VANCOUVER, BC, Nov. 15, 2022 /CNW/ -- GreenPower Motor Company Inc. (Nasdaq: GP) (TSXV: GPV) ("GreenPower"), a leading manufacturer and distributor of zero emission electric powered vehicles serving the cargo and delivery, shuttle, transit and school bus markets, today announced record revenues and deliveries for its second quarter ended September 30, 2022.
"In August, GreenPower celebrated the opening of a factory-ready facility in South Charleston, West Virginia with a ribbon cutting ceremony expanding the company's presence in the East Coast. The newly-hired team members have already trained, worked on and delivered GreenPower vehicles to customers in the region," said Fraser Atkinson, CEO of GreenPower. "GreenPower followed the factory opening with the roll out of an all-electric school bus pilot project in September. Three GreenPower Type D school buses have been deployed in three West Virginia counties under the program, done in cooperation with the state and Gov. Jim Justice. GreenPower's award winning Nano BEAST Type A, ADA-compliant school bus was added to the pilot in a fourth county during the second phase of the pilot."
"In October, the EPA announced the selectees for their Clean School Bus Program. GreenPower has submissions with its dealers, school districts and state education departments and is prepared to meet this demand in a timely and efficient manner," Atkinson continued. "GreenPower also continued to expand in California with HVIP vouchers, School Bus Set aside funding, CEC and the VW Trust funds during the quarter. With the completion of each contract GreenPower has the completed inventory to schedule deliveries."
Second Quarter Highlights:
"GreenPower started delivery of the EV Star Cab and Chassis to Workhorse during the second quarter," stated Brendan Riley, President of GreenPower. "What has been especially exciting to me is that our respective technical teams have been very collaborative and enjoy working together."
Riley noted that as GreenPower continues to ramp up production and deliveries, it will be necessary for the company to address timing issues with the supply chain and shipping. "We believe there is still work to be done to get our run-rate where it needs to be," he continued.
"The acquisition of Lion Truck Body was a major accomplishment this quarter for GreenPower. Lion Truck Body is a tremendous truck body supplier and will be a great incubator for compelling EV vehicle bodies," Riley said. "GreenPower has already started taking orders of its zero-emissions, all-electric vehicles for various cutting-edge bodies, for lightweight box trucks with liftgates, service vehicles and refrigerated vehicles."
GreenPower has added new employees, sales leadership and dealers nationwide to help customers take advantage of implementation of both the bipartisan infrastructure law and the Inflation Recovery Act. "The rules and regulations implementing these federal laws are complex and GreenPower has increased its staff in order to assist customers in navigating these opportunities. Whether it's the federal EV tax credits which provide for $40,000 tax credits per medium duty EV delivered in 2023, the execution of EPA's school bus program or helping customers through the myriad of state programs and regulations, GreenPower is geared-up to be the full-service provider for its customers for both the goods and services necessary to successfully continue this EV revolution," Riley concluded.
Second Quarter 2023 Financial Summary:
For further information contact
Fraser Atkinson, CEO
Brendan Riley, President
Michael Sieffert, CFO
Media Relations / Press Inquiries
About GreenPower Motor Company Inc.
GreenPower designs, builds and distributes a full suite of high-floor and low-floor all-electric medium and heavy-duty vehicles, including transit buses, school buses, shuttles, cargo van and a cab and chassis. GreenPower employs a clean-sheet design to manufacture all-electric vehicles that are purpose built to be battery powered with zero emissions while integrating global suppliers for key components. This OEM platform allows GreenPower to meet the specifications of various operators while providing standard parts for ease of maintenance and accessibility for warranty requirements. GreenPower was founded in Vancouver, Canada with primary operational facilities in southern California. Listed on the Toronto exchange since November 2015, GreenPower completed its U.S. IPO and NASDAQ listing in August 2020. For further information go to www.greenpowermotor.com
This document contains forward-looking statements relating to, among other things, GreenPower's business and operations and the environment in which it operates, which are based on GreenPower's operations, estimates, forecasts and projections. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as "upon", "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. A number of important factors including those set forth in other public filings (filed under the Company's profile on www.sedar.com) could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. GreenPower disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. All amounts in U.S. dollars. ©2022 GreenPower Motor Company Inc. All rights reserved.
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GreenPower Motor designs, builds and distributes a full suite of high-floor and low-floor all-electric medium and heavy-duty vehicles, including transit buses, school buses, shuttles, cargo van, and a cab and chassis. GreenPower employs a clean-sheet...CLICK TO LEARN MORE