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Workhorse Group, Inc. (NASDAQ:WKHS) stock is moving higher on Monday after FedEx Corporation (NYSE:FDX) placed a purchase order for 15 W56 step vans.
The Details: The recent purchase will help FedEx move closer to achieving its goal of global carbon neutrality by 2040, which the company is working towards through a phased replacement of its vehicles.
The Workhorse W56 vans achieved a 31 miles per gallon equivalent during testing (MPGe), while the national average for delivery trucks is just 7 miles per gallon.
The purchase helps avoid approximately 607 metric tons of tailpipe emissions per year, based on an average annual distance of 31,875 miles driven per vehicle per year.
“We are thrilled to be selected by FedEx and support their sustainability goals. This milestone demonstrates our highly efficient and high-quality EV chassis and body along with our excellent engineering, field support, upfit and operational capabilities,” said Rick Dauch, CEO of Workhorse.
WKHS Price Action: At the time of writing, Workhorse shares are moving 5.79% higher at 61 cents per data from Benzinga Pro.
Image: Image via Shutterstock
