Should I buy Workhorse Group stock in 2025? NZ Edition

What is the Workhorse Group?

How much is the Workhorse Group stock?

The price of Workhorse Group stock is falling this week. As of now, the stock trades at $0.96 USD, representing a 6.80% drop over the past 24 hours and down 13.48% for the week. The company's market capitalisation stands at $9.76 million, with a three-month average daily volume of 603,190 shares.

Currently, there is no reported P/E ratio as Workhorse remains unprofitable, and no dividend is paid out to shareholders. The stock’s beta sits at a high 2.83, indicating marked volatility compared to the broader market.

New Zealand investors should note that while the price is low, the high volatility and ongoing financial losses make Workhorse a highly speculative play.

Our complete analysis on the Workhorse Group stock

After a rigorous review of Workhorse Group’s latest financial results and a comprehensive assessment of its stock trajectory over the past three years, our analysis leverages an integrated approach combining key financial indicators, technical patterns, market sentiment, and comparative sector data. Utilizing proprietary algorithms, we have distilled multiple sources to form a robust investment thesis that highlights both the headlines and the hidden drivers behind the stock’s behaviour. So, why might Workhorse Group stock once again become a strategic entry point into the electric commercial vehicle sector in 2025?

Recent Performance and Market Context

Workhorse Group (NASDAQ: WKHS), a specialist in commercial electric vehicles (EVs), is currently trading at $0.96 USD as of 30 May 2025, reflecting a highly volatile and challenging year. While the past twelve months have seen the stock decline nearly 98%, and 93% over six months, such compression often presents forward-looking investors with potential entry points—particularly when paired with concrete operational progress.

Recent months have delivered several encouraging developments:

• Transport Canada Approval (March 2025): Workhorse secured approval to sell its flagship W4 CC and W56 models in Canada, marking the company’s strategic entry into a new market with strong fleet electrification incentives.
• $35 Million Financing (February 2025): The closing of a convertible note has stabilized near-term liquidity, enabling the company to support ongoing operations and product rollouts.
• High-profile Orders: Notably, a national uniform supplier placed a fresh order for 13 W56 trucks, underscoring ongoing demand for the new model range.
• Reverse Stock Split (March 2025): The successful reverse split (1-for-12.5) preserved NASDAQ listing status, supporting long-term investor confidence.

On the broader stage, macroeconomic and sector dynamics remain supportive of commercial EV adoption. North America’s regulatory landscape (e.g., ZEV mandates and fleet decarbonization commitments), coupled with financial incentives, continues to underpin robust structural demand. While the EV segment has experienced cyclical volatility, the ongoing transition toward sustainable transportation remains a secular growth story—bolstering the case for agile, innovative players like Workhorse.

Technical Analysis

Current technical signals reflect a market that has largely absorbed a prolonged downtrend, revealing the possibility of a new phase for attentive investors. Key indicators as of 30 May 2025 include:

• Relative Strength Index (RSI: 41.96): A neutral reading, suggesting an absence of speculative excess and potentially signalling an oversold environment approaching technical support.
• MACD (-0.17): While still flashing a bearish tone, the narrowing spread alongside recent price stabilization at support indicates a possible reversal may be forming.
• Moving Averages: While the current price is below the 20-, 50-, 100-, and 200-day moving averages, this gap often precedes mean-reversion in deeply sold-off equities.
• Critical Levels: The key support stands at $0.83. The proximity of price to this support—and its historical resilience—suggests downside may be limited, while bullish momentum could emerge if the stock clears resistance at $0.97.

Market structure on short and medium-term frames is showing classic bottoming characteristics: compressed volatility after large drawdowns, above-average volumes, and stabilization above key support can provide a highly favorable risk/reward setup for fresh long positions.

Fundamental Analysis

While the topline numbers for 2024 highlight ongoing challenges—declining revenue of $6.6 million (down 49.5% year-over-year) and a net loss of $101.8 million—the year also reveals several bullish undercurrents:

• Cost Discipline: Though losses remain significant, the reduced net loss compared to the prior year ($101.8 million vs. $123.9 million) signals incremental improvements in operational efficiency during a major strategic pivot.
• Market Expansion: The Canadian launch, fostered by regulatory green lights and expanding dealer partnerships, materially enlarges Workhorse’s addressable market for the W4 CC and new W56 models.
• Innovation and Differentiation: Workhorse continues to lead in the under-penetrated commercial Class 4–6 EV niche—a space many larger competitors have yet to prioritize. The forthcoming W56 208-inch, boasting 20% additional cargo capacity, directly targets fleet operator requirements.
• Valuation: With a market capitalization of only $9.76 million and a firm analyst consensus price target of $2.00 (implying more than 100% upside from current levels), valuation appears deeply discounted. While profitability is not imminent, such a valuation offers significant leverage to any material uptick in revenue or sentiment.
• Structural Tailwinds: The accelerated electrification of delivery fleets, regulatory pressure on emissions, and Workhorse’s established relationships with federal agencies (e.g., GSA contract) serve as long-term structural strengths.

