The startup has received orders for around 8,000 vehicles, according to Oppenheimer & Co. In a press release, Workhorse said it has requested more information from the USPS, and that it "intends to explore all avenues that are available to non-awarded finalists in a government bidding process."Įven if it can't reverse or mitigate the loss of this contract - which Bloomberg Intelligence estimated could be worth more than $5.7 billion - Workhorse should be alright, Donnelly and two other experts said. "As you can see from the volatility in the stock-price reaction, there were a lot of investors thinking that this was kind of their golden ticket," Patrick Donnelly, an analyst at the research firm Third Bridge, told Insider. The sharp drop suggests investors viewed the potential USPS contract as a significant percentage of Workhorse's potential value. Workhorse's stock price plunged after news broke that the electric-vehicle company had lost a contract to make delivery vans for the United States Postal Service to defense contractor Oshkosh. It has a head start over competitors, orders from UPS, and a licensing deal with Lordstown Motors.But experts said there are still reasons to be optimistic about the electric-van company.Workhorse's stock price plunged after it failed to win a major contract from the US Postal Service. Account icon An icon in the shape of a person's head and shoulders.
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