Stock Alert: Workhorse Group Down 20%

(RTTNews) - Shares of Workhorse Group Inc. (WKHS) are losing nearly 20% on Wednesday morning, hurt largely by news about a delay for the long-awaited U.S. Postal Service contract.

WKHS is currently trading at $20.24, down $4.99 or 19.80%, on the Nasdaq.

Workhorse Group is an American manufacturing company based in Cincinnati, Ohio, currently focused on manufacturing electrically powered delivery and utility vehicle.

According to Trucks.com, the U.S. Postal Service announced another delay to award a more than $6 billion contract to replace its fleet of aging mail trucks.

The report says that the Postal Service expects to reach a contract with one or more of the teams bidding for the business in the federal government's second fiscal quarter of 2021. That works out to the first quarter of next year.

Initially, the agency said it would award the contract early this year but then pushed it back to the end of 2020 due to the COVID-19 pandemic.