#WORKHORSE USPS DRIVER#
The firm claimed fraud at Workhorse is "even worse than at Nikola (NKLA)."Īccording to the firm, Workhorse rolled a USPS prototype truck down a hill accidentally after their parking brake failed, causing a union USPS driver to be hospitalized after jumping out of the runaway vehicle, adding that it does not believe Workhorse will be awarded any share of the USPS Next Generation Development Vehicle $3.6B contract and that customers "shut the door" on Workhorse long ago. It also claims a postal driver was injured when a parking brake failed in one of Workhorse’s prototypes. While Mahindra & Mahindra had been in competition, it said that it does not expect an award.ĬRITICAL REPORTS: On Thursday, short-seller Fuzzy Panda Research alleged Workhorse’s postal-truck prototypes were plagued with problems and exceeded maximum cost guidelines. Other finalists include Oshkosh (OSK) and Turkey-based Karsan Automotive.
Workhorse is one of the three remaining applicants for the contract.
"NGDV vehicles are an important part of our continuing process to innovate and invest in our future, two core strategies for the organization," USPS said. The due date for responses had previously been pushed back in light of the circumstances of the current COVID-19 pandemic and its impact on Postal Service and supplier operations. USPS DECISION DUE OCTOBER 13: The Post Office is expected to decide on the $8.1B NGDV production contract on Tuesday, October 13. “ no information I am able to share at this time.”ĭespite the lack of insight on the Postal Service’s behalf, Workhorse investors responded favorably to the news the company’s share price (NASDAQ: WKHS) closed up over 7% at the time of publishing this article.Shares of Workhorse Group (WKHS) are in focus ahead of next week's expected decision from the United States Postal Service on its selection for the supplier of its Next Generation Delivery Vehicle. When asked about the upcoming meeting with Workhorse, USPS spokesperson Kim Frum said the following: While Workhorse announced the scheduled meeting with USPS, the Postal Service itself provided no comments, which indicates the organization still plans to move forward with the Oshkosh contract. USPS Still Plans to Move Forward with Oshkosh Mail Trucks The other 90% of the new USPS vehicles will still run on gas, like the current fleet of more than 200,000 Grumman LLV’s we see on the road each day. Unlike Workhorse’s proposed all-electric bid, Oshkosh’s fleet will only be 10% electric. “To be clear, we intend to explore all avenues that are available to us.” “This is not the result we had anticipated or hoped for,” he said. On the company’s earnings conference call on Monday morning, CEO Duane Hughes touched on his surprise. This executive order, along with the growing trend towards electric vehicles, shocked many when USPS ultimately went with Oshkosh…even Workhorse executives themselves. The idea of providing USPS with an all-electric fleet even gained approval from the highest seat of government in the United States shortly after he took office, President Biden endorsed it with an executive order. Workhorse was the last remaining bidder pitching to build an all-electric fleet, and many supported USPS going this route. During that time, multiple manufacturers built and pitched prototypes in hopes of winning the USPS contract, which could potentially be worth billions of dollars.
This came after a years-long bidding process which saw the next generation of USPS trucks get delayed time and again. USPS announced their new trucks last week, sharing that Oshkosh Defense would be exclusively manufacturing the new fleet. Workhorse Anticipated Winning the USPS Truck Contract, Providing the Postal Service With a 100% Electric Fleet Following the awarding of the new USPS mail truck contract to Oshkosh Defense, commercial electric-vehicle company Workhorse is attempting to throw its hat back in the ring by scheduling a “face-to-face” meeting with USPS on Wednesday, March 3rd.
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