Hyperdrive
EV Maker Workhorse Plummets as Oshkosh Wins Postal Contract
- Its shares slumped 47%, the biggest drop since October 2011
- USPS said Oshkosh will manufacture postal delivery vehicles
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Electric-vehicle maker Workhorse Group Inc. plunged on Tuesday, triggering multiple trading halts, after a key U.S. Postal Service contract that some had expected it to win went to rival Oshkosh Corp. instead.
The missed opportunity came as a big blow for Workhorse investors, sending the shares 47% lower in New York, the steepest decline since October 2011. Workhorse didn’t immediately reply to requests for comment.