Business

Workhorse Group will decrease by almost 50% after EV company is handed over for USPS contract

The flagship W-15 electric pickup truck.

Source: Workhorse

Share Hardworking group At some point on Tuesday, the company fell by more than 50% after being handed over for a major contract from the United States Postal Service.

In the midst of increasing volatility, the session ended with a loss of 47.5% after several stock suspensions in the last 30 minutes of the transaction.

The United States Postal Service has awarded the first part of a decade-long multi-billion dollar contract for the modernization of postal delivery vehicles to Oshkosh Defense. The initial investment is $ 482 million.

Workhorse manufactures electric vehicles with a focus on last mile delivery. The company is currently partnering with UPS, FedEx Express and others.

The United States Postal Service’s decision to confer a contract was withdrawn over the years after a series of delays. The deal was seen by Street as a catalyst for the pre-earning Workhorse Group’s turnaround.

In a recent note to the client, BTIG stated that Workhorse, which secures part of the USPS contract, is part of the company’s basic case scenario. The company has a stock purchase rating.

Despite almost halving the stock price on Tuesday, the stock price is up 347% compared to last year.

Apply To CNBC PRO For exclusive insight and analysis, and programming of live business days from around the world.

Workhorse Group will decrease by almost 50% after EV company is handed over for USPS contract

Source link Workhorse Group will decrease by almost 50% after EV company is handed over for USPS contract

Back to top button