![]() 1 billion contract with the USPS was for 99,150 vehicles in 1986 Postal Service ALL TRUCK. Musk sells a few shares to pay taxes on options it's sheds 300 billion. Used 1990 Grumman USPS LLV Stock 2200-12542 in New York. Workhorse shares are down 51% to $15.30 and Lordstown Motors shares are down 15% to $19.33. This bull market is in the final throws of madness. Price Action: Shares of Oshkosh are up 11% to $114.55, while Tuscan Holdings Corp shares are up 24% to $22.26. ![]() Positioned for a Decade of Hypergrowth Winning all or most of the USPS contract is a huge near-term. The company, which is working on its own electric pickup truck, was seen as a possible manufacturing partner with Workhorse. When the company does, WKHS stock will pop in a huge way. N) Production of a new generation of postal delivery vehicles. Postal Services decision in February to sign a multibillion-dollar, 10-year contract with Oshkosh Defense (OSK. O) filed a lawsuit Wednesday against the U.S. Workhorse Group was one of three finalists for the USPS contract. While the USPS contract would have been the company’s biggest by far, the firm also touts deals with FedEx, DHL, UPS, Amazon and Walmart for its delivery vehicles. WASHINGTON, June 16 (Reuters) Electric vehicle company Workhorse Group (WKHS. The Potential Losers: Two stocks getting hurt by the USPS news are Workhorse Group WKHS and Lordstown Motors Corp RIDE. Related Link: Workhorse Shares Fall On Delayed USPS Mail Truck Decision Microvast could be the supplier of batteries for the new USPS vehicles. Oshkosh invested in the PIPE on the SPAC deal. It’s also the only fully electric player in the mix and that is important because it makes the trucks cheaper to run. Oshkosh entered into a joint development with Microvast earlier this month in a deal that covers “future battery collaboration and innovation.”īattery manufacturer Microvast is going public via a SPAC merger with Tuscan Holdings Corp THCB. The USPS program could award up to 6.3 billion in contracts to one or multiple bidders, and is an opportunity for Workhorse to construct 165,000 new mail trucks. When the USPS announced the winner and it wasn’t. Workhorse was a finalist and the only pure EV contender. The replay can be found on Benzinga's YouTube channel, and the podcast is on iTunes, Google Play, Soundcloud, Stitcher and Tunein.The new USPS vehicles are expected to be used for mail carriers beginning in 2023. The contract was for up to 180,000 delivery vehicles and worth up to 6 billion. PreMarket Prep is a daily trading show hosted by prop trader Dennis Dick and former floor trader Joel Elconin. You can watch PreMarket Prep live every day from 8-9 a.m. Oshkosh Defense scored the 10-year contract to manufacture the vehicles, which the USPS says will be a multi-billion dollar modernization effort. “In two years, best case, we get the Post Office contract, we also have a lot more orders and we’re producing to the tune of maybe 2,000 to 3,000 new vehicles per year in the C-Series,” he said. In a best-case scenario, Schrader said Workhorse has a massive opportunity in the next two years with both vans and drones. “I think what investors have done is looked at little Workhorse here and said look, not only are they making vehicles right now, they already have orders, and in addition to that they have a drone and they have an opportunity with the Post Office,” Schrader said. “They want safety first for sure, but from that standpoint, I think it’s a real opportunity and I think it’s more like two years away versus five years away,” he said.įirst-Mover Advantage: In the meantime, Schrader said Workhorse doesn’t have a true competitor and has roughly a two to three-year head start on Rivian. Schrader said any company that wants to launch a true drone delivery service that would rival a truck would need FAA certifications. Workhorse recently ran a demonstration of its autonomous touchless delivery in Virginia. ![]() Watch to the full interview with Steve Schrader in the clip below, or listen to the podcast hereĬOVID-19 Impact: Schrader said the COVID-19 outbreak has significantly increased interest in touchless and drone delivery. That’s higher than Workhorse’s peak market. WKHS stock peaked at 42.96 and then fell when the U.S. The contract has a total value of 6 billion. Postal Service contract loss ended the speculation in Workhorse Group (NASDAQ: WKHS ). ![]() Postal Service delayed its decision yet again to award a 6.3. It was easy to see the USPS deal as potentially transformative for Workhorse and for WKHS stock. Obviously, if we were to get the full award or a decent-sized award, that would be transforming for the company,” Schrader said. InvestorPlace - Stock Market News, Stock Advice & Trading Tips Workhorse (NASDAQ: WKHS) stock suffered a 21.5 drop after the U.S. “I think it’s a great opportunity for us. In addition, he said Workhorse vehicles have half the maintenance costs of the current USPS fleet.
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