Workhorse Group Inc. (WKHS) stock prices are up an impressive 13.99% shortly after the market opened on April 16th, 2021, bringing the shares up to a value of USD$13.28.
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USPS Contract Hopes Dashed
This recouping is excellent news for long-term investors after WKHS stock prices plummeted by an excess of 50% in February after losing out on a USD$6 billion contract with USPS to Oshkosh. The 10-year contract was for the replacement of USPS’s current fleet with next-generation electric delivery vehicles.
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Investors had hoped that if not all, then at least some of that contract would be awarded to WKHS, driving WKHS stock prices up. However, given that the Postmaster General announced plans for only 10% of their fleet to be converted, WKHS had little hopes for getting in on that contract.
Is All Hope Lost for WKHS?
All hope for WKHS might not be lost, however, as the electrical vehicle producer still has the potential to gain early footing with key customers as it pumps up its production and sales. Initially, WKHS had plans to produce a mere 1,800 vehicles in 2021, which some say contributed to its missing out on being given the USPS contract.
As it ups production of its C-Series vehicles, there is a chance that WKHS will beat most of its competitors with regard to a focal point of delivery. WKHS vehicles with larger cargo space could also afford the company with a competitive advantage relative to vehicles produced by large auto original equipment manufacturers and upstarts that have smaller-volume cargo space.
Moving Forward with WKHS
Hopeful investors could be banking on USPS calls for funding to accelerate and expand their electrification plans for their fleets, in which case there is still a chance that WKHS is commissioned by the postal service. Despite being valued at less than USD$2 billion near the end of February 2021, WKHS still has orders lined up that are unrelated to the USPS fleet. Seeing recent surges in WKHS stock price, this could be the turning point for WKHS that the USPS contract was not.