Workhorse Group hasn’t challenged its failure to obtain a USPS contract and may be running out of time to do so, according to sources familiar with the matter.
Workhorse (ticker: WKHS) and Oshkosh were among the bidders to replace the Postal Service’s white, right-hand drive delivery vans.
Oshkosh won the bid in late February, disappointing Workhorse investors who believed Workhorse had an edge by virtue of being the only all-electric offering. A portion of the Oshkosh vehicles will be electric or hybrid.
Workhorse stock is down roughly 70% since the February award was made, far worse than S&P 500 and Dow Jones Industrial Average.