![]() analyst Jeffrey Osborne wrote in an investor note. ![]() “We are not surprised by the delay given the impending change in presidential administration COVID-19’s impact on the USPS, and politicization of the USPS,” Cowen and Co. LMC shares closed 5.63% lower at $22.08 Wednesday. It licensed Workhorse technology in exchange for granting Workhorse 10% ownership and several types of royalties. LMC is an electric pickup truck maker run by former Workhorse CEO Steve Burns. Winning the Postal Service contract would be a big deal for Workhorse, which would subcontract production to Lordstown Motors Corp. ![]() ( NYSE: OSK), and Turkish manufacturer Karsan working with bodybuilder Morgan Olson. The contract originally was to be awarded in 2018.įinalists for the 180,000-unit, five-year contract include Workhorse, a pairing of Ford Motor Co. Originally, seven suppliers created concepts to replace the aging fleet of right-hand drive Long Life Vehicles (LLV) made by Grumman. The Postal Service began a multiyear research program for new delivery vehicles in 2016. Workhorse shares closed down 19.02% at $20.43 on Wednesday. ![]() “However, amid continuing COVID-19 concerns, and in order to provide for capital investment activities and required approvals, the program decision is now planned for January to March 2021,” she said, confirming the latest delay first reported Tuesday by. “The COVID-19 pandemic previously resulted in the expected production award being pushed to the end of 2020,” Postal Service spokeswoman Kim Frum said Wednesday, Postal Service again delayed a multibillion-dollar contract for next-generation delivery vehicles. Investors pummeled Workhorse Group ( NASDAQ: WKHS) shares Wednesday after the U.S. ![]()
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