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Oshkosh Defense Receives First Order for Next Generation Delivery Vehicle Fleet
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Rhea-AI Summary
The U.S. Postal Service has placed its first order of Next Generation Delivery Vehicles (NGDV) with Oshkosh Defense, a subsidiary of Oshkosh Corporation (NYSE: OSK). This initial order consists of 50,000 NGDVs with a total value of $2.98 billion. The order will include at least 10,019 zero-emission battery electric vehicles (BEVs). Production will take place in Spartanburg, South Carolina, with preparations already underway, and hiring has commenced. This contract allows flexibility to increase BEV production proportionally as funding becomes available.
Positive
50,000 NGDVs ordered valued at $2.98 billion.
At least 10,019 BEVs will be part of the initial order.
Production set to begin in 2023, enhancing revenue.
Negative
None.
OSHKOSH, Wis.--(BUSINESS WIRE)--
The U.S. Postal Service (USPS) announced today that it has placed its first order of Next Generation Delivery Vehicles (NGDV) with Oshkosh Defense, a wholly owned subsidiary of Oshkosh Corporation (NYSE: OSK). The initial order is for 50,000 NGDVs and is valued at $2.98 Billion.
(Photo: Business Wire)
“Oshkosh is committed to making a difference in the lives of those who depend on our products and services to build, protect and serve communities around the world,” said John Pfeifer, President & Chief Executive Officer, Oshkosh Corporation. “Every day we strive to meet or exceed our customers’ needs with next-generation technologies and advanced systems.”
Oshkosh Defense will manufacture both zero emission battery electric vehicles (BEV) and fuel-efficient low-emission internal combustion engine vehicles (ICE) for the USPS in their Spartanburg, South Carolina factory. The first order will include a minimum of 10,019 BEVs. The NGDV contract allows the flexibility, when funding is provided, to increase the percentage of BEVs to be produced even after an order is placed.
“We’re incredibly proud to build the USPS NGDV. It is designed to be the modern, safe, dependable vehicle the carriers have been waiting for,” said John Bryant, Executive Vice President, Oshkosh Corporation, and President, Oshkosh Defense. “Facility preparations in South Carolina are well underway and hiring of team members has already begun.”
Oshkosh won the competitively awarded NGDV contract in February 2021. Production of the NGDVs is expected to begin in 2023.
About Oshkosh Defense
Oshkosh Defense is a global leader in the design, production and sustainment of best-in-class military vehicles, technology solutions and mobility systems. Oshkosh develops and applies emerging technologies that advance safety and mission success. Setting the industry standard for sustaining fleet readiness, Oshkosh ensures every solution is supported worldwide throughout its entire life cycle.
Oshkosh Defense, LLC is an Oshkosh Corporation company [NYSE: OSK].
At Oshkosh (NYSE: OSK), we make innovative, mission-critical equipment to help everyday heroes advance communities around the world. Headquartered in Wisconsin, Oshkosh Corporation employs more than 14,000 team members worldwide, all united behind a common cause: to make a difference in people’s lives. Oshkosh products can be found in more than 150 countries under the brands of JLG®, Pierce®, Oshkosh® Defense, McNeilus®, IMT®, Jerr-Dan®, Frontline™, Oshkosh® Airport Products, London™ and Pratt Miller. For more information, visit oshkoshcorp.com.
®, ™ All brand names referred to in this news release are trademarks of Oshkosh Corporation or its subsidiary companies.
Forward Looking Statements
This news release contains statements that the Company believes to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including, without limitation, statements regarding the Company’s future financial position, business strategy, targets, projected sales, costs, earnings, capital expenditures, debt levels and cash flows, and plans and objectives of management for future operations, are forward-looking statements. When used in this news release, words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “project” or “plan” or the negative thereof or variations thereon or similar terminology are generally intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond the Company’s control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include the extent of supply chain and logistics disruptions, particularly as demand rebounds from the COVID-19 pandemic; the Company’s ability to increase prices or impose surcharges to raise margins or to offset higher input costs, including increased raw material, labor and freight costs, the Company’s ability to attract production labor in a timely manner; the Company’s ability to predict the level and timing of orders for indefinite delivery/indefinite quantity contracts with the U.S. federal government; the impacts of budget constraints facing the U.S. Postal Service (USPS) and continuously changing demands for postal services; the cost of any warranty campaigns related to the Company’s products; the Company’s ability to comply with complex laws and regulations applicable to U.S. government contractors; cybersecurity risks and costs of defending against, mitigating and responding to data security threats and breaches impacting the Company; the Company’s ability to successfully identify, complete and integrate acquisitions and to realize the anticipated benefits associated with the same; and risks related to the Company’s ability to successfully execute on its strategic road map and meet its long-term financial goals. Additional information concerning these and other factors is contained in the Company’s filings with the Securities and Exchange Commission. All forward-looking statements speak only as of the date of this news release. The Company assumes no obligation, and disclaims any obligation, to update information contained in this news release. Investors should be aware that the Company may not update such information until the Company’s next quarterly earnings conference call, if at all.
