![]() While DeJoy told lawmakers electric vehicles will be more expensive to purchase than those that run on fossil fuels, and will require additional spending to build charging stations, Workhorse said the Postal Service’s private-sector competitors are “aggressively moving toward all-electric, zero-emissions fleets” to save money. USPS makes up more than a third of the total federal fleet. President Joe Biden, setting an ambitious goal in the first month of his administration, signed an executive order directing all agencies, including the Postal Service, to move the entire federal vehicle fleet to electric and zero-emission vehicles. Postmaster General Louis DeJoy initially told Congress that only 10% of its new fleet would be electric vehicles, but later told lawmakers that figure was “a floor – not a ceiling – based upon our current financial situation.” Democrats in Congress have panned the contract award over a lack of consideration for electric vehicles. ![]() The bid protest, first reported by Reuters, only adds to the scrutiny on the 10-year contract award to produce up to 165,000 delivery vehicles for USPS. The vendor also claims the USPS, in its contract award, agreed to pay Oshkosh $482 million to finish developing its vehicle concept before beginning production. “This was especially puzzling given that Oshkosh has never previously produced a last-mile delivery vehicle, much less an electric one,” Workhorse wrote in the complaint. Randy Hayes, public sector at VAST Federal, provides an industry perspective. Insight by VAST Federal: Tom Sasala, chief data officer with the Department of the Navy, discusses data management strategy and AI's role in cybersecurity. Workhorse also alleges Oshkosh Defense, the USPS vehicle award recipient, submitted a prototype vehicle “entirely different” than the one selected for production, and that the winning design from Oshkosh “skipped the prototype phase altogether.” ![]() However, Workhorse, in its bid protest over the contract award, said USPS “put its thumb on the scale against Workhorse” and took their prototype out of consideration over a “safety incident” caused by a USPS test track driver’s error. However, Workhorse, in its bid protest over the contract award, said. Court of Federal Claims, said it spent six years and more than $6 million designing a prototype next-gen delivery vehicle for the Postal Service. The electric vehicle company Workhorse Group, in an unsealed complaint before the U.S. Proofpoint To Snap Up InteliSecure For $62.A company on the shortlist to build the Postal Service’s next-generation delivery vehicle said it was unfairly disqualified from consideration in the more than $3 billion contract. KKR To Buy $1B Stake In Telefónica Chile’s Fiber NetworkĬarnival Plans To Raise $1B Via Share Sale Stock Falls 4% Shares have skyrocketed by about 348.6% over the past year.įurthermore, TipRanks data shows that financial blogger opinions are 72% Bullish, compared to a sector average of 69%. The average analyst price target of $26.20 implies upside potential of about 59% from current levels. Overall, the rest of the Street has a cautiously optimistic outlook on the stock, with a Moderate Buy consensus rating based on 3 Buys and 2 Holds. Nevertheless, in January, Workhorse won its largest delivery truck order for 6,320 C-Series all-electric delivery vehicles of both C-1000 and C-650 models from the Pride Group Enterprises. 22, Lewis maintained a Buy rating and a price target of $30 (82% upside potential) on the stock. BTIG analyst Gregory Lewis had said previously that “we are less concerned about when it is announced and more concerned about how much of the contract WKHS wins.” Lewis added, “We continue to view the USPS contract as a significant potential catalyst for the stock.” On Jan. Notably, speculators and analysts expected Workhorse to win the USPS contract. ( See Workhorse stock analysis on TipRanks) According to Bloomberg’s report, the contract could be worth over $5.7 billion in revenues over a 10-year period. ![]() ![]() The initial investment would be $482 million. Per the contract, “Oshkosh Defense will finalize the production design of the Next Generation Delivery Vehicle (NGDV) - a purpose-built, right-hand-drive vehicle for mail and package delivery - and will assemble 50,000 to 165,000 of them over 10 years.” USPS awarded a 10-year contract to Oshkosh’s unit, Oshkosh Defense, to replace the Postal Service’s aging delivery vehicle fleet. Meanwhile, the USPS contract news pushed up the shares of Oshkosh ( OSK) by 7.3% in Tuesday’s extended trading session after closing over 6% higher. Postal Service (USPS) contract to rival, Oshkosh Corp. The immense selling in WKHS stock came after the electric delivery van maker lost a multi-billion dollar U.S. Shares of Workhorse Group ( WKHS) plunged 8.3% in extended trading after a steep drop of about 47.5% on Tuesday. ![]()
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