Envirotech Vehicles, Inc. (NASDAQ:EVTV) Announces Sales Order Pipeline Update in the State of New Jersey for 2025
Envirotech Vehicles (NASDAQ:EVTV) has secured orders for 48 vehicles from New Jersey customers who received vouchers through the New Jersey Zero Emission Incentive Program (NJ ZIP). If these orders materialize, they could generate up to $5,275,200 in revenue. The company expects to begin deliveries within 45 days.
The NJ ZIP is a $90 million voucher pilot by the New Jersey Economic Development Authority, offering vouchers ranging from $20,000 to $175,000 for medium and heavy-duty zero-emission vehicles. The program aims to reduce emissions and stimulate market readiness for zero-emission vehicles in New Jersey.
Envirotech has recently expanded its New Jersey service center and plans to use this state-focused approach as a blueprint for future expansion into other key cities. However, it's noted that business owners awarded vouchers are not required to proceed with their vehicle purchases and may cancel existing orders.
Envirotech Vehicles (NASDAQ:EVTV) ha ricevuto ordini per 48 veicoli da clienti del New Jersey che hanno ottenuto voucher attraverso il New Jersey Zero Emission Incentive Program (NJ ZIP). Se questi ordini si concretizzeranno, potrebbero generare fino a $5,275,200 di entrate. L'azienda prevede di iniziare le consegne entro 45 giorni.
Il NJ ZIP è un progetto pilota di voucher da $90 milioni gestito dalla New Jersey Economic Development Authority, che offre voucher che vanno da $20,000 a $175,000 per veicoli zero-emission di medie e grandi dimensioni. Il programma mira a ridurre le emissioni e stimolare la prontezza del mercato per veicoli zero-emission nel New Jersey.
Envirotech ha recentemente ampliato il suo centro di assistenza nel New Jersey e prevede di utilizzare questo approccio mirato allo stato come modello per future espansioni in altre città chiave. Tuttavia, è importante notare che i proprietari di aziende che ottengono voucher non sono obbligati a procedere con l'acquisto dei veicoli e possono annullare gli ordini esistenti.
Envirotech Vehicles (NASDAQ:EVTV) ha asegurado pedidos de 48 vehículos de clientes de Nueva Jersey que recibieron vales a través del New Jersey Zero Emission Incentive Program (NJ ZIP). Si se concretan estos pedidos, podrían generar hasta $5,275,200 en ingresos. La empresa espera comenzar las entregas en un plazo de 45 días.
El NJ ZIP es un piloto de vales de $90 millones por parte de la Autoridad de Desarrollo Económico de Nueva Jersey, que ofrece vales que van de $20,000 a $175,000 para vehículos de cero emisiones de mediana y gran capacidad. El programa tiene como objetivo reducir las emisiones y estimular la preparación del mercado para vehículos de cero emisiones en Nueva Jersey.
Envirotech ha ampliado recientemente su centro de servicio en Nueva Jersey y planea utilizar este enfoque centrado en el estado como un modelo para futuras expansiones en otras ciudades clave. Sin embargo, se señala que los propietarios de negocios que reciben vales no están obligados a proceder con sus compras de vehículos y pueden cancelar los pedidos existentes.
Envirotech Vehicles (NASDAQ:EVTV)는 뉴저지 고객으로부터 48대의 차량에 대한 주문을 확보했습니다. 이 고객들은 뉴저지 제로 배출 인센티브 프로그램(NJ ZIP)을 통해 바우처를 받았습니다. 이 주문이 완료되면 최대 $5,275,200의 수익을 창출할 수 있습니다. 회사는 45일 이내에 배송을 시작할 것으로 예상하고 있습니다.
NJ ZIP은 뉴저지 경제 개발 당국이 운영하는 $90 백만 바우처 파일럿 프로그램으로, 중형 및 대형 제로 배출 차량을 위한 바우처를 $20,000에서 $175,000 사이로 제공합니다. 이 프로그램은 뉴저지에서 제로 배출 차량의 배출을 줄이고 시장 준비를 촉진하는 것을 목표로 하고 있습니다.
Envirotech은 최근 뉴저지 서비스 센터를 확대했으며 이 주 중심의 접근 방식을 향후 다른 주요 도시로의 확장의 청사진으로 사용할 계획입니다. 그러나 바우처를 받은 사업주들은 차량 구매를 진행할 의무가 없으며 기존 주문을 취소할 수 있다는 점이 주목됩니다.
