Shares of electric delivery van maker Workhorse Group (NASDAQ: WKHS) jumped Tuesday morning. As of 9:50 a.m. EST, the stock was trading 15% above Monday’s closing price.
While President Joe Biden was signing a “Buy America” executive order on Monday, he made a comment that could have major implications for Workhorse Group. “The federal government also owns an enormous fleet of vehicles, which we’re going to replace with clean electric vehicles made right here in America, by American workers,” Biden said.
Much recent investor interest in Workhorse Group relates to the potential for the last-mile delivery truck maker to land at least a portion of a $6 billion government contract to replace postal service vehicles.