Thus, over the next decade, the number of electric delivery vans in the world will grow by leaps and bounds, creating an multi-billion-dollar U.S. Less than 1% of fleet vehicles are electric today. fleet operators, at an average price of $50,000, for a total addressable market in the U.S. Over 350,000 last-mile delivery vans are purchased every year by U.S. Two, the electric disruption of the delivery van market represents an exceptionally compelling investment opportunity. And, perhaps most importantly, the technology and economics underlying electric vehicles has improved to a point where they are a viable and economically sensible alternative to gas-powered autos. Countries are implementing and sticking to legislature to decarbonize transportation. Businesses are committing to and doubling down on sustainability targets. One, it’s become crystal clear that electric is the future of transportation. WKHS stock has turned into one of the market’s favorite stocks in 2020 for a few reasons. Workhorse Stock: The Clear Leader in an Emerging Megatrend Indeed, most logical signs point to the fact that WKHS stock could soar 200% over the next few years. Naturally, if you were to listen to those guys, you’d easily walk away thinking WKHS stock is a screaming sell after its huge 2020 rally.īut the weight of evidence and data today suggests that the bear thesis will ultimately prove wrong here. Many notable short-sellers out there - like Hindenburg Research and Fuzzy Panda Research - see Workhorse as a wildly overhyped EV company, built on all hype and no substance, with a hyperextended valuation. Of course, the meteoric rally in WKHS stock has attracted the attention of multiple bears, pundits and critics.

Until it became crystal clear that electric vehicles are the future of auto transportation, and Workhorse stock became investors’ favorite way to play the electrification wave in the delivery van vertical.Īt one point in September, WKHS was up a jaw-dropping 920% year-to-date. Representatives of the agency declined to comment.Īn Oshkosh representative didn’t respond to a voicemail and email seeking comment.įor more articles like this, please visit us at bloomberg.Electric delivery van maker Workhorse (NASDAQ: WKHS) was a relatively unknown company for years. Ryan said he will ask the Securities and Exchange Commission to investigate.

Workhorse has a 10% stake in Lordstown Motors, which is in Ryan’s district. “If that is not suspicious, I don’t know what is. “It definitely stinks and needs to be looked into at the highest levels,” Ryan, an Ohio Democrat who is fighting the award to Oshkosh, said in an interview. The parties involved in the trade couldn’t be determined. The holdings would be worth $59 million at Oshkosh’s closing price Monday, or roughly $5 million above the purchase price. Ryan’s demands for an investigation added fuel to Workhorse’s longshot bid to overturn its loss to Oshkosh, which surged as much as 16% on the day the Postal Service announced the contract award. 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. 22 ahead of the company’s surprise win of the postal truck contract. Ohio Representative Tim Ryan on Friday raised questions about a 524,400-share Oshkosh trade, which came in after-hours trading on Feb. Workhorse is considering challenging the award. 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. The funding would need additional approval by congressional appropriators.Īnother Democrat, Marcy Kaptur, plans a bill asking the Postal Service to halt the Oshkosh contract until an investigation into potential political influence and whether it’s consistent with a White House executive order on electrifying the federal vehicle fleet, according to her spokesman, Griffin Anderson. Jared Huffman, a California Democrat, would require at least 75% of vehicles being procured by the post office to replace its existing gas-guzzling fleet be electric or zero emissions, according to a bill summary. Meanwhile, legislation being introduced by Rep. Workhorse shares rose as much as 29.3% Monday and were briefly paused before closing up nearly 13% at $15.50 in New York trading. “If you project from now until 25 years from now, you’ll be the only gas-powered or diesel powered vehicle on the road.”Ĭonnolly spoke on a day of swift developments regarding the contract, including questions being raised about a $54.2 million late-day block trade in Oshkosh on the eve of the contract award and calls for legislation to stop the award from going forward. “So, you want to replace the second largest fleet in America with fossil-fuel-based vehicles?” said House Subcommittee on Government Relations Chairman Gerry Connolly of Virginia.

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