Workhorse Group is trying for an elongated process to change around the USPS (United States Postal Service) and their decision to deliver mail-order trucks. Based in electric energy. Renewable electric energy. SUPER Renewable electric energy. The point is, the government is running out of gas running out for batteries. But they’re making it happen. With Workhorse. The company truly was under a veneer of surprise when they had been witnessing the commission by those mailmen and women. For the purpose of a 10-year contract.
Worth at first about $482 million, Workhorse is looking to offer the only battery-electric powered vehicles for the government. But Biden sees something bigger. An executive order to create over 645,000 federal fleet vehicles with zero-emissions in their EVs. Investors were bidding Workhorse and their shares to who knows where! Expectations had been hitting the probability of the multibillion-dollar contract in a sense of value lost by 50%. Analysts, therefore, had decidedly cut their target prices.
Workhorse is looking to meet the USPS in the middle by hiring consultants and lawyers.
The Workhorse folks have said themselves that they will “follow the proper due course procedures as defined by the USPS and will also look to other options available to us.” Or, at least, that’s what their CEO Duane Hughes said, in a press release.
And I think that’s pretty good for Workhorse. I mean, if you look at the trading of shares, they went from about $13.76 down to 7.77% at about 10:28 am. This then hit the stock frenzy to a level of shares just above $42 some weeks ago.
Workhorse is certainly going through a lot of pressure here. And who can blame them? The government is literally breathing down its neck. How else can you anticipate them? They are working hard. Like a collective. Of workhorses. You get it.