In May 2019, former President Donald Trump posted on Twitter that Workhorse, an electric vehicle manufacturer, would buy the closed GM plant in Lordstown, Ohio, causing Workhorse to increase its stock. Workhorse’s stock has grown quite a bit since then, along with the presumption it could do the next USPS mail truck. Friends, it won’t be.
US Postal Service has announced On Tuesday, however, Oshkosh Defense, a Wisconsin entrepreneur, will do so, halving the price of Workhorse shares almost instantly. Wednesday, Workhorse issued the following statement, which is identical to the statement I made in high school after I asked someone to do a prom and was rejected:
On February 23, 2021, the USPS issued a press release announcing that it had awarded a NGDV finalist contract to a competing finalist, details of which can be found Here. After being informed of the USPS decision, the Company requested, in accordance with the rules of the bidding process, additional information from the USPS and is awaiting a response at this time. The company intends to explore all available avenues for non-award-winning finalists in a government tender process. As additional updates are provided, Workhorse intends to share that information through appropriate communication channels, to the extent that the Company is permitted to do so.
According to The New York Times, Workhorse had revenues of less than $ 1 million in the first three quarters of 2020, while Oshkosh had revenue of $ 8.4 billion in 2019 alone. Workhorse also has only about 130 employees, while Oshkosh has over 14,000. Meanwhile, the postal truck contract requires up to 165,000 new trucks over a ten-year period, which means that Workhorse’s diminished size may have condemned it alone.
All of this means that this is a great, possibly fatal, longing for Workhorse, although it still exists its other lines of activity, in addition to its ten percent investment in Lordstown Motors, the electric truck manufacturer that unveiled its Endurance at the Trump White House. That day, thanks to his investment in Lordstown, Workhorse saw its stock increase by 16%. It’s a good thing Trump is still in the White House to give him a boost … wait until I hear differently … hmm.