Workhorse contract with usps
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Hughes added "with or without the Post Office, we have a business here, and we have to focus on being able to build that business. While the government continues to delay the awarding of the estimated 6.3 billion contract, Workhorse signed a deal with Pride Group Enterprises for 6,320 C-Series all-electric delivery vehicles. The tawdry tale to date: USPS is planning to replace its ancient fleet of delivery vehicles. Frank Holland joins Closing Bell to report. government’s fleet of roughly 650,000 vehicles with electric models.Īsked why USPS was not buying 90% EVs, DeJoy said: "We don’t have the three or four extra billion in our plan right now that it would take to do it." The company has voluntarily withdrawn a lawsuit that it filed against the US Postal Service, after the agency passed Workhorse over for a multibillion-dollar contract to produce the next generation of mail delivery vehicles. Workhorse shares are down nearly 50 percent after losing the deal for a new fleet contract with the USPS. Some environmentalists criticized the announcement after President Joe Biden in January vowed to replace the U.S. If Workhorse lands that USPS contract Besides the huge revenue boost, couriers and other delivery businesses are going to take notice The Postal Service told Trucks The Postal Service told Trucks. House panel last week that USPS has only committed to buy 10% electric vehicles in its next-generation delivery fleet. The contract, which could be worth more than $6 billion in total, allows for delivery of between 50,000 and 165,000 of vehicles over 10 years that will be a mix of combustion-powered and electric vehicles. Lordstown Motors also went public in late 2020, and so Workhorse ultimately.
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Workhorse shares rose 7.2% Monday to $17.34 on news of the meeting, but are still down 38% since last week's announcement. That ownership stake is now worth around 330 million, according to Workhorse’s latest financial report filed Monday.