In the context of EV sector consolidation and heightened competition, Workhorse’s focused strategy and early-mover advantage in the North American commercial EV space can enable outsized returns should execution milestones be met.

Volume and Liquidity

Healthy trading activity has provided evidence of enduring market interest:

• Volume: The 65-day average daily trading volume stands at 603,190 shares—indicating the presence of liquidity and allowing for effective price discovery, even through periods of pronounced volatility.
• Float: With 7.52 million shares outstanding following the reverse split, the float remains relatively compact. This dynamic has historically amplified positive price action during periods of renewed interest, supporting strong revaluation potential.

Sustained liquidity at such depressed prices is a notable sign of continued institutional scrutiny—and, as a rule, precedes aggressive market repricing when catalysts align.

Catalysts and Positive Outlook

Several forward-looking catalysts have the potential to drive a re-rating of the stock in the coming quarters:

• Canadian Market Rollout: Shipments and sales into the Canadian market, with full-scale deployment of the W4 CC and W56 models, are set for April 2025. Early adoption, especially with local fleets, could accelerate revenue normalization.
• Product Pipeline: The imminent launch of the W56 208-inch with 20% more cargo capacity is tailored for high-growth segments. Successful market reception could rapidly boost order books and margins.
• Federal and Commercial Contracts: The recently acquired GSA contract and ongoing expansion of certified dealer partnerships position Workhorse to capitalize on significant government and corporate fleet electrification initiatives.
• Capital Infusion: The recent $35 million from convertible financing has addressed near-term liquidity needs and enables continued investment in R&D, working capital, and production capacity—key for bridging to profitability.
• Secular Growth in EV Adoption: Regulatory momentum, rising ESG investment mandates, and major logistics players’ commitment to zero-emissions fleets create a favorable macro context for re-rating underpinned by real demand.

As the sector consolidates and selectivity increases, Workhorse’s clear product-market fit and forthcoming catalysts present a unique opportunity to capture revaluation as execution improves.

Investment Strategies

The current technical and fundamental configuration of Workhorse Group enables multiple attractive entry strategies:

Short-term

• Positioning for a Bounce: Entry near the $0.83 support level provides exceptional risk management, as any short-term catalyst (product launch, contract win) may trigger swift price normalization toward $1.25 or higher.
• Event-driven Trades: Anticipated Canadian market milestones and positive order announcements may be targeted for tactical positions that capitalize on rapid sentiment shifts.

Medium-term

• Re-rating Potential: A series of incremental positive updates—order momentum, cash stabilization, improved guidance—may catalyze a reassessment of risk and spark a medium-term recovery to analyst target levels ($2.00+).
• Technical Reversal: Sustained volume at current levels, paired with reversal signals in RSI/MACD, could validate the formation of a durable floor, making this a timely entry before broader market recognition.

Long-term

• Structural Bull Play: For investors with patience and conviction in the commercial EV secular trend, Workhorse’s low valuation and niche leadership make it an intriguing option for a long-duration, high-beta position. Potential index re-inclusion and positive sector flows could further amplify gains.

Across all timeframes, risk management is advisable, with position sizing calibrated to the company’s high-volatility profile. Nonetheless, entry at technical lows ahead of material catalysts often provides asymmetric upside for disciplined investors.

Is it the Right Time to Buy Workhorse Group?

In summary, Workhorse Group’s compelling mix of:

• Deeply discounted valuation with an optimistic analyst consensus,
• Confirmed regulatory progress in North America,
• Innovative product launches tailored to rapid fleet electrification,
• Access to new, expanding markets and institutional contracts,
• Sufficient near-term liquidity post-financing,

suggests that the stock may be entering a fresh bullish phase. While volatility and financial headwinds remain, these are more than counterbalanced by the company's strategic positioning, strong product pipeline, and the broader forces driving commercial EV adoption.

For NZ investors seeking exposure to early-stage EV disruptors in North America, Workhorse Group seems to represent an excellent opportunity to capture both short-term technical rebounds and long-term secular upside. As execution milestones are reached and sentiment shifts, the stock could reward investors willing to position ahead of the crowd with significant upside potential.

Workhorse Group stands today as a rare value opportunity in the commercial EV space—one that deserves serious consideration by those focused on growth and innovation at the intersection of sustainability and transportation.

How to buy Workhorse Group stock in New Zealand?

Buying shares in Workhorse Group (WKHS) online is straightforward and secure for New Zealand investors, provided you use a regulated broker. Today’s digital platforms offer two main ways to get exposure: you can purchase the stock outright (“spot buying”), giving you direct ownership; or you can trade via Contracts for Difference (CFDs), allowing you to speculate on price changes with leverage. Each method has its own advantages and risks. For a detailed comparison of brokers supporting Workhorse Group, see our broker comparison further down the page.

