RTTNews | Feb 24, 2021 09:59AM EST

09:58 Wednesday, February 24, 2021 (RTTNews.com) - Shares of Workhorse Group Inc. (WKHS) are losing over 10% on Wednesday morning extending loss from its the previous session, after the electric vehicle maker lost a key contract with the U.S. Postal Service to Oshkosh Corp.

WKHS is currently trading at $14.67, up $1.80 or 10.90%, on the Nasdaq.

The USPS awarded Oshkosh Defense a deal to deliver 50,000-165,000 battery-electric and low-emission combustion-engine vehicles over 10 years, according to a Tuesday news release.

The postal agency will pay Oshkosh $482 million for initial engineering and factory buildout ahead of production of the "next-gen" delivery vehicles. The contract is estimated to be worth more than $6 billion. Production is expected to begin in 2023, the release said.

Workhorse on Wednesday said it it has requested "additional information" from the USPS on the bidding process.

"The company intends to explore all avenues that are available to non-awarded finalists in a government bidding process," Workhorse said in a statement.

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