News – USA – Workhorse Group falls nearly 50% after handing over EV company on USPS contract

0
1

Shares in Workhorse Group fell more than 50% at one point Tuesday after the company was turned over by the U for a key deal Postal service

Amid the increased volatility, the stock paused several times in the last half hour of trading before the session finally ended with a 475% loss

The US. Postal Service awarded Oshkosh Defense the first part of its 10-year multi-billion dollar contract to modernize its fleet of postal delivery vehicles. The initial investment will be $ 482 million

Workhorse makes electric vehicles that focus on last mile delivery. The company currently has partnerships with UPS and FedEx Express, among others

The US. The mail contracting decision was made over several years after a series of delays The contract was seen off the road as an upward catalyst for the Workhorse Group ahead of sales
In a recent announcement to customers, BTIG said that Workhorse’s securing of part of the USPS contract was part of the company’s baseline scenario and the company has a Buy recommendation on the stock

Though the stock almost halved on Tuesday, stocks are still up 347% over the past year

Subscribe to CNBC PRO for exclusive insights and analysis as well as live business day programs from around the world

Data is a real-time snapshot * Data is delayed by at least 15 minutes Global business and financial news, stock prices and market data and analysis

Oshkosh Corporation, United States Postal Service, Workhorse Group, NASDAQ: WKHS, Oshkosh Defense, LLC, Stock, NYSE: OSK

News – USA – Workhorse Group almost falls afterwards 50% EV company is handed over for USPS contract

Source: https://www.cnbc.com/2021/02/23/workhorse-group-drops-nearly-50percent-after-ev-company-is-passed-over-for-usps-contract.html