Workhorse has surged as much as 521% month-to-date, as investor hype around electric vehicle start-ups like Nikola Motor continues to build.
Workhorse is a small-cap electric vehicle manufacturer that owns a 10% stake in its spinoff Lordstown Motors, which is developing an electric pickup truck poised to compete with Tesla's Cybertruck and Nikola Motor's Badger, among others. Workhorse is focused on developing electric delivery vans that would be utilized by shipping companies like UPS and FedEx.
Workhorse surged as much as 56% on Monday after the company announced it would be added to the Russell 3000 index.
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