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Data: FactSet; Chart: Axios Visuals

The U.S. Postal Service is likely to be upgrading its fleet of trucks with electric vehicles soon, but the decision has been pushed back to next year.

Driving the news: USPS told automotive website Trucks.com on Tuesday that it expects to announce which companies it will select for a potentially $6 billion deal to build as many as 180,000 delivery vans in the second fiscal quarter of 2021.

  • USPS has now delayed the decision multiple times.

What we're hearing: Electric truck maker Workhorse, one of the three companies still competing for the bid, was tightlipped about the future of the deal, but did reveal that it is still in the running and awaiting word from USPS.

  • "We're under an NDA with the post office. The post office has announced at different times when the award will be made but it's really all in the post office's hands," CFO Steve Schrader told me in an exclusive video interview for the Voices of Wall Street podcast.
  • Workhorse also has agreements in place to deliver vehicles to UPS and DHL, Schrader said, and is aiming to produce 1,800 vehicles next year.

On the low: Cowen analyst Jeffrey Osborne, who is bullish on the stock and gives it an Outperform rating, says Workhorse is still well-positioned to capture up to 60%-70% of the post office’s fleet once a decision is finally made.

What's next: Workhorse is the only U.S. EV company remaining in contention for the contract, Trucks.com reported.

  • Turkish electric vehicle maker Karsan, which teamed with long-time USPS supplier Morgan Olson of Michigan, and Oshkosh Corp., from Wisconsin, which has teamed up with Ford for an internal combustion offering, are the two remaining companies in competition.

By the numbers: Workhorse's stock fell 19% on Wednesday after the USPS news, its sixth straight session in the red. However, the stock is still up 600% year to date, down from an 850% gain as of Nov. 23.

Go deeper

Jan 22, 2021 - Economy & Business

What Biden's EV push could mean for jobs

Illustration: Sarah Grillo/Axios

President Biden's swift effort to re-establish stricter fuel efficiency mandates, along with his broader push toward vehicle electrification, is as much about creating new jobs as it is protecting the environment.

Why it matters: The U.S. lags far behind the rest of the world in electric vehicle adoption. Catching up will require big investments in EV production — including battery cell manufacturing and mining of raw materials — to avoid dependence on imports and foreign supply chains.

Dan Primack, author of Pro Rata
12 mins ago - Economy & Business

Scoop: Red Sox strike out on deal to go public

Illustration: Sarah Grillo/Axios

The parent company of the Boston Red Sox and Liverpool F.C. has ended talks to sell a minority ownership stake to RedBall Acquisition, a SPAC formed by longtime baseball executive Billy Beane and investor Gerry Cardinale, Axios has learned from multiple sources. An alternative investment, structured more like private equity, remains possible.

Why it matters: Red Sox fans won't be able to buy stock in the team any time soon.