Why Workhorse Shares Rallied 13% Monday

Benzinga2021-03-09

Workhorse Group Inc rose almost 13% in the regular trading on Monday.

What Happened:The surge came as a group of 17 U.S. House Democrats introduced a bill to award $6 billion to the United States Postal Service in order to purchase tens of thousands of electric delivery vehicles, Reuters reported.

The contract could reportedly translate into the addition of 50,000 to 165,000 EVs to the USPS fleet over the next decade.

The bill is sponsored by Rep. Jared Huffman (D-Calif.) and requires that at least 75% of the new postal fleet to be electric or zero-emission.

Other backers of the legislation include Rep. Peter DeFazio (D-Ore.) and Rep. Carolyn Maloney (D-N.Y.).

Why It Matters:The proposed legislation mandates that no less than 50% of medium/heavy-duty vehicle purchases be electric or zero-emission through 2029 and all new USPS vehicles be zero-emission post January 2040, as per Reuters.

There is no surety that the USPS will purchase vehicles from Workhorse, but nevertheless, the company’s stock was trending after the bill was introduced.

Late last month, Workhorse rival Oshkosh Corporation grabbed a multi-billion dollar deal with the USPS to modernize the latter’s vehicle fleet. Workhorse was one of the finalists for that contract.

Price Action:Workhorse Group shares closed 12.89% higher at $15.50 on Monday and gained 0.97% in after-hours trading.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

CFYEE
2021-03-09
CFYEE
Good
ZEROHERO
2021-03-09
ZEROHERO
Beware of disappointment again
FlyingMooMoo
2021-03-09
FlyingMooMoo
Wow
JudithWAH
2021-03-09
JudithWAH
Wow

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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Workhorse Shares Rallied 13% Monday\n</h2>\n\n<h4 class=\"meta\">\n\n2021-03-09 16:53 北京时间&nbsp;&nbsp;&nbsp;<strong>Benzinga</strong>\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Workhorse Group Inc rose almost 13% in the regular trading on Monday.\nWhat Happened:The surge came as a group of 17 U.S. House Democrats introduced a bill to award $6 billion to the United States ...</p>\n\n<a href=\"None\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"WKHS","symbol_name":"Workhorse Group, Inc.","start_time":0,"source_url":null,"article_id":"1180108156","we_media_id":"1052270027","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1180108156","pubTimestamp":1615280006,"sourceInfo":null,"weMediaInfo":{"media_name":"Benzinga","introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"summary":"Workhorse Group Inc rose almost 13% in the regular trading on Monday.\nWhat Happened:The surge came a","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"WKHS":"Workhorse Group, Inc."},"translate_title":"Workhorse Group,Inc.股价周一上涨13%的原因","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"WKHS":0.9},"content_text":"Workhorse Group Inc rose almost 13% in the regular trading on Monday.\nWhat Happened:The surge came as a group of 17 U.S. House Democrats introduced a bill to award $6 billion to the United States Postal Service in order to purchase tens of thousands of electric delivery vehicles, Reuters reported.\nThe contract could reportedly translate into the addition of 50,000 to 165,000 EVs to the USPS fleet over the next decade.\nThe bill is sponsored by Rep. 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