Workhorse (NASDAQ:WKHS) stock is on the rise Wednesday as investors react to reports that the U.S. Postal Service (USPS) wants to buy more electric vehicles (EVs).
According to these reports, the USPS wants to replace its aging fleet of postal trucks with new ones from an EV company. This has is it looking to purchase 25,000 EVs, which is over twice what it was previously expecting.
However, there’s no talk about it acquiring these EVs from Workhorse. Instead, the USPS plans to get its new fleet of delivery vehicles from Oshkosh (NYSE:OSK). Even so, WKSH stock is on the rise today.
It’s worth noting that Workhorse was previously seeking a contract to supply the USPS with EVs. However, that opportunity never came to pass as the organization chose Oshkosh over it.
It seems news of the EV orders from USPS has investors hoping a deal with Workhorse may still be on the table. There’s no official word saying this is the case, but that isn’t stopping interest in WKHS stock from rising today.
With that comes heavy trading of about 15 million shares of WKHS stock. This is a massive increase compared to the company’s daily average trading volume of about 4.6 million shares.
WKHS stock is up 15.9% as of Wednesday afternoon but is also down 19.5% since the start of the year.
Investors seeking out more of the latest stock market news are in luck!
InvestorPlace has all of the hottest news that traders need to know about for Wednesday! Among that is what has shares of FaZe Clan (NASDAQ:FAZE), Amazon (NASDAQ:AMZN), Sundial Growers (NASDAQ:SNDL) on the move today. You can find out more about that news at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
