Welcome to our dedicated page for GreenPower Motor Company Common Shares news (Ticker: GP), a resource for investors and traders seeking the latest updates and insights on GreenPower Motor Company Common Shares stock.
GreenPower Motor Company Inc. (NASDAQ: GP) is a prominent manufacturer and distributor of all-electric, zero-emission medium and heavy-duty vehicles catering to the cargo and delivery market, shuttle and transit space, and school bus sector. Founded in Vancouver, Canada, GreenPower has established its primary operational facilities in southern California.
Product Line and Key Technologies
- GreenPower offers a diverse range of electric vehicles including charter, school, and city buses, all of which utilize electric drive and battery technologies combined with lightweight chassis and low-floor body designs.
- The company's flagship product, the EV350 transit bus, launched in 2014, features a flexible clean-sheet design, a custom battery management system, and a proprietary flex power system for the drive motors.
- GreenPower's integrated global supplier network includes Siemens for drive motors, Knorr for brakes, ZF for axles, and Parker for dash and control systems, ensuring high-quality components and ease of maintenance.
Innovative Projects and Recent Achievements
- In April 2024, GreenPower introduced the EV Star Utility Truck, an all-electric vehicle with a payload capacity of up to 6,000 pounds and a range of up to 150 miles. This truck is part of the EV Star Cab & Chassis family and is tailored for various commercial applications.
- GreenPower's latest addition, the EV Star REEFERX, unveiled in June 2024, is a state-of-the-art all-electric refrigerated truck designed for mid to last-mile delivery, capable of transporting temperature-sensitive goods efficiently.
- The company has actively participated in several high-profile expos, including the NYC Fleet Show and the Advanced Clean Transportation Expo, showcasing its range of electric vehicles and innovative technologies.
Financial and Market Insights
GreenPower trades on both the NASDAQ and the TSX Venture Exchange under the symbols GP and GPV, respectively. The company completed its U.S. IPO and NASDAQ listing in August 2020 and has been listed on the Toronto exchange since November 2015. In May 2024, GreenPower commenced an underwritten public offering in the United States to fund the production of all-electric vehicles and product development.
Partnerships and Collaborations
GreenPower collaborates with various suppliers and partners to enhance its product offerings and market reach. The company's OEM platform allows it to meet the specifications of different operators while ensuring standard parts for ease of maintenance and warranty requirements.
Commitment to Sustainability
GreenPower is dedicated to leading the transition to sustainable transportation by providing all-electric vehicles that offer low total cost of ownership, minimal maintenance, and outstanding reliability and efficiency. The company supports various incentive programs, such as the New York Truck Voucher Incentive Program and the New York School Bus Incentive Program, to facilitate the adoption of electric vehicles.
For further information, visit www.greenpowermotor.com.
On March 1, 2022, Workhorse Group (NASDAQ: WKHS) and GreenPower Motor Company (NASDAQ: GP) announced a multi-year supply agreement for the delivery of 1,500 EV Star cab and chassis. Deliveries will commence in July 2022, supporting Workhorse's new Class 4 W750 step van line, which is set for production in Q3 2022. This partnership grants Workhorse exclusive rights to sell the Class 4 vans in the U.S. and Canada. The W750 model will offer a 150-mile electric range and a 5,000 lbs. payload capacity, enhancing Workhorse's presence in the zero-emission vehicle market.
GreenPower Motor Company (Nasdaq: GP) reported a significant revenue increase of $5,313,352 for the fiscal third quarter ending December 31, 2021, marking a 121.5% rise from the previous year. Gross profit improved to 27.8% of revenues compared to 21.5% in the last quarter. The company delivered multiple all-electric buses and is set to open a new manufacturing facility in West Virginia, with plans to produce over 1,000 school buses annually. The adjusted EBITDA loss was $1,553,811, slightly worsening from the prior quarter.
GreenPower Motor Company Inc. (NASDAQ: GP) will host a conference call on February 11, 2022, at 6:30 a.m. PST to discuss its third-quarter financial results for the period ending December 31, 2021. The call will provide shareholders with a business update and insights into the company's performance. Interested parties can access the call via a provided dial-in number, and a replay will be available shortly after the call. GreenPower specializes in manufacturing all-electric vehicles for various sectors, including transit and delivery.
GreenPower Motor Company (NASDAQ: GP) announced a partnership with BridgeValley Community and Technical College and the Workforce Development Board of Kanawha County to establish workforce training for its all-electric school bus manufacturing facility in South Charleston, West Virginia. Expected to begin operations by mid-2022, the facility will create up to 900 jobs. The state of West Virginia will provide $3.5 million in employment incentives to facilitate job creation. This initiative aims to bolster local employment and support the transition to electric vehicle manufacturing.
GreenPower Motor Company (NASDAQ: GP) has signed a lease/purchase agreement for a manufacturing facility in South Charleston, West Virginia, aimed at producing zero-emission electric school buses. The state has committed to purchasing at least $15 million worth of vehicles from GreenPower. The facility spans 9.5 acres and includes an 80,000 square foot building, with lease payments starting nine months post-production. The company anticipates beginning operations in the second half of 2022, supported by up to $3.5 million in state employment incentives.
On January 6, 2022, GreenPower Motor Company (NASDAQ: GP) announced the delivery of six BEAST school buses to Thermalito Union Elementary School District, marking the largest single order of its BEAST model. The buses, designed for zero-emission transportation, feature a range of up to 150 miles and were funded by grants from the Butte County Air Quality Management District and the California Energy Commission. This delivery highlights GreenPower's commitment to sustainable student transportation and showcases the capabilities of their electric vehicle technology.
GreenPower Motor Company (NASDAQ: GP) announced the delivery of four EV Star Cab and Chassis (EV Star CCs) to Transportation Commodities, Inc. (TCI) on January 4, 2022. The vehicles will support TCI's service fleet and were funded through California's Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project. GreenPower emphasized its efficient turnaround times for vehicle deliveries, which sets it apart from competitors. TCI secured $264,000 in HVIP funds for this purchase, marking a significant step in their transition to a zero-emission fleet.
GreenPower Motor Company (NASDAQ: GP) announces that its AV Star will be showcased at CES 2022 as a demonstration vehicle in collaboration with Perrone Robotics. This fully-autonomous, zero-emissions shuttle enables attendees to experience autonomous rides, highlighting GreenPower's commitment to innovative mobility solutions. The AV Star, which meets ADA-compliance and FMVSS certification, represents the company's advancements in electric vehicle technology. Demonstration rides will occur at the CES 'Innovation Alley' from January 5-7.
GreenPower Motor Company Inc. (Nasdaq: GP) announced on December 10, 2021, the granting of 350,000 stock options to Directors and Officers, 278,000 to employees, and 65,000 to consultants, pending TSX Venture Exchange approval. The options have an exercise price of CDN $16.45 and are valid for five years. The vesting periods vary: for Directors and Officers and consultants, 25% vest after four, six, nine months, and one year; for employees, 25% vest after four months, and subsequently at one, two, and three years.
GreenPower Motor Company reported a strong financial performance for the second quarter ended September 30, 2021, with revenues of $4,441,963, a 57% increase from the prior year's $2,835,411. The company delivered 44 vehicles, including 34 sales and 10 leases. However, gross profit margin decreased to 21.5% from 30.1% in the same period last year, largely due to new model deliveries. Adjusted EBITDA loss expanded to $1,373,088. The company maintains a robust sales pipeline and aims to leverage recent investments in production capacity.
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