(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 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.
Reporting by Akanksha Rana in Bengaluru; Editing by Shinjini Ganguli