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A challenge to a large U.S. Postal Service new vehicle contract has been withdrawn by one of the finalists.
What Happened: Workhorse Group (NASDAQ:WKHS) has voluntarily dismissed a challenge to the USPS contract won by Oshkosh Group (NYSE:OSK).
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The challenge was to a contract awarded to Oshkosh for between 50,000 and 165,000 new USPS vehicles to be built over the next 10 years.
Workhorse proposed building all-electric USPS vehicles. Oshkosh will produce a mix of internal combustion and battery-powered vehicles.
Related Link: Oshkosh Nabs USPS Next Generation Delivery Vehicle Contract, Workhorse Stock Plummets
Why It’s Important: Oshkosh could land more than $10 billion in revenue from the USPS contract. The company is getting $482 million to finalize the production design of the vehicle.
Workhorse is currently being investigated by the SEC and could see more pressure on shares with the USPS contract officially lost. The company said the best way to work with the government is “through cooperation, not through litigation.”
Microvast Holdings (NASDAQ:MVST) shares are trading up 6% to $10.30 on Wednesday morning on news of the contract challenge dismissal. Microvast has a relationship and investment from Oshkosh and could be a potential winner in the new vehicle production.
Price Action: Workhorse shares are down 2% to $8.31. Shares of the company previously fell 51% to $15.30 when Oshkosh was awarded the contract.
OSK shares are up 1% to $106.
Disclosure: The author is long shares MVST.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.