Shares of Workhorse (WKHS) surged on news that President Biden will replace the federal fleet with an electric vehicles.
American manufacturers of EVs include Tesla, Lordstown Motors Corp, and Amazon-backed Rivian among others. The president gave no timeline for the move and did not indicate which vehicles would be replaced first.
“This would be the largest mobilization of public investment and procurement, infrastructure and R&D since World War 2,” said Biden.
The U.S. fleet is made up of 645,000 vehicles which include 245,000 civilian vehicles, 173,000 military vehicles, and 225,000 post office vehicles, according to the Federal Fleet Report, as cited by Electrek.
U.S. Post Office vehicles are said to be due to fo replacement and the government has been running bids to replace them.