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XL Fleet has appointed Eric Tech as its new CEO effective December 1, 2021. Tech brings nearly 35 years of experience from Ford and Navistar, where he led significant growth initiatives. He succeeds Dimitri Kazarinoff, who will assist during the transition. The company also announced preliminary Q3 financial results, expecting revenues of approximately $3.2 million. Notably, results were impacted by supply chain challenges, including microchip shortages. XL Fleet anticipates having about $367 million in cash as of September 30, 2021.
XL Fleet Corp. (NYSE: XL) has partnered with Stellantis (NYSE: STLA), adding its hybrid electric drive system for Ram 2500 and 3500 trucks. This collaboration enhances XL Fleet's product portfolio, now electrifying four major U.S. pickup brands: Ford, Chevrolet, Ram, and GMC. The XLH™ system improves fuel economy and reduces CO2 emissions while retaining OEM warranties. It will be showcased at the Advanced Clean Transportation Expo from August 31 to September 1 in Long Beach, CA. This milestone is expected to create new opportunities for fleet electrification and sustainability initiatives.
XL Fleet Corp. reported a revenue of $3.7 million for Q2 2021, up from $1.9 million year-over-year, primarily due to its acquisition of World Energy. The gross profit for the quarter was $1.0 million, with gross margins around 26%. However, the company faced challenges from supply chain issues, particularly microchip shortages, impacting sales of drive systems. The company ended the quarter with a strong cash position of $384 million and is positioned to meet ongoing market demand for fleet electrification solutions.
XL Fleet Corp. (NYSE: XL) announced its second quarter 2021 earnings release date, set for August 12, 2021, after market close. The earnings conference call will occur at 5:00 p.m. Eastern Time. Interested parties can join via phone or live webcast available on the Company's website. XL Fleet is renowned for its vehicle electrification solutions, having driven over 150 million miles for clients like Coca-Cola and Verizon, enhancing fuel economy by 25-50% and cutting CO2 emissions by up to 33%. For more details, visit www.xlfleet.com.
XL Fleet Corp. (NYSE: XL) has partnered with ARBOC Specialty Vehicles to electrify ARBOC Freedom low floor buses using the XL Hybrid (XLH™) electric propulsion system. These wheelchair-accessible buses are based on the GM 4500 chassis, and 39 units have been sold in 2021. The partnership allows for the introduction of hybrid electric models in 24 ft. and 29 ft. sizes, aiming to improve fuel economy and reduce emissions without needing additional charging infrastructure. This collaboration expands XL Fleet's market reach into the accessible bus sector.
XL Fleet Corp. (NYSE: XL) announced a strategic partnership with eNow, Inc. to develop and supply battery and power electronics for 1,000 electrified refrigerated trailers. This collaboration targets the Class 8 trailer market, where approximately 50,000 diesel trailers are sold annually in the U.S., creating significant opportunities for electrification. XL Fleet invested $3 million in eNow and aims to provide environmentally-friendly solutions that reduce emissions and operating costs. Initial eTRU deliveries are expected in the first half of 2022.
XL Fleet Corp. (NYSE: XL) has launched its XL Hybrid electric drive system for the Isuzu NPR-HD, a medium-duty vehicle ideal for various demanding applications. This new offering expands XL Fleet's electrification portfolio, allowing customers to electrify gas-powered trucks without operational disruption. The system includes a high-efficiency lithium-ion battery and motor, enhancing fuel economy up to 50% and reducing carbon emissions by 20-33%. The NPR-HD is now available for purchase across North America with various engine configurations.
XL Fleet Corp. (NYSE: XL) announced its inclusion in the Russell 3000® and Russell 2000® Indexes effective June 28, 2021. This recognition underscores the company’s growth in fleet electrification solutions, which aim to enhance fuel efficiency and reduce emissions for commercial fleets. CEO Dimitri Kazarinoff emphasized the significance of this milestone for investor visibility and future growth opportunities. Approximately $10.6 trillion in assets are benchmarked against Russell's indexes, marking a notable achievement for XL Fleet.
XL Fleet Corp. (NYSE: XL) has partnered with Rubicon to enhance fleet electrification solutions across Rubicon’s extensive network of over 7,000 waste and recycling haulers. This collaboration allows XL Fleet to expand its customer base through its Electrification-as-a-Service offering, which includes hybrid and all-electric vehicles and charging infrastructure via XL Grid. With more than 150 million customer miles driven, XL Fleet aims to meet sustainability goals as demand for electrification rises in the waste management sector.
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