Workhorse

About Workhorse

Workhorse Group, an electric delivery van manufacturer, has teetered on the edge of bankruptcy for years. The company lost a major USPS contract to Oshkosh in 2021, which Workhorse contested unsuccessfully. Workhorse produced few vehicles. The stock fell from over 40 in 2020 to under 1. The company did reverse splits to maintain NASDAQ listing. Workhorse acquired Zevo to expand product line. The company continues to operate at minimal scale. The Workhorse case illustrates how government contract decisions can determine the fate of small manufacturers. The USPS contract would have provided guaranteed revenue for years. Without it, Workhorse struggled to attract customers. The electric delivery vehicle market remains dominated by established manufacturers.