Workhorse withdraws protest of missing out on USPS's NGDV contract

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Shares of Workhorse Group Inc. WKHS, -2.96% fell 0.8% successful premarket trading Wednesday, putting them connected way to unfastened astatine a four-month low, aft the electrical conveyance shaper said it has withdrawn its U.S. Postal Service (USPS) bid protest. The institution had indicated earlier this twelvemonth that it would combat the USPS decision to grant the Next Generation Delivery Vehicle (NGDV) declaration for battery-electric vehicles and fuel-efficient interior combustion motor vehicles to Oshkosh Corp. OSK, +2.38%, a determination which immoderate connected Wall Street believed may person been politically motivated. On Wednesday, caller Chief Executive Rick Dauch said helium has been examining the past of the USPS bid and protestation filing since helium became CEO six weeks ago. "The national authorities has announced its volition to regenerate its fleet with electrical vehicles, and we judge that the champion mode for america to enactment with immoderate governmental bureau is done cooperation, not done litigation," Dauch said. "By withdrawing our protest, we tin besides amended absorption our clip and resources connected initiatives that we expect volition beryllium much productive for our company." The banal has tumbled 40.3% implicit the past 3 months, portion the S&P 500 SPX, +0.25% has gained 4.6%.

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