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Workhorse to meet USPS on March 3 to discuss unfavorable contract decision

Published 03/01/2021, 11:16 AM
Updated 03/01/2021, 11:20 AM
© Reuters. FILE PHOTO: A U.S. Postal Service (USPS) logo is pictured on a mail box

(Reuters) - Workhorse Group Inc will meet with U.S. Postal Service on Wednesday to get more information on a multibillion-dollar contract that the electric-vehicle maker lost to Oshkosh (NYSE:OSK) Defense for making postal delivery vehicles.

"We have requested pursuant to the publicly provided bid rules -- bid process rules, additional information from the U.S. postal service and have scheduled a face-to-face meeting with postal service on March 3," Workhorse Chief Executive Officer Duane Hughes said on a conference call with analysts on Monday.

Workhorse shares lost nearly half their value on Feb. 23 after USPS said it would award Oshkosh Defense, a unit of Oshkosh Corp, the 10-year contract.

The contract, which could be worth more than $6 billion in total, allows for delivery of between 50,000 and 165,000 of vehicles over 10 years that will be a mix of combustion-powered and electric vehicles.

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