Workhorse withdraws protest of missing out on USPS’s NGDV contract
Shares of Workhorse Group Inc.
fell 0.8% in premarket trading Wednesday, putting them on track to open at a four-month low, after the electric vehicle maker said it has withdrawn its U.S. Postal Service (USPS) bid protest. The company had indicated earlier this year that it would fight the USPS decision to award the Next Generation Delivery Vehicle (NGDV) contract for battery-electric vehicles and fuel-efficient internal combustion engine vehicles to Oshkosh Corp.
a decision which some on Wall Street believed may have been politically motivated. On Wednesday, new Chief Executive Rick Dauch said he has been examining the history of the USPS bid and protest filing since he became CEO six weeks ago. “The federal government has announced its intention to replace its fleet with electric vehicles, and we believe that the best way for us to work with any governmental agency is through cooperation, not through litigation,” Dauch said. “By withdrawing our protest, we can also better focus our time and resources on initiatives that we expect will be more productive for our company.” The stock has tumbled 40.3% over the past three months, while the S&P 500
has gained 4.6%.
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