Workhorse Group stock rises on business update

Yahoo Finance Live anchors discuss the rise in stock for Workhorse Group following an update that the SEC has concluded its investigation and the company will discontinue a program.

Video transcript

JULIE HYMAN: We've been watching electric-vehicle stocks more broadly. We were showing the chart before.

I want to zero in on Workhorse in particular. This company coming out with an update this morning saying the Securities and Exchange Commission, which had been looking into it, has concluded its investigation. There's not going to be any kind of enforcement action at this time.

It's also pulling out of one of its programs for C-1000, which, Brad, you were looking up and is-- it largely focuses on sort of last-mile electric vehicles, right?

BRAD SMITH: Yeah.

JULIE HYMAN: So it's discontinuing one of its programs for those.

BRAD SMITH: Heavy-duty deliveries is what it really kind of classified itself within for that particular powertrain. But this company Workhorse, if you even think back to last year, some of the issues that they had run into, some of the operating-cost increases, suspension of production due to recalls as well, all of those really grappling-- or Workhorse having to grapple with as well.