Envirotech Vehicles Delivers One Truck to California Customer

Rhea-AI Summary

Envirotech Vehicles, Inc. (EVTV, EVTVD) announced the delivery of a zero-emission Class 4 truck to a California customer, aided by the California Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project. CEO Phillip Oldridge emphasized that revenue is recognized upon vehicle delivery and acceptance. The company focuses on offering electric vehicles to commercial fleets, addressing challenges like fuel cost instability and environmental regulation compliance. The press release included cautionary forward-looking statements regarding potential risks and uncertainties that may affect future performance.

Positive

• Delivery of a Class 4 truck indicates successful sale and acceptance, enhancing revenue recognition.
• Participation in California's HVIP fosters future sales opportunities and aligns with environmental initiatives.

Negative

• None.

OCESOLA, AR / ACCESSWIRE / June 29, 2022 / Envirotech Vehicles, Inc. (OTCQX:EVTV and EVTVD), a provider of new zero-emission, purpose-built electric vehicles (the "Company"), announced today that it has delivered one truck to a customer in California.

Phillip Oldridge, CEO of Envirotech Vehicles, commented, "We are thankful that the the California Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project ("HVIP") granted another of our customers a voucher to assist with their purchase of one of our state-of-the-art Class 4 trucks that was recently delivered to them. We are pleased to be able to offer our vehicles to businesses throughout the state of California that are looking to modernize their fleets with environmentally friendly, zero-emission transportation alternatives, and we look forward to additional opportunities as an approved vendor of the HVIP Program. I would also like to clarify that Envirotech does not record revenue from a sale until the vehicle is delivered to the customer and accepted by them, so that when we announce deliveries, we are, in effect, announcing sales."

About Envirotech Vehicles
Envirotech Vehicles, Inc. is a provider of purpose-built zero-emission electric vehicles focused on reducing the total cost of vehicle ownership and helping fleet operators unlock the benefits of green technology. We serve commercial and last-mile fleets, school districts, public and private transportation service companies and colleges and universities to meet the increasing demand for heavy-duty electric vehicles. Our vehicles address the challenges of traditional fuel price cost instability and local, state and federal environmental regulatory compliance. 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 risks and uncertainties disclosed in reports filed by Envirotech Vehicles, Inc. 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 "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 Vehicles undertakes no obligation to update or revise any forward-looking statements to reflect new information, changed circumstances or unanticipated events.

Contact Information
IMS Investor Relations
John Nesbett/Jennifer Belodeau
Telephone: 203.972.9200
Email: evtv@imsinvestorrelations.com

Press Inquiries
Kristen Nicholson, APR
Telephone: 501.350.3658
Email: knicholson@mhpteamsi.com

Envirotech Vehicles
Susan Emry, Executive Vice President
Telephone: (870) 970-3355 ext. 1001
Email: sue.e@evtvusa.com

SOURCE: Envirotech Vehicles, Inc

View source version on accesswire.com:
https://www.accesswire.com/706885/Envirotech-Vehicles-Delivers-One-Truck-to-California-Customer

FAQ

What delivery did Envirotech Vehicles announce on June 29, 2022?

Envirotech Vehicles announced the delivery of one Class 4 zero-emission truck to a customer in California.

How does Envirotech Vehicles recognize revenue from truck sales?

Envirotech Vehicles recognizes revenue only when the vehicle is delivered and accepted by the customer.

What program supported the purchase of Envirotech's truck in California?

The purchase was supported by a voucher from the California Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP).

What is the focus of Envirotech Vehicles?

Envirotech Vehicles focuses on providing zero-emission electric vehicles for commercial and last-mile fleets.

What are the potential risks mentioned in the Envirotech Vehicles press release?

The press release contains forward-looking statements subject to risks and uncertainties that could affect actual results.