Workhorse Group drops nearly 50% after EV company is passed over for USPS contract

Shares of Workhorse Group dropped more than 50% at one point on Tuesday after the company was passed over for a key contract from the U.S. Postal Service.

Amid heightened volatility, the stock was halted multiple times during the last half hour of trading, before ultimately finishing the session with a 47.5% loss. In extended trading the stock dipped another 10%.

The U.S. Postal Service awarded the first part of the 10-year, multi-billion dollar contract for modernization of the postal delivery vehicle fleet to Oshkosh Defense. The initial investment will be $482 million.

Workhorse makes electric vehicles focused on last-mile delivery….