase today has to do with President Joe Biden saying that the whole U.S. federal fleet will be replaced with electric vehicles being made in the United States.

“The federal government also owns an enormous fleet of vehicles, which we’re going to replace with clean electric vehicles made right here in America made by American workers,” said President Biden via Reuters.

The U.S. government fleet is comprised of about 650,000 vehicles. And President Biden had criticized existing rules that allow vehicles to be considered U.S. made when bought by the U.S. government even if they have a significant amount of non-American made components. So Biden said he would close the “loopholes” that allow key parts such as engines and steel to be manufactured abroad for vehicles made in the U.S.

The “Buy America” executive order was signed on Monday.

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