Workhorse Group drops nearly 50% after EV company is passed over for USPS contract

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Workhorse W-15 Electrical Pickup Truck.

Supply: Workhorse

Shares of Workhorse Group dropped greater than 50% at one level on Tuesday after the corporate was handed over for a key contract from the U.S. Postal Service.

Amid heightened volatility, the inventory was halted a number of occasions over the past half hour of buying and selling, earlier than finally ending the session with a 47.5% loss.

The U.S. Postal Service awarded the primary a part of the 10-year, multi-billion greenback contract for modernization of the postal supply car fleet to Oshkosh Protection. The preliminary funding might be $482 million.

Workhorse makes electrical autos targeted on last-mile supply. The corporate at present has partnerships with UPS and FedEx Specific, amongst others.

The U.S. Postal Service contract award choice was drawn out over a number of years after a collection of delays. The contract was seen by the Road as an upside catalyst for pre-revenue Workhorse Group.

In a latest be aware to shoppers, BTIG stated that Workhorse securing a portion of the USPS contract was a part of the agency’s base case state of affairs. The agency has a purchase score on the inventory.

Regardless of the inventory virtually getting minimize in half on Tuesday, shares are nonetheless up 347% over the past 12 months.

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