Envirotech Vehicles (NASDAQ:EVTV) a sécurisé des commandes pour 48 véhicules de clients du New Jersey ayant reçu des bons via le New Jersey Zero Emission Incentive Program (NJ ZIP). Si ces commandes se concrétisent, elles pourraient générer jusqu'à $5,275,200 de revenus. L'entreprise prévoit de commencer les livraisons dans les 45 jours.
Le NJ ZIP est un programme pilote de bons de 90 millions de dollars de l'Autorité de Développement Économique du New Jersey, offrant des bons allant de 20 000 à 175 000 dollars pour des véhicules zéro émission de taille moyenne et lourde. Le programme vise à réduire les émissions et à stimuler la préparation du marché pour les véhicules zéro émission dans le New Jersey.
Envirotech a récemment agrandi son centre de service dans le New Jersey et prévoit d'utiliser cette approche axée sur l'État comme modèle pour une future expansion dans d'autres villes clés. Cependant, il est indiqué que les propriétaires d'entreprises ayant reçu des bons ne sont pas tenus de poursuivre l'achat de leurs véhicules et peuvent annuler les commandes existantes.
Envirotech Vehicles (NASDAQ:EVTV) hat Bestellungen für 48 Fahrzeuge von Kunden aus New Jersey gesichert, die durch das New Jersey Zero Emission Incentive Program (NJ ZIP) Gutscheine erhalten haben. Wenn sich diese Bestellungen verwirklichen, könnten sie bis zu $5,275,200 Einnahmen generieren. Das Unternehmen erwartet, innerhalb von 45 Tagen mit den Lieferungen zu beginnen.
Das NJ ZIP ist ein 90-Millionen-Dollar-Gutschein-Pilotprojekt der New Jersey Economic Development Authority, das Gutscheine in Höhe von 20.000 bis 175.000 US-Dollar für mittelschwere und schwere Null-Emissions-Fahrzeuge anbietet. Das Programm zielt darauf ab, die Emissionen zu reduzieren und die Marktreife für Null-Emissions-Fahrzeuge in New Jersey zu fördern.
Envirotech hat kürzlich sein Service-Center in New Jersey erweitert und plant, diesen staatlichen Ansatz als Vorlage für zukünftige Expansionen in andere wichtige Städte zu verwenden. Es wird jedoch darauf hingewiesen, dass Geschäftsinhaber, die Gutscheine erhalten, nicht verpflichtet sind, mit ihren Fahrzeugkäufen voranzuschreiten und bestehende Bestellungen stornieren können.
- Potential revenue of $5,275,200 from 48 vehicle orders
- Deliveries expected to begin within 45 days
- Recent expansion of New Jersey service center
- Access to NJ ZIP program offering vouchers up to $175,000 per vehicle
- Orders are not binding and customers may cancel at any time
- Revenue generation dependent on customers' final purchase decisions
Insights
The announced
The NJ ZIP program, backed by
- Revenue Recognition: The 45-day delivery timeline suggests potential Q1/Q2 2025 revenue impact, though the non-binding nature of voucher awards introduces uncertainty
- Market Validation: Success in New Jersey could serve as a proof-of-concept for replication in other states with similar incentive programs
- Infrastructure Investment: The company's service center expansion demonstrates commitment to after-sales support, important for fleet customers
- Risk Factors: Key considerations include conversion rate from voucher awards to actual purchases, working capital requirements for production and potential supply chain constraints
The strategic focus on New Jersey as a blueprint for expansion is prudent, leveraging state incentives while building infrastructure. The approach of targeting regions with strong environmental initiatives and financial incentives could provide a scalable growth model. However, execution will be critical, particularly in managing working capital for potential rapid scaling of operations.
The NJ ZIP program exemplifies a new generation of targeted environmental initiatives that combine emissions reduction with economic development. The voucher structure, ranging from
Several key policy aspects warrant attention:
- The program's funding through RGGI demonstrates effective use of cap-and-trade proceeds for tangible emissions reduction
- Focus on medium and heavy-duty vehicles targets a important segment responsible for disproportionate emissions
- The pilot nature allows for program refinement and data collection to optimize future initiatives
- Integration with broader state environmental goals suggests potential for program expansion
This initiative could serve as a model for other states, potentially creating a network of regional incentives that could accelerate market transformation. The focus on small business owners is particularly significant, as this segment traditionally faces higher barriers to EV adoption but represents a substantial market opportunity.
