ET Part of the pushback on the Oshkosh contract by Democrats is based on the fact that Workhorse Group would have delivered an all-electric fleet of vehicles to the USPS. Congressman Tim Ryan urged the Securities and Exchange Commission to investigate "what might be unusual trading" of Oshkosh's stock that took place 24 hours before the USPS deal, which could be worth as much as $6 billion, was announced, in a letter sent Monday. The Postal Service on Feb. 23 awarded Oshkosh, a Wisconsin-based maker of military trucks, a 10-year contract for as many as 165,000 vehicles worth as much as $6 billion. Postal Service delivery-truck deal to Oshkosh Corp. (NYSE: OSK).The contract is worth nearly $6 … Roth Capital analyst Craig … On Monday, a group of Democrats in the House of Representative introduced legislation that could give Workhorse another shot at selling electric vehicles to the USPS. Furthermore, there could be a near-term tailwind; Via its collaboration with Ford, Oshkosh is one of the names still in the hunt for the lucrative $6.3 billion U.S. Instead, the awarded Oshkosh contract will replace just a small portion of the fleet with electric vehicles. The United States Post Office said Tuesday that it has chosen Oshkosh Defense to build its next-generation mail-delivery vehicle, part of an effort to make the USPS more environmentally friendly by switching a portion of its huge fleet to electric vehicles. Action Alerts PLUS is a registered trademark of TheStreet, Inc. Washington, DC – Congressman Tim Ryan (OH-13) today urged the Securities and Exchange Commission (SEC) to investigate a $54 million stock purchase made a day before Postmaster General Louis DeJoy announced a contract for the Oshkosh Corporation worth $6 billion to replace the United States Postal Service’s fleet of vehicles. Defense contractor Oshkosh Truck Corp. (NYSE:OSK) won a 10-year contract to build next-generation delivery vehicles (NGDVs) for the U.S. On Monday, a group of 17 House Democrats also introduced legislation to provide $6 billion to the USPS to buy tens of thousands of electric delivery vehicles. Postal Service, beating out … Show full articles without "Continue Reading" button for {0} hours. ... As you may know, the United States Postal Service (USPS) recently awarded a contract for their Next Generation Delivery Vehicle program to replace the aging USPS fleet. This contract was awarded to Oshkosh Corporation and is worth up to $6 billion. Last week, Congressman Ryan, Congresswoman Marcy Ohio Representative Tim Ryan on Friday raised questions about a 524,400-share Oshkosh trade, which came in after-hours trading on Feb. 22 ahead of the company’s surprise win of the postal truck contract. Workhorse placed a bid to replace delivery trucks for the Postal Service with an all-electric fleet that was beaten by Oshkosh's bid, despite Oshkosh's fleet being mostly gasoline-powered. Workhorse owns a 10% stake in Lordstown Motors, which is based in Congressman Tim Ryan's Ohio district. The Postal Service, under the leadership of DeJoy and Trump-appointed governors, selected Oshkosh for the contract over Workhorse, a truck-maker that had entered a bid for a contract to replace the Postal Service’s current delivery vehicles with … Meanwhile, Oshkosh shares fell 1.1% to $111.27 on Tuesday. So these companies put in a bid for the USPS contract together. The US Postal Service's decision to award a contract worth as much as $6 billion to Oshkosh to upgrade its delivery fleet is being met with scrutiny from Democrats, including Ohio Congressman Tim Ryan. Ryan specifically took issue with an over $54-million purchase of Oshkosh stock made 20 hours before Postmaster General Louis DeJoy publicly announced the contract in front of a House panel on Feb. 23. Separately, Democrats introduced a bill that calls on the Biden Administration to halt the deal between Oshkosh and the USPS pending an investigation. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. The bill would require at least 75% of the new fleet to be electric or zero-emission vehicles. Postal Service delivery trucks. “With the right level of support, the majority of the Postal Service’s fleet can be electric by the end of the decade.”. Workhorse stock plunges after news Oshkosh wins USPS contract Published: Feb. 23, 2021 at 4:02 p.m. Ford Motor Co. may have a … The USPS referred Barron’s to the current press release. "We welcome and are interested in any support from Congress that advances the goal of a Postal Service vehicle fleet with zero emissions, and the necessary infrastructure required to operate it,” the USPS said on Monday. The USPS … "It definitely stinks and needs to be looked into at the highest levels," Ryan said in an interview with Bloomberg. OshKosh stock suspicions. The U.S. Post Office on Tuesday awarded Oshkosh Defense a government contract to build the first large-scale fleet of modern delivery vehicles in 30 years. Congressman Tim Ryan urged the Securities and Exchange Commission to investigate "what might be unusual trading" of Oshkosh's stock that took place 24 hours before the USPS … Postal Service delivery trucks. Oshkosh (OSK +7.5%) pops after the USPS awards a 10-year contract to the company to manufacture a new generation of U.S.-built postal delivery vehicles as part of a … Workhorse Group rose as a House panel made plans to examine the USPS' blockbuster truck-building contract to Oshkosh Corp. and questions about stock … (Bloomberg) — A lawmaker is calling for an investigation of a $54.2 million, after-hours purchase of Oshkosh Corp. stock the day before the company won a blockbuster contract to build trucks for the U.S. The size of that trade was almost as much as average daily volume in the stock in the prior year, according to data compiled by Bloomberg.
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