Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Workhorse Jumps on USPS Contract Challenge

Published 17/06/2021, 03:02 am
Updated 17/06/2021, 03:02 am
©  Reuters

By Christiana Sciaudone

Investing.com --  Workhorse jumped 11% after Reuters reported it will challenge the USPS decision to award a multibillion-dollar, 10-year contract to Oshkosh (NYSE:OSK) Defense for a new generation of postal delivery vehicles.

The contract, which could be worth more than $6 billion, includes the delivery of 50,000 and 165,000 of internal-combustion and battery-electric vehicles over 10 years. Workhorse had proposed an all-electric vehicle fleet.

The bid protest will be filed in the U.S. Court of Federal Claims as soon as today, a source familiar with the matter told Reuters.

Workhorse rallied in 2020 on expectations it would secure the USPS contract. Shares have tumbled some 60% since February, when the postal service said it would award the deal to Oshkosh.

 

 

 

 

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.