President Joe Biden on Thursday said he wants leaders who can do a “better job” running the service, signaling DeJoy could be at risk of losing his job. The lawmaker’s scrutiny adds to pressure on the Postal Service, which has come under fire in recent months for a delivery slowdown under DeJoy. The increase ended a three-day losing streak, though the stock is still down 43% for the week after losing the contract. Workhorse rose sharply on the news that lawmakers are aiming to block the contract, closing up 25% to $18.87 in New York trading.

Workhorse Group Inc., the only all-electric vehicle maker in the running, said in a statement Wednesday that it “intends to explore all avenues” available to it in the government bidding process. USPS awarded Oshkosh Defense a $6 billion, 10-year contract to manufacture a new fleet of as many as 165,000 postal delivery vehicles with “either fuel-efficient internal combustion engines or battery electric powertrains.” Postmaster General Louis DeJoy said Wednesday that the service has plans for only 10% of its new truck fleet to be electric. Jared Huffman (D-Calif.) said in an interview. “This is an urgent situation where we cannot allow this contract to go forward,” Rep. Postal Service to electrify its vehicle fleet vowed Thursday to block a contract the service awarded to Oshkosh Corp. Do this now.A House Democrat who has advocated for the U.S. It doesn’t matter if you have $500 in savings or $5 million.

Stock Prodigy Who Found NIO at $2… Says Buy THIS Now Louis Navellier, who has been called “one of the most important money managers of our time,” has broken the silence in this shocking “tell all” video … exposing one of the most shocking events in our country’s history… and the one move every American needs to make today. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines. On the date of publication, neither Louis Navellier nor the InvestorPlace Research Staff member primarily responsible for this article held (either directly or indirectly) any positions in the securities mentioned in this article. With WKHS stock down 65% from its February all-time high, it’s priced right for investors willing to hang on for the company to realize that long-term potential. The potential for a game-changing win, the rush for the exits when the contract was lost and now more hopefuls climbing on board on thee long chance of a successful appeal.įactor all that out and you have a company with proven EV delivery options, signed customers and a huge addressable market. Workhorse investors have had a heck of a ride over the past year, but the volatility has all been based around the USPS contract. That’s what investors should be looking at - not fixating on the USPS contract. Other customers are already making purchases and that will ramp up. Add the current mandate to eliminate emissions, and the market for Workhorse’s EV delivery vans is huge. However, over twice that many delivery vans are sold every year in the U.S. Yes, losing the USPS contract for 163,000 vehicles was a blow. In May I wrote about the huge addressable market for Workhorse’s C650 and C1000. Interviewed in Bloomberg, a legal expert explained USPS contract reviews usually favor the original winner, noting: “‘These internal dispute resolution processes don’t really bring the relief’ that contract losers seek.” Retail investors are hoping for a win, but it seems unlikely. The move had been expected, but news it was happening resulted in a pop for WKHS stock. The latest chapter in this story kicked off on Wednesday when Workhorse officially appealed the USPS decision. Update: Workhorse Takes USPS Decision to Court, WKHS Pops Along with the defeat came a shareholder lawsuit. Naturally, WKHS stock came crashing to the ground when the USPS chose a defense contractor over Workhorse. So of course it turned in a quadruple-digit growth story. This was an even more important factor when the contract decision was extended again, and Joe Biden announced a push for made-in-America EV fleets.Īdding fuel to the fire, retailer investors turned WKHS into a meme stock through all this. And Workhorse was the only all-electric option. At that point, it was announced that Workhorse was one of the four remaining contenders for the $6 billion contract. A March 2020 deadline to make a decision was extended to July. Things got interesting when the USPS announced it would be taking bids to replace its fleet of 163,000 delivery vehicles. Its C650 and C1000 were designed for the last-mile delivery market. Last spring, Workhorse was a company focused on battery-powered electric delivery vans.

Time for a quick bit of background, just in case you missed the incredible story behind Workhorse stock. Background: Workhorse Loses USPS Contract, WKHS Stock Pummeled

Workhorse stock usps contract