Shares of electric commercial-vehicle maker Workhorse Group (NASDAQ: WKHS) were up sharply for the fifth-straight session on Wednesday. There was no news, and the rise was counter to the market's broad-based decline on renewed coronavirus concerns. But the rush to buy the company's shares might have a lot to do with a potential rival to Nikola (NASDAQ: NKLA) and its upcoming electric pickup truck.
As of 2:30 p.m. EDT, Workhorse's shares were up about 39% from Tuesday's closing price.
Workhorse is a small maker of battery-electric commercial vans, some of which can be operated in conjunction with a package-delivery drone. The company has relationships with big fleet operators like United Parcel Service and FedEx, which are testing its technology -- but at least right now, it's not a big operation. Workhorse expects to deliver just 300 to 400 vehicles in 2020.