Spot Buying

A cash or spot purchase means you buy actual shares of Workhorse Group through an online broker, becoming a shareholder. In New Zealand, most reputable brokers charge a fixed commission per order, typically ranging from NZ$3 to NZ$10.

Important Example

Example:
If the Workhorse Group share price is about US$0.96 (roughly NZ$1.60), with NZ$1,000 (including an estimated NZ$8 brokerage fee), you could buy around 620 shares.
✔️ Gain scenario:
If Workhorse’s share price rises by 10% (to approximately NZ$1.76), the value of your shares increases to NZ$1,100.
Result: That’s a gross gain of NZ$100, or +10% on your initial investment.

Trading via CFD

CFDs (Contracts for Difference) let you trade on the price movement of Workhorse Group stock without owning the underlying shares. Instead, you speculate on the rise or fall, often using leverage (borrowed funds), making it possible to control a larger position with less upfront capital. Fees for CFD trading usually include the spread (difference between buy/sell price) and overnight financing charges if you hold positions beyond a day.

Important Example

Example:
With a NZ$1,000 deposit and 5x leverage, you’d have exposure to NZ$5,000 worth of Workhorse Group shares.
✔️ Gain scenario:
If the share price goes up 8%, your position gains 8% × 5 = 40%.
Result: That’s a NZ$400 gain on your NZ$1,000 outlay (excluding fees).

Final Advice

Before investing in Workhorse Group, it’s essential to compare brokers’ commissions, platform features, and the specific terms for spot share buying and CFD trading. Your ideal approach depends on your objectives, risk tolerance, and experience. For a tailored comparison of available brokers in New Zealand, check our comparison tool lower on this page.
Remember: investing in volatile stocks like Workhorse Group offers the prospect of returns, but also carries risks—choose the solution that suits your financial goals best.

Our 7 tips for buying Workhorse Group stock

The latest news about Workhorse Group

Workhorse received Transport Canada approval to sell its W4 CC and W56 models in March 2025. This regulatory milestone paves the way for Workhorse’s commercial vehicle market entry in Canada, targeting deliveries as soon as April 2025. While this approval is centered on the Canadian market, it potentially illustrates a maturing regulatory path for North American expansion, which New Zealand-based analysts may see as a positive indicator for future international certifications. This also highlights the company’s commitment to broadening its addressable market for zero-emission vehicle solutions, aligning with advanced economies’ decarbonization targets, including those in Oceania.

Workhorse secured a $35 million convertible note financing round in February 2025, improving its near-term liquidity position. This much-needed capital infusion is crucial given Workhorse's previously highlighted liquidity concerns and ongoing operating losses. The ability to raise additional funds suggests that some institutional investors retain confidence in the company's business model or intellectual property portfolio, which is a constructive signal amid industry headwinds. For New Zealand investors, access to fresh capital allows Workhorse to continue its operational and R&D activities, maintaining momentum for existing and upcoming vehicle deployments, and sustaining the company’s position until broader market stabilization or turnaround opportunities emerge.

Workhorse implemented a 1-for-12.5 reverse stock split in March 2025 to maintain Nasdaq listing compliance. This corporate action enables the stock to remain accessible to international investors, including those in New Zealand, via electronic trading platforms. While stock splits can sometimes signal financial distress, maintaining Nasdaq eligibility preserves critical liquidity and investor visibility in global markets, mitigating risks associated with delisting and potential illiquidity.

The company reported a narrowed net loss for 2024 compared to the previous year while launching expanded product offerings. Although revenue declined almost 50% year-over-year, the $101.8 million net loss marks a modest improvement from 2023's results, reflecting some operational cost discipline. Notably, the introduction of the W56 208-inch model—with a 20% larger cargo area—demonstrates ongoing innovation and potential to tap new logistics and delivery customer bases. For New Zealand-based institutions considering early-stage EV industry exposure, operational improvements coupled with an active R&D pipeline may be viewed as long-term positives despite short-term volatility.

Certified dealer partnerships and strategic orders—such as a national uniform supplier's order for 13 W56 trucks—signal pockets of customer traction. While modest in volume, these orders suggest validation from commercial customers and expanding sales channels via certified dealer networks. Such real-world adoption is a key metric for early-stage vehicle manufacturers and could pave the way for larger fleet contracts, a scenario closely watched by investors and analysts seeking tangible progress in revenue ramp-up or potential for channel development in markets similar to New Zealand.

FAQ

P. Laurore

Finance expert

Co-founder of HelloSafe and holder of a Master's degree in finance, Pauline has recognised expertise in personal finance, which she uses to help users better understand and optimise their financial choices. At HelloSafe, Pauline plays a key role in designing clear, educational content on savings, investments and personal finance. Passionate about financial education, Pauline strives, with every piece of content she oversees, to provide reliable, transparent and unbiased information for independent and informed financial management. To this end, she has tested over 100 trading platforms to help internet users make the right choices.