The stock price of Workhorse Group Inc (NASDAQ:WKHS) increased by 8.07% on Tuesday, November 17. This is why it happened.
The stock price of Workhorse group is up more than 8% as of 11:03 EST. The stock price of Cincinatti based EV maker Workhorse Group Inc (NASDAQ:WKHS) increased 8.07% to $21.50, up from the Open at $20.15.
What actually triggered the surge in price? This is happening due to 2 things.
First Tesla (TSLA) stock is finally getting a break after it was decided it will be a part of S&P 500 index. This decision alone pushed pretty much all other EV stocks up on Tuesday.
Tesla stock is also up around 8% on Tuesday and Elon Musk just became the 3rd richest man in the world. The richest man is Mr. Bezos of Amazon and 2nd richest is Mr. Gates of Microsoft.
Second reason why Workhorse shares are going up on Tuesday is connected with Mr. Biden, President-Elect. According to SALON, Joe Biden is committed to building out EV infrastructure. Following this “a new lobby group launched this morning will push for 100 percent electric vehicle sales by 2030.”
This new group called ZETA (zero emission transportation association) is founded and backed by leading EV producers and suppliers such as Siemens, Tesla, Rivian and Lordstown Motors (partially owned by WKHS).
“ZETA’s formation recognizes a pivotal moment for national leadership and reflects the will of the growing clean transportation sector.”-said Joe Britton, Executive Director of ZETA.
ZETA brings together those who support meeting the goal of 100% electric vehicle sales by 2030.
The surge in WKHS price also triggered higher than usual volume. Daily average volume is around 15,000,000 and this will clearly be a day with 20M+ volume.