11/7/2022 0 Comments Workhorse usps![]() More contracts and even winning a portion of the USPS deal will set up Workhorse for a bright future in the EV delivery truck sector without needing to hit these initial financial targets. Investors should expect the EV delivery truck company to fail to reach these analyst revenue estimates, while the stock could still rally.Īs investors have seen with Tesla over the years, the stock will trade based on the company making progress towards the growth story. To reach these estimates, Workhorse would either have to hit a higher ASP (average selling price) or to actually deliver up to 2,800 vehicles. The company doesn’t even expect to deliver 450 vehicles per quarter in 2021 after failing to reach an original meager goal of 300 to 400 vehicles in 2020.Īnalysts have aggressive 2021 targets with revenue estimates of $139 million. Combined with the recent rollout of the Ryder contract, Workhorse is far less reliant on the USPS contract.ĭespite the work with the USPS for years now, Workhorse is still very unproven as far as an EV manufacturer. The order follows an initial 500 C-1000 delivery vehicle order from Pritchard Companies, which has developed a distribution network of commercial vehicles with sales topping 30,000 units annually. The deal starts in July and runs through 2026 and would have a value of over $300 million based on a truck ASP of $50,000. ![]() Representatives of the agency declined to comment.Īn Oshkosh representative didn’t respond to a voicemail and email seeking comment.įor more articles like this, please visit us at bloomberg.While the government continues to delay the awarding of the estimated $6.3 billion contract, Workhorse signed a deal with Pride Group Enterprises for 6,320 C-Series all-electric delivery vehicles. Ryan said he will ask the Securities and Exchange Commission to investigate. Workhorse has a 10% stake in Lordstown Motors, which is in Ryan’s district. “If that is not suspicious, I don’t know what is. “It definitely stinks and needs to be looked into at the highest levels,” Ryan, an Ohio Democrat who is fighting the award to Oshkosh, said in an interview. ![]() The parties involved in the trade couldn’t be determined. The holdings would be worth $59 million at Oshkosh’s closing price Monday, or roughly $5 million above the purchase price. ![]() Ryan’s demands for an investigation added fuel to Workhorse’s longshot bid to overturn its loss to Oshkosh, which surged as much as 16% on the day the Postal Service announced the contract award. The size of that trade was almost as much as average daily volume in the stock in the prior year, according to data compiled by Bloomberg. 22 ahead of the company’s surprise win of the postal truck contract. Ohio Representative Tim Ryan on Friday raised questions about a 524,400-share Oshkosh trade, which came in after-hours trading on Feb. Workhorse is considering challenging the award. 23 awarded Oshkosh, a Wisconsin-based maker of military trucks, a 10-year contract for as many as 165,000 vehicles worth as much as $6 billion. The funding would need additional approval by congressional appropriators.Īnother Democrat, Marcy Kaptur, plans a bill asking the Postal Service to halt the Oshkosh contract until an investigation into potential political influence and whether it’s consistent with a White House executive order on electrifying the federal vehicle fleet, according to her spokesman, Griffin Anderson. Jared Huffman, a California Democrat, would require at least 75% of vehicles being procured by the post office to replace its existing gas-guzzling fleet be electric or zero emissions, according to a bill summary. Meanwhile, legislation being introduced by Rep. Workhorse shares rose as much as 29.3% Monday and were briefly paused before closing up nearly 13% at $15.50 in New York trading. ![]() “If you project from now until 25 years from now, you’ll be the only gas-powered or diesel powered vehicle on the road.”Ĭonnolly spoke on a day of swift developments regarding the contract, including questions being raised about a $54.2 million late-day block trade in Oshkosh on the eve of the contract award and calls for legislation to stop the award from going forward. “So, you want to replace the second largest fleet in America with fossil-fuel-based vehicles?” said House Subcommittee on Government Relations Chairman Gerry Connolly of Virginia. ![]()
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