11/2/2022 0 Comments Workhorse stock usps contract![]() ![]() A multi-billion-dollar USPS contract is at the. One final element potentially weighing in Workhorse's favor is it actually has physical vehicles on the road. Workhorse stock is up by a staggering 780 this year, which is a stark contrast to its financial performance. While this represents an approximate $52 million loss from the original purchase price, the sale will add to the company's $156.6 million in cash, enabling it to continue operating longer and potentially ramp up production of its improved vans along with its drone technology. According to its second-quarter press release, the sale will give it $79 million in net proceeds. Workhorse also sold 72% of its shares in EV start-up Lordstown Motor Corporation ( RIDE -3.28%). It states these improvements are "primarily related to vehicle dynamics to increase the vehicles' payload capacity," which could make the vans more appealing to future customers. When the USPS announced the winner and it wasn’t. Workhorse was a finalist and the only pure EV contender. Workhorse says it's working on "enhancements" to the C-1000's design based on feedback. The contract was for up to 180,000 delivery vehicles and worth up to 6 billion. ![]() While the recall is partly to improve safety features, the company notes there are no customer safety complaints. So, too, could the recall and suspension of C-1000 production. Improving potential future working relationships with the government, and halting the expense of a likely futile complaint, could be positive steps for the company. He declared his belief that "the best way for us to work with any governmental agency is through cooperation, not through litigation." He added by "withdrawing our protest, we can also better focus our time and resources on initiatives that we expect will be more productive." He led the decision to terminate the USPS contract complaint. Possibly more significantly, Dauch is taking action on several fronts. The company both recalled the C-1000s currently on the road and suspended upcoming deliveries. WORKHORSE STOCK USPS CONTRACT UPDATEThe C-1000, an update on Workhorse's earlier C-650 design, is named for its 1,000 cubic feet of cargo space, while retaining the same 100-mile range. Next, Workhorse announced recall of 41 of its C-1000 electric last-mile delivery vans on Sept. Subsequently, it dropped its legal complaint against the government, after Oshkosh filed a motion asserting "Workhorse's failure to complete the administrative appeal process is fatal to its case." Why the stock market is negativeĪmong other troubles, Workhorse recently lost a multibillion-dollar contract to build electric delivery runabouts for the Postal Service to industrial vehicle maker Oshkosh Corporation ( OSK -2.56%). While the company is undoubtedly having difficulties, several recent events hint at a turnaround chance within the next year or two and make Workhorse worth watching - though perhaps not buying right now. (NASDAQ: WKHS) (Workhorse or the Company), an American technology company focused on providing sustainable and cost-effective drone-integrated electric vehicles to the last mile delivery sector, announced today that it has filed a formal complaint with the United States Federal Court of Claims protesting the award of the United States Postal Service Next Generation Delivery Vehicle (USPS NGDV) contract to a. Investor confidence sank recently on the recall of several dozen Workhorse delivery vans for upgrades. CINCINNATI, J(GLOBE NEWSWIRE) - Workhorse Group Inc. WORKHORSE STOCK USPS CONTRACT FULLThe full interview with Steve Schrader is on Benzinga's Youtube Channel. Watch the conversation below.Following failure to win a huge USPS delivery vehicle contract, electric vehicle (EV) maker Workhorse Group ( WKHS -5.67%) is seeing its share prices crash even lower.
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