The USPS is in the process of replacing its iconic yet aging white right-hand-drive delivery trucks and Workhorse is the only contract bidder left offering an all-electric option. They met Wednesday with USPS representatives to talk about the contract and the selection process, “the details of which cannot be disclosed at this time,” Workhorse said in a news … The quotes are intended to show that Workhorse led investors on about the possibility of getting all or part of the USPS’s contract for new mail trucks, inflating its stock price as a result. after rallying 6.1% on Tuesday on news of the contract win. Workhorse said Wednesday it asked the USPS for “additional. Covid-19 has delayed a USPS decision regarding replacing its delivery trucks. Shares of Workhorse Group dropped 8.3% in extended trading after falling nearly 50% on Tuesday. After deliberating about a long-overdue modernization of its vehicle fleet for nearly a decade, the US Postal Service has awarded a 10-year contract to Wisconsin-based Oshkosh Defense to manufacture a new generation of … Raymond James analyst Felix … Workhorse Stock Plummets as USPS Delays Decision on Contract. Posted Februby Charles Morris & filed under Newswire, The Vehicles. UPDATED | Workhorse sued by investors who claim it oversold chances at USPS contract The suit cites misleading comments about the company in media reports between July 2020 and February 2021, made by Workhorse executives who reportedly sold more than half-a-million of their own shares in that time. Postal Service (USPS) contract to rival, Oshkosh Corp. Workhorse is one of four remaining participants bidding for the contract. ![]() fell nearly 50% at the end of the trading session Tuesday following news that Oshkosh Corp. Workhorse met with USPS reps after missing out on delivery truck contract, will keep pursuing options Published: Maat 1:09 p.m. If Workhorse does not win the USPS contract, Workhorse’s attempted transition will be more challenging. Workhorse will win the USPS contract, and leverage first mover’s advantage to turn into one of the biggest players in the domestic market. Workhorse, of course, wants to overturn the award made to truck maker Oshkosh (OSK) or, at least, win part of the yearslong, multibillion-dollar contract. WKHS, -2.50% fell nearly 50% at the end of the trading session Tuesday following news that Oshkosh Corp. The USPS is looking forward to upgrading its aging fleet of mail trucks. "Lordstown Motors’ business plan was never reliant on Workhorse receiving the USPS contract," a Lordstown Motors spokesperson said in a statement Tuesday evening. The Company is unable to provide any further information with respect to this matter currently but will provide updates when appropriate and as permitted under its non-disclosure agreement as part of the USPS NGDV program.Workhorse investors got some bad news Tuesday. ![]() On MaWorkhorse met with USPS representatives to discuss the award and further specifics of the USPS selection process, the details of which cannot be disclosed at this time. ![]() ![]() After being informed of the USPS decision, the Company requested, pursuant to the bid process rules, additional information from the USPS. (NASDAQ: WKHS ) announced today that it has filed a formal complaint with the United States Federal Court of Claims protesting the award of the United States Postal Service Next Generation Delivery Vehicle (“USPS NGDV”) contract to a competing finalist.Īs previously disclosed, on Februthe USPS issued a press release announcing that it had made an award under the NGDV contract, the details of which can be found here. Claim your 1-week free trial to StreetInsider Premium here. News and research before you hear about it on CNBC and others.
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