Workhorse Jumps on USPS Contract Challenge By Investing.com

By Christiana Sciaudone

Investing.com —  Workhorse jumped 11% after Reuters reported it will challenge the USPS decision to award a multibillion-dollar, 10-year contract to Oshkosh (NYSE:OSK) Defense for a new generation of postal delivery vehicles.

The contract, which could be worth more than $6 billion, includes the delivery of 50,000 and 165,000 of internal-combustion and battery-electric vehicles over 10 years. Workhorse had proposed an all-electric vehicle fleet.

The bid protest will be filed in the U.S. Court of Federal Claims as soon as today, a source familiar with the matter told Reuters.

Workhorse rallied in 2020 on expectations it would secure the USPS contract. Shares have tumbled some 60% since February, when the postal service said it would award the deal to Oshkosh.