Hyperdrive
Workhorse Sinks 52% in Two Days After Losing USPS Award
- EV maker’s shares extend decline and drop 8.1% on Wednesday
- Selloff could be a good entry point for investors, Cowen says
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Electric-vehicle maker Workhorse Group Inc. shares fell on Wednesday, extending its decline to about 52% in two trading sessions, after losing out on a key contract from the U.S. Postal Service.
Workhorse shares have now wiped out all their gains since late June as the stock dropped 8.1% to $15.13 in New York. It posted its steepest decline in almost a decade on Tuesday after a key government contract that some had expected it to win went to rival Oshkosh Corp. instead. The shares later pared some of the losses to close down 8.1% on Wednesday.