Electric vehicle company Workhorse Group Inc.’s shares WKHS, -13.00% slid 10% in premarket trade Wednesday, after the Cincinnati-based company said it is suspending delivering of its C-1000 vehicles and recalling 41 it has already delivered. The company said its new management team has determined that the vehicles require enhancements to increase payload capacity and that further testing and modifications will be required to certify the vehicle under Federal Motor Vehicle Safety Standards. The company is expecting to complete testing in the fourth quarter and will offer an update on operating and commercial plans on its coming third-quarter earnings call. “We continue to be confident in our ability to be a leading manufacturer of last-mile delivery vehicles over the long term,” CEO Rick Dauch said in a statement. Workhorse has filed a report with the National Highway Traffic Safety Administration on the need for testing. Shares are down 59% in the year to date, while the S&P 500 SPX, +0.39% has gained 16%.
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