The plan had won the support of many US lawmakers, Reuters reported. WorkhorseвЂ™s proposal was to build an all-electric truck fleet for USPS. The US$6 billion contract covers 50,000 to 165,000 postal delivery vehicles - with a mix of internal combustion-powered and battery-electric vehicles - over a decade. The project was instead bagged by its competitor Oshkosh Defence, which designs and produces military vehicles and mobility systems. In February, Workhorse failed to clinch a multibillion-dollar, 10-year contract to manufacture a new generation of mail trucks for USPS. Why is Workhorse challenging the USPS decision? The company on Wednesday filed a bid protest in the US Court of Federal Claims, under seal, to block the procurement process that USPS awarded to Oshkosh Defense, Reuters reported.ДЄ judge will likely unseal a version of the complaint in the coming weeks, Reuters added. Speculative frenzy among Reddit-favourite names, including Workhorse, was вЂespecially pronounced as a broader stock market has not gone anywhere for most of the past monthвЂ™, Bloomberg noted. Its explosive trading volumes have been attributed to social media buzz The electric automakerвЂ™s stock has almost doubled over the past month, soaring 80.6% since mid-May 2021. The WKHS counter, dubbed a вЂmeme stockвЂ™, jumped 5.3% to close at US$14.90, on a heavy volume of 38.3 million shares. News that Workhorse Group would be challenging its loss of a hefty, long-term contract from US Postal Service (USPS) helped to power the electric vehicle (EV) startupвЂ™s shares on Wednesday. Workhorse stock pops after suing US Postal Service Ready to trade Workhorse shares? Open an account with us today.BTIG analysts flagged potential supply-chain issues for the EV startup.It filed a legal suit against a USPS decision on a US$6 billion contract.

Workhorse Group Inc (Nasdaq: WKHS) share price soars to US$14.90 per share.

Workhorse target price