Welcome to our dedicated page for PIC news (Ticker: PIC), a resource for investors and traders seeking the latest updates and insights on PIC stock.
Our selection of high-quality news articles is accompanied by an expert summary from Rhea-AI, detailing the impact and sentiment surrounding the news at the time of release, providing a deeper understanding of how each news could potentially affect PIC's stock performance. The page also features a concise end-of-day stock performance summary, highlighting the actual market reaction to each news event. The list of tags makes it easy to classify and navigate through different types of news, whether you're interested in earnings reports, stock offerings, stock splits, clinical trials, fda approvals, dividends or buybacks.
Designed with both novice traders and seasoned investors in mind, our page aims to simplify the complex world of stock market news. By combining real-time updates, Rhea-AI's analytical insights, and historical stock performance data, we provide a holistic view of PIC's position in the market.
XL Fleet has expanded its electrification solutions, introducing a hybrid electric drive system for the Class 5 Ford F-550 Super Duty chassis, developed in just six months. This move targets the increasing demand in municipal and commercial sectors. Deliveries of the F-550 vehicles are set to begin by the end of 2020, enhancing fuel efficiency and reducing emissions significantly. Furthermore, XL Fleet is on track to finalize its merger with Pivotal Investment Corporation II (NYSE:PIC) by December 2020, bringing the combined company under the name XL Fleet Corp.
XL Fleet announced a partnership with Essential Utilities, Inc. to electrify its popular GM vehicle platforms using XLH™ hybrid electric drive systems. The pilot program will retrofit a GMC Sierra 2500 HD and a GMC Savanna Express van. Essential operates around 2,500 vehicles and aims for significant fuel cost reductions and emission cuts through this initiative. The merger with Pivotal Investment Corporation II (NYSE: PIC) is on track for completion by December 2020, with a shareholder meeting scheduled for December 21, 2020, to finalize the deal.
Pivotal Investment Corporation II (NYSE:PIC) has scheduled its annual stockholder meeting for December 21, 2020, to vote on the merger with XL Fleet. Stockholders of record as of December 7, 2020, are eligible to vote. The SEC has approved Pivotal's registration statement, enabling the merger process to advance. XL Fleet has reported strong quarterly revenues and expanded its product line, positioning itself for leadership in vehicle electrification post-merger. Upon completion, the combined entity will be named XL Fleet Corp., keeping its stock listings under new symbols.
XL Fleet has announced a partnership with a commercial EVSE supplier to launch its XL Grid division, providing charging infrastructure and energy solutions for electrified fleets. The company, with over 200 fleet customers, estimates a demand for at least 100,000 charging stations in the coming years. XL Grid aims to deliver a complete Electrification as a Service solution. The merger with Pivotal Investment Corporation II (NYSE: PIC) is on track for December 2020, which will result in the new combined entity being named XL Fleet Corp.
XL Fleet has announced a significant increase in sales through its partnership with Farmbro Inc., which expects to double its installations from 1,000 units in 2020 to over 2,000 in 2021. This growth is driven by rising demand for fleet electrification in Canada. XL Fleet is also on track to complete its merger with Pivotal Investment Corporation II (NYSE: PIC) by the fourth quarter of 2020, creating a combined entity expected to remain listed as XL Fleet Corp on the NYSE.
XL Fleet has announced the expansion of its XLP™ plug-in hybrid electric drive technology across a new range of General Motors fleet vehicles, including the Chevrolet and GMC Silverado/Sierra 2500 HD and 3500 HD pickup trucks, starting Q1 2021. This innovation aims to enhance fuel economy by up to 50% and cut CO2 emissions by one-third compared to traditional vehicles. The merger with Pivotal Investment Corporation II is on track to close in Q4 2020, establishing XL Fleet Corp as a leader in vehicle electrification solutions for commercial fleets.
XL Fleet reported a record GAAP revenue of $6.3 million for Q3 2020, up from $2.6 million in Q3 2019, demonstrating strong growth in vehicle electrification solutions. The company is on track to meet its 2020 revenue forecast of $21 million and anticipates $75 million for 2021, supported by a sales pipeline of $220 million. The merger with Pivotal Investment Corporation II is expected to close in Q4 2020, resulting in the newly named XL Fleet Corp., with no material debt anticipated.
XL Fleet and Pivotal Investment Corporation II (NYSE: PIC) will participate in a webinar on October 26, 2020, at 2:00 PM ET to discuss their proposed merger. XL Fleet is a leader in vehicle electrification for commercial fleets, having deployed over 3,200 systems. The merger will create a combined entity valued at approximately $1 billion, projected to generate $75 million in revenue by 2021. The webinar will feature key executives, including CEO Dimitri Kazarinoff and Pivotal representatives, providing insights into the transaction and future plans.
