Envirotech Vehicles, Inc. - EVTV STOCK NEWS

Envirotech Vehicles, Inc. (OTCQX:EVTV) has executed a 1-for-20 reverse stock split to support its upcoming Nasdaq listing. The company believes it meets the financial criteria for this uplisting, which will enhance its visibility and operational flexibility. CEO Phillip Oldridge highlighted recent advancements, including establishing a U.S. manufacturing facility and substantial order activity, with 100 trucks and 200 vans in production. The reverse split will not dilute shareholder ownership and will begin trading under the temporary ticker symbol 'EVTVD'.

Envirotech Vehicles, Inc. (OTCQX:EVTV) announced the delivery of five electric vehicles to a New Jersey customer under the New Jersey Zero Emissions Incentive Program (NJ ZIP). CEO Phillip Oldridge expressed optimism about the company's growing traction in zero-emission vehicle sales in New Jersey and nationwide. Envirotech focuses on providing custom electric vehicles to commercial and public sectors, addressing challenges like fuel cost variability and environmental regulations. The company aims to reduce vehicle ownership costs while promoting green technology.

Envirotech Vehicles (OTCQX:EVTV) has applied for listing on the Nasdaq Capital Market, aiming to enhance its visibility and value among investors in the electric vehicle sector. The company plans a reverse stock split to meet Nasdaq's minimum share price requirements. CEO Phillip Oldridge expressed optimism that the uplisting would facilitate strategic operations and increase brand awareness amidst the industry's transition to greener transportation. The plan remains subject to Nasdaq's approval and necessary listing criteria.

Envirotech Vehicles (OTCQX:EVTV) announced it has received a $796,000 voucher from the New Jersey Zero Emissions Incentive Program to support the purchase of five Class 4 C5000 logistics vans and three Class 4 trucks. This marks a total of $3,545,000 in vouchers for 40 vehicles since the program's inception. The pilot program aims to promote zero-emission vehicle purchases in New Jersey, offering substantial financial incentives to businesses transitioning to electric fleets.

Envirotech Vehicles (OTCQX:EVTV) delivered another electric van to a customer in New Jersey, increasing the total deliveries under the NJ Zip voucher program to seven. CEO Phillip Oldridge noted a substantial rise in order activity over the past year, although supply chain challenges persist. The company is committed to expanding inventory to meet the increasing demand for its electric vehicles. Envirotech focuses on providing zero-emission vehicles, improving the total cost of ownership, and assisting various sectors in transitioning to greener technologies.

Envirotech Vehicles (OTCQX:EVTV) has received a voucher worth $97,750 from the New Jersey Zero Emissions Incentive Program for its Class 4 C5000 cutaway logistics van. This approval marks another step in the company’s role as an approved vendor for the program. To date, Envirotech's customers have secured vouchers totaling $2,749,000 for 32 vehicles. The program aims to support businesses transitioning to zero-emission vehicles and is funded by the New Jersey Economic Development Authority.

Envirotech Vehicles, Inc. (OTCQX:EVTV) has announced a partnership with Olympus Construction for a major renovation of its 580,000 square foot manufacturing facility in Osceola, Arkansas. The project, estimated to cost over $80 million, will enhance production capacity and efficiency. CEO Phillip Oldridge emphasized the company's commitment to local vendors and community support, having already invested over $100,000 quarterly since relocating to Arkansas in February 2022. This initiative marks a significant step towards advancing green technology in the region.

Envirotech Vehicles (OTCQX:EVTV) has delivered two Class 4 logistics vans to the Newark Public Library, supported by a $150,000 voucher from the New Jersey Zero Emissions Program. Executive VP Sue Emry highlighted the growing interest in green transportation in New Jersey and expressed excitement about expanding their electric vehicle presence. The company specializes in purpose-built zero-emission vehicles aimed at reducing ownership costs and complying with environmental regulations. Their focus includes commercial fleets, last-mile delivery, and educational institutions.

Envirotech Vehicles (OTCQX:EVTV) reported its first-quarter results for 2022, achieving sales of $1,108,500, a significant increase from $470,793 in Q1 2021. The rise in sales was attributed to selling 12 vehicles this quarter compared to 5 in the previous year. However, the company faced a net loss of $2,527,397, up from $658,510 in the same quarter last year. Operating expenses surged to $2,947,648, partly due to non-cash charges. Cash and marketable securities amount to $9,099,105, a decline from December 2021. Despite these challenges, the company expressed confidence in future deliveries and growth.