OSCEOLA, AR / ACCESS Newswire / January 29, 2025 / Envirotech Vehicles, Inc. (NASDAQ:EVTV), today announced that the company has orders for 48 vehicles to New Jersey customers that have been awarded vouchers under the New Jersey Zero Emission Incentive Program ("NJ ZIP"). If the customers that have been awarded vouchers elect to purchase a vehicle through the program, the company expects to generate up to
President of Envirotech, Jason Maddox, emphasized the company's strategic focus and commitment to electric commercial vehicle customers in New Jersey. "As we start to build out our sales force, Envirotech's 2025 sales pipeline is already off to a strong start. These orders have been the result of a deliberate and focused effort in the State of New Jersey, supported by the recent expansion of our New Jersey service center. Thanks to the NJ ZIP, small business owners can offset some of their upfront electric vehicle costs making it more affordable to go electric."
Maddox also highlighted the company's broader growth strategy: "Our focused and complete efforts in New Jersey serve as a blueprint for future expansion. We plan to grow our network by opening additional dealerships and service centers in other key cities, extending the same high level of service and support to customers across the country." He further emphasized the financial benefits for small businesses, adding: "The reduced upfront vehicle investment, combined with lower maintenance costs than traditional ICE vehicles as well as fuel cost savings, significantly improves the bottom line for our customers. We anticipate delivering on these vehicle orders beginning within the next 45 days."
NJ ZIP is a
The goal of the program is to accelerate the adoption and use of zero-emission medium and heavy-duty vehicles within New Jersey; to reduce emissions within the state; and to continue to allow NJEDA to determine and stimulate market-readiness, assess effectiveness of funding levels and program design, and test methodologies for measuring economic impact of such adoption. The pilot is being used as a vehicle to support the growth of the NJ zero-emission vehicle ecosystem, with accelerated adoption of zero-emission vehicles being the first step to attracting more jobs and investment, as other zero-emission vehicle programs and regulations roll out across multiple state agencies. Business owners that are awarded vouchers are not required to purchase the electric vehicles listed in their application and may cancel existing orders to purchase the company's vehicles.
Business owners interested in learning about Envirotech's vehicle offering under NJ ZIP, and what vouchers may be available to them from the New Jersey Economic Development Authority should contact Envirotech at https://evtvusa.com/contact-evtv/.
About Envirotech Vehicles
Envirotech Vehicles, Inc. (NASDAQ: EVTV) is a technology company dedicated to revolutionizing the electric vehicle landscape by designing and manufacturing electric commercial vehicles that offer sustainable, efficient, and cost-effective transportation solutions. Committed to driving the future of mobility, Envirotech is pushing the boundaries of innovation and sustainability. For more information, visit www.evtvusa.com.
Cautionary Statement Regarding Forward-Looking Statements
Statements made in this press release that relate to future plans, events, financial results, prospects, or performance are forward-looking statements. While they are based on the current expectations and beliefs of management, such forward-looking statements are subject to a number of risks, uncertainties, assumptions, and other factors that could cause actual results to differ materially from the expectations expressed in this press release, including the risk that customers may not elect to redeem their voucher to purchase an electric vehicle and the risks and uncertainties disclosed in reports filed by Envirotech Vehicles with the Securities and Exchange Commission, all of which are available online at www.sec.gov. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including statements containing the words "will," "estimated," "planned," "expected," "believes," "strategy," "opportunity," "anticipated," "outlook," "designed," and similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as required by law, Envirotech undertakes no obligation to update or revise any forward-looking statements to reflect new information, changed circumstances, or unanticipated events.
Contact:
Envirotech Vehicles, Inc.
Merrick Alpert, Chief Communications Officer
Telephone: (870) 970-3355
Email: merrick@evtvusa.com
SOURCE: Envirotech Vehicles, Inc.
View the original press release on ACCESS Newswire
FAQ
How much potential revenue could EVTV generate from its New Jersey orders in 2025?
When will EVTV begin delivering vehicles for the NJ ZIP program orders?
What is the value range of vouchers available through the NJ ZIP program for EVTV vehicles?
Are the EVTV vehicle orders through NJ ZIP program guaranteed sales?
How many vehicles has EVTV received orders for under the NJ ZIP program?
