Workhorse Group (WKHS) Cut In Half After Losing Out on Massive USPS Next Gen Vehicle Deal

February 23, 2021 3:59 PM EST

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Workhorse Group (NASDAQ: WKHS) shares were clobbered 47% after the company lost out on the massive U.S. Postal Service (USPS) fleet upgrade award. The USPS instead awarded the contract to Oshkosh Defense, a wholly owned subsidiary of Oshkosh Corporation (NYSE: OSK).

The contract allows for the delivery of between 50,000 and 165,000 Next Generation Delivery Vehicle (NGDV) over a period of 10 years.

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