YOUNGSTOWN, Ohio – Workhorse Group Inc.’s stock fell more than 11% Tuesday after the United States Postal Service failed to announce its decision on a $6.3 billion manufacturing contract for its next generation of delivery vehicles.

“Due to the current COVID-19 pandemic and its impact on Postal Service and supplier operations, an award(s) is currently planned for the production phase by the end of the calendar year,” USPS spokeswoman Kim Frum said Tuesday in an email to The Business Journal.

Roth Capital Partners last week issued a report that a decision could come down as early as Oct. 13 and was optimistic that Cincinnati-based Workhorse would win the entire bid. Workhorse is the single bidder that has proposed an all-electric vehicle to supplant the postal services’ existing fleet.

The USPS response also leaves open the potential for the agency to award multiple contracts to the competing companies. According to earlier reports, Workhorse, Oshkosh Corp. in Wisconsin, and Karsan Automotive, based in Turkey, are the three finalists for the award.

The USPS said it could not identify those companies vying for the contract.

source: Business Journal Daily