Electric Vehicle Rally Comes to a Halt as Hurdles Emerge
- Workhorse plummets after USPS delays mail van contract
- China’s Li Auto plans 47-million share secondary offering
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A rally in global electric-vehicle makers that pushed the stocks to multiyear highs fizzled after growth prospects for some startups came into question.
Shares of Workhorse Group Inc. tumbled as much 25% Wednesday, leading the sector lower, after reports that the U.S. Postal Service further delayed a contract for new mail trucks. The company, which is working on making commercial vehicles for use in last-mile deliveries, was considered among the frontrunners for the bid.