Workhorse (NASDAQ:WKHS) stock went down like a brick on Tuesday after Oshkosh (NYSE:OSK) received a contract with the USPS for delivery vehicles. Workhorse had been viewed as a potential candidate for the contract but as I said earlier, WKHS did not stand a chance against Ford/Oshkosh.
The U.S. Postal Service said Tuesday it would award a multi-billion-dollar, 10-year contract to Oshkosh Defense to manufacture a new generation of postal delivery vehicles.
Under the contract’s initial $482 million investment, Oshkosh Defense, a unit of Oshkosh Corp, will finalize the production design and assemble 50,000 to 165,000 of the vehicles over 10 years.
OSK stock is up almost 10% on this news.