Workhorse stock wobbles but USPS test is unrelated to GM deal
LORDSTOWN — The stock shares for Workhorse, the Cincinnati-based electric vehicle producer that proposed buying the Lordstown General Motors plant, dropped today after the Wall Street Journal reported that the U.S. Postal Service will conduct a two-week self-driving truck test using rigs supplied by TuSimple, according to the financial analysis website Seeking Alpha.
Workhorse is competing with five other companies to land a $6 billion contract with UPS to create a new generation of mail trucks. However, the test run is unrelated to that contract, according to USPS.
The company’s stocks were down 8 percent earlier today to $1.29, after peaking earlier this month following the May 8 announcement of the potential GM deal. That day, stocks had closed at $2.65, up 214 percent.
At 2:30 p.m., the stock had inched back to $1.45, still up from the 52-week low of $.37.
Workhouse officials have been unavailable to comment.