With this approval, Workhorse says customers are now eligible to receive up to a $40,000 credit for deliveries of all Workhorse vehicles in 2023 and beyond.

"We are focused on leading the transition to commercial EVs to make last-mile delivery more efficient and less harmful to the environment and are pleased that the IRS recognizes the inherent sustainability of our commercial EVs," said Workhorse CEO Rick Dauch.

"We look forward to providing this credit to our customers as we deliver our all electric, dependable, high quality commercial vehicles."

According to data from Benzinga Pro, WKHS has a 52-week high of $3.43 and a 52-week low of $0.55.