The United States Post Office said Tuesday that it has chosen Oshkosh Defense to build its next-generation mail-delivery vehicle, part of an effort to make the USPS more environmentally friendly by switching a portion of its huge fleet to electric vehicles.
Oshkosh Defense, a division of Wisconsin-based Oshkosh Corp., will assemble 50,000 to 165,000 of the new Next Generation Delivery Vehicles at its existing U.S. manufacturing facilities. It will get an initial $482 million toward retooling and building out its factory.
USPS described the deal as the first part of a multibillion-dollar 10-year effort to replace its delivery vehicle fleet.
The choice of Wisconsin-based Oshkosh is a big miss for Ohio-based electric vehicle startup Workhorse Group, which put in an all-electric bid for the vehicles. Shares of Workhorse fell more than 47% Tuesday.
The postal service last updated its mail-delivery trucks 30 years ago, and there have been major changes in the service's operations since then. Traditional mail volumes have declined, while the service now delivers millions of packages from online retailers like Amazon that did not exist when the previous mail vehicle was introduced.
The new vehicles will have more room for packages and will be updated with modern safety and driveability standards like cameras, airbags, and collision avoidance systems. The vehicles will also be a combination of electric and gasoline-powered, but the gasoline-powered new vehicles will have the ability to be retrofitted with new electric systems in the future.
Google has agreed to pay $700 million to settle an anti-trust settlement.
Stocks were up after the closing bell as Wall Street continued to pin their hopes on rate cuts after last week's comments from the Fed.
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Google has agreed to pay $700 million and make several other concessions to settle allegations that it had been stifling competition against its Android app store — the same issue that went to trial in another case that could result in even bigger changes.
Nicki Minaj just reached a milestone that no other woman in rap has reached.
Apple announced that starting this week, it will stop selling some versions of the Apple watch in the U.S.
Southwest Airlines will pay a $35 million fine as part of a $140 million settlement to resolve a federal investigation into a debacle in December 2022 when the airline canceled thousands of flights and stranded more than 2 million travelers over the holidays.
The House of Representatives recently passed a bill aimed at increasing transparency in healthcare.
If you have a flexible spending account, here's some short information for you so you don't leave money on the table.
With high healthcare costs, bills can quickly add up. In some cases, it is possible to negotiate your medical bills. Barak Richman, law professor at George Washington University, joined Cheddar News to discuss the easiest way to talk to medical debt companies about what's owed.
