GreenPower Delivers Five EV Star Cab and Chassis to Forest River
GreenPower Motor Company (NASDAQ: GP) announced the delivery of five EV Star Cab and Chassis units to Forest River, a Berkshire Hathaway Company (NYSE: BRK.A). This marks a significant step in Forest River's electrification strategy, as they integrate GreenPower's electric platform with their renowned vehicle bodies. Forest River, a leader in the recreational vehicle market, sold its 100,000th bus in July 2020 and generates over $5 billion in annual revenue. The partnership aims to tap into the substantial market for electric cutaway buses, with Forest River selling approximately 9,000 units per year in this segment.
- Strategic partnership with Forest River enhances GreenPower's market presence.
- Focus on the lucrative cutaway bus market with an estimated 13,000 vehicles per year.
- Forest River's established market position can lead to increased order volume for GreenPower.
- None.
LOS ANGELES, May 25, 2021 /PRNewswire/ -- GreenPower Motor Company Inc. (NASDAQ: GP) (TSXV: GPV) ("GreenPower"), a leading manufacturer and distributor of zero-emission, electric-powered, medium and heavy-duty vehicles, announced today that Forest River, a Berkshire Hathaway Company (NYSE: BRK.A), has taken delivery of the first five of GreenPower's purpose-built EV Star Cab and Chassis (CC).
Forest River is the market share leader in cutaway buses, motorhomes, and other recreational vehicles, and will utilize the EV Star Cab and Chassis as part of their electrification strategy by building their top-tier body and integrating it with GreenPower's purpose-built, zero-emission platform. Forest River celebrated the delivery of their 100,000th bus in July of 2020, has over 10,000 employees, and has annual revenues in excess of
Brendan Riley, President of GreenPower, commented, "The initial focus will lie with the StarCraft cutaway bus product which represents a total addressable market of approximately 13,000 vehicles per year and Forest River accounts for approximately 9,000 of those units sold. This is the type of transformative partnership that GreenPower has sought out as the company has matured, and we look forward to working with a highly respected market leader such as Forest River to accelerate their electrification strategy."
Ryne Shetterly, Vice President of Sales and Marketing at GreenPower, added, "Forest River brings tremendous volume potential and will be offering an all-electric StarCraft product that is exactly what the market needs. By integrating the top-rated body and the only scalable, purpose-built, electric chassis, the market can now rest assured they are getting a vehicle that will be safe, reliable, and serviceable." Shetterly continued, "We see a number of opportunities to collaborate with Forest River across their entire product line, and we are excited to complete this first delivery."
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 or are beyond GreenPower's control. 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. © 2021 GreenPower Motor Company Inc. All rights reserved.
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SOURCE GreenPower Motor Company
FAQ
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