Workhorse Group WKHS reported third-quarter sales of $4,000 on Friday, which missed the analyst consensus estimate of $60,000.
The company reports third-quarter net loss of $11.5 million versus net losses of $5.5 million in the same quarter last year.
General Motors GM plans to announce it has sold its Lordstown, Ohio plant to an electric truck startup. Shares of Workhorse Group, which created the affiliated Lordstown Motors and said it planned to have a minority stake in it, shot up nearly 30% on the news.
Former Workhorse CEO Steve Burns now leads Lordstown Motors and the companies share intellectual property related to electric-drive systems.
Workhorse Group shares were trading up 2.56% at $3.21 in Friday’s pre-market session. The stock has a 52-week high of $5.37 and a 52-week low of 37 cents.
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