GreenPower Appoints New England Truck Solutions as Dealer for Medium and Heavy-Duty Commercial Electric Vehicles

Rhea-AI Summary

GreenPower Motor Company (NASDAQ: GP) has appointed New England Truck Solutions (NETS) as a dealer for its medium and heavy-duty all-electric commercial vehicles in the Boston and Rhode Island markets. This partnership allows NETS, which services class 4 through 8 vehicles, to offer GreenPower's EV Star, EV Star Cab and Chassis, and EV Star Cargo vehicles, targeting small to midsize businesses in need of cost-effective electrification for middle and last-mile delivery.

GreenPower aims to enhance customer education and facilitate commercial EV ownership through this collaboration, expanding its reach in the East Coast market.

Positive

• Partnership with NETS expands GreenPower's market presence in the East Coast, specifically Boston and Rhode Island.
• NETS can introduce GreenPower's all-electric vehicles to a new customer base, potentially increasing sales.
• Collaboration focuses on customer education and EV ownership, which may enhance overall market adoption.

Negative

• Concerns regarding the ability to seamlessly integrate and support NETS as a new dealer may arise.
• Potential challenges in navigating a new market with established competitors.

LOS ANGELES, Feb. 16, 2023 /PRNewswire/ -- GreenPower Motor Company Inc. (NASDAQ: GP) (TSXV: GPV) ("GreenPower"), a leading manufacturer and distributor of purpose-built, all-electric, zero-emission medium and heavy-duty vehicles serving the cargo and delivery market, shuttle and transit space and school bus sector, today announced the appointment of New England Truck Solutions (NETS) as a dealer for GreenPower's medium and heavy-duty commercial vehicles in the Boston and Rhode Island markets. 

NETS sells and maintains class 4 through 8 vehicles to meet the demands of its diverse customer base and operates as a full-service dealer capable of handling all phases of truck and body repairs. Under the new dealership agreement with GreenPower, the company will be able to make its first EV offerings to NETS customers through the sale of GreenPower's medium and heavy-duty commercial vehicles.

With locations in Avon, Mass. and North Smithfield, R.I., NETS is geographically positioned to introduce its New England customer base to GreenPower's all-electric EV Star, EV Star Cab and Chassis and EV Star Cargo vehicles. These vehicles serve the needs of small to midsize companies looking to reap the cost and performance benefits that all-electric vehicles offer for use in the middle and last-mile delivery sectors.

"Adding GreenPower, a trusted and reputable manufacturer, to our business allows us to enter into the EV market with a proven product," said Mitchell Blum, VP of Operations at New England Truck Solutions of Avon. "We strongly believe that by delivering consistent superior vehicles along with parts and services, we will continue to exceed the expectations of our loyal customers."

In this partnership, GreenPower will help New England Truck Solutions educate and introduce the benefits of GreenPower all-electric vehicles to their customers and facilitate the necessary provisions that go hand-in-hand for ownership of all-electric commercial vehicles. NETS provides GreenPower with the infrastructure of an existing and successful dealership.

"New England Truck Solutions will be a valued dealer and partner for GreenPower going forward and allows us to reach and serve a broad and new customer base on the East Coast," said GreenPower Vice President of Medium Duty and Commercial Vehicle Sales, Claus Tritt.  "GreenPower and New England Truck Solutions share common values in providing unprecedented customer service and providing its customers a one-stop shop for commercial EVs."

For further information contact:

Claus Tritt 
VP of Medium Duty & Commercial Vehicle Sales 
Claus.t@greenpowermotor.com 

Mark Nestlen 
VP of Business Development and Strategy, GreenPower 
Mark.n@greenpowermotor.com

Allie Potter 
Skyya PR for GreenPower 
(218) 766-8856 
allie@skyya.com

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

Forward-Looking Statements

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. ©2023 GreenPower Motor Company Inc. All rights reserved.

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SOURCE GreenPower Motor Company

FAQ

What is the significance of GreenPower appointing NETS as a dealer?

This appointment significantly expands GreenPower's market presence on the East Coast, allowing them to reach a broader customer base.

What vehicles will NETS sell as a dealer for GreenPower?

NETS will offer GreenPower's medium and heavy-duty all-electric vehicles, including the EV Star, EV Star Cab and Chassis, and EV Star Cargo.

How does the partnership with NETS impact GreenPower's business?

The partnership is expected to enhance GreenPower's sales opportunities and customer education regarding commercial electric vehicles.

When was the dealer partnership between GreenPower and NETS announced?

The partnership was announced on February 16, 2023.

What markets will NETS serve as a dealer for GreenPower?

NETS will serve the Boston and Rhode Island markets as a dealer for GreenPower's vehicles.