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Closing yesterday’s session at $9.81, the stock is trading 77.2% below its 52-week price high of $42.96. With the sudden replacement of its CEO Duane Hughes in July, WKHS withdrew its previously announced guidance of an expected production of 1,000 vehicles in 2021. Furthermore, the company’s new CEO, Richard F. Dauch, plans to revise its C-1000 vehicle’s design after delivering only 14 vehicles in the last reported quarter.
Although WKHS has been expanding its product line and improving its operational capabilities, the recent news regarding selling most of its stake in the embattled EV maker Lordstown Motors Corp (RIDE) could make investors anxious about the stock.
