EV company Workhorse shares slide 10% on news to suspend deliveries of C-1000 vehicles and recall 41 already delivered

Electric conveyance institution Workhorse Group Inc.'s shares WKHS, -13.55% slid 10% successful premarket commercialized Wednesday, aft the Cincinnati-based institution said it is suspending delivering of its C-1000 vehicles and recalling 41 it has already delivered. The institution said its caller absorption squad has determined that the vehicles necessitate enhancements to summation payload capableness and that further investigating and modifications volition beryllium required to certify the conveyance nether Federal Motor Vehicle Safety Standards. The institution is expecting to implicit investigating successful the 4th fourth and volition connection an update connected operating and commercialized plans connected its coming third-quarter net call. "We proceed to beryllium assured successful our quality to beryllium a starring shaper of last-mile transportation vehicles implicit the agelong term," CEO Rick Dauch said successful a statement. Workhorse has filed a study with the National Highway Traffic Safety Administration connected the request for testing. Shares are down 59% successful the twelvemonth to date, portion the S&P 500 SPX, +0.41% has gained 16%.