But, the long-term implications of a USPS contract win for Workhorse are much bigger than the near-term. USPS officials reportedly hope to make the majority of its fleet electric within 10 years, but the Biden administration has called for funding to electrify the entire roughly 650,000-vehicle fleet. For a company set to do about 1 million in revenue this year, that’s a massive deal. The new mail trucks will be a combination of gas-powered and electric vehicles, with the gas ones able to be retrofitted with electric systems down the road. Oshkosh, which declined comment on the filing, did not match Workhorse’s all-EV contract bid. Reuters reports that a judge is likely to disclose some details of the complaint in coming weeks.įor now, Workhorse said only that it would provide updates “when appropriate and as permitted” under a non-disclosure agreement. Postal Service again delayed a multibillion-dollar contract for next-generation delivery vehicles. Court of Federal Claims, where the filing is under seal. Workhouse plummeted 47 yesterday and is down another 5.3 today after the USPS awarded Oshkosh (NYSE:OSK) a 10-year contract to manufacture a next generation of postal service delivery vehicles. Investors pummeled Workhorse Group ( NASDAQ: WKHS) shares Wednesday after the U.S. At stake is a 10-year contract Workhorse said was valued at 3.1 billion, one of the largest contracts the USPS has ever issued.
Court of Claims in Washington, D.C., asking the court to overturn the award. The company officially challenged the bid in the U.S. Register WASHINGTON, Sept 14 (Reuters) - Electric vehicle company Workhorse Group (WKHS.O) voluntarily dismissed on Tuesday its legal challenge against a U.S. The newspaper published a redacted copy of a previously sealed lawsuit Workhorse filed June 16 against the USPS in the U.S.
Nearly four months later, Workhorse is suggesting the contract was awarded improperly - and it’s taking the Post Office to court.Įxact details of the company’s challenge are under wraps, at least for the time being. The company’s stock price reportedly plummeted nearly 50% in the wake of the announcement. The winning bid, from Wisconsin-based Oshkosh Defense, could be worth $6 billion over more than 10 years - a substantial windfall for a company known more for its military vehicles.īut the decision also came at the expense of Workhorse Group, the Cincinnati commercial electric vehicle company whose all-electric bid lost out to Oshkosh. 24, 2021 (globe newswire) - workhorse group inc. years ago fantasy football was dominated by workhorse running backs that. Postal Service awarded funding for the first overhaul of its delivery vehicle fleet in 30 years. 150/12TM/Contract League/SF/PPR/TEP/Slow Auction Draft Start-Up on LEAGUE.
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