LORDSTOWN — Lordstown Motors Corp. could see $800 million in potential revenue if Cincinnati-based electric vehicle maker Workhorse Group lands an $8.1 billion contract to supply the U.S. Postal Service’s next generation delivery vehicles, according to a Friday report from investment banking firm Roth Capital Partners.
Though the USPS contracting process has been delayed by the COVID-19 pandemic, an award could be announced as early as Tuesday, Oct. 13. That marks 90 days since the enterprises vying for the 165,000-unit contract submitted their requests and when Roth said USPS expected to announce its decision.
The Roth Capital report called Workhorse, one of three remaining applicants and the only one with an electric vehicle proposal, “the best fit” to win.
The firm identifies a handful of secondary beneficiaries, including Workhorse’s “probable manufacturing site,” Lordstown Motors Corp., which Roth reported could “reasonably” expect $800 million in potential revenue from the contract.
The local electric vehicle startup is working to bring its all-electric pickup truck, the Endurance, to production next year, but it has more manufacturing space than it currently needs in the 6.2-million-square-foot former General Motors Lordstown Assembly Complex, which it purchased in November.
I cant wait for the announcement of Workhorse winning the bid. We need more jobs here in America and of course going all electric is great for the environment.