Lightning eMotors, Inc. - ZEV STOCK NEWS

Lightning eMotors, Inc. (NYSE: ZEV) announced the production of 53 vehicles and powertrains in Q1 2023. The company reported a significant finished goods inventory at the start of the quarter, impacting production needs. CEO Tim Reeser expects production to increase in response to demand for the new ZEV4 platform and new customer incentives. Established in 2009, Lightning eMotors specializes in zero-emission vehicle solutions, catering to various commercial fleet requirements. The company emphasizes sustainability in its operations and aims to enhance customer experience through advanced telematics and energy efficiency solutions. Forward-looking statements highlight potential risks related to production and market demand.

Lightning eMotors (NYSE: ZEV) has achieved a significant milestone with its customer ACE Parking at San Diego Airport. The fleet of ZEV4 and ZEV5 electric shuttle buses has surpassed one million all-electric, zero-emission miles and transported over 1.5 million passengers since November 2021. The fleet has helped mitigate over 1,050 tons of carbon emissions and was partially funded by CARB’s HVIP program. Lightning's vehicles are noted for their exceptional efficiency, averaging more than 34 MPGe, far exceeding traditional gasoline shuttles. The company continues to innovate with advancements in its third-generation ZEV4 shuttle bus.

Lightning eMotors announced record production of 128 units in Q4 2022, up from 104 units in Q3 2022. The company's revenue reached $4.3 million, a slight increase from $4.2 million year-over-year, despite facing supplier quality issues with legacy battery systems that delayed shipments. The full year 2022 revenue was $24.4 million, up 16% from 2021. The company expects 2023 revenue between $35 million and $50 million, despite ongoing challenges in the first half due to supply chain issues. Lightning is transitioning to a new Class 4 platform on GM chassis, leveraging recent government incentives for commercial EVs. A debt exchange agreement was also initiated to strengthen the balance sheet.

Lightning eMotors (NYSE: ZEV) announced that it will release its fourth quarter 2022 results on March 13, 2023, prior to market opening. A conference call will follow at 8:30 a.m. ET to discuss the results. Investors can access the call via webcast on the Company’s Investor Relations website or through a dedicated phone line. Lightning eMotors specializes in zero-emission commercial vehicles and has been delivering sustainable fleet solutions since 2009, with a focus on diverse vehicle classes, including ambulances, school buses, and shuttle buses.

Lightning eMotors (NYSE: ZEV) announced that its Class 3 Lightning ZEV3 all-electric passenger van received Buy America certification, ensuring over 70% of its production costs are U.S.-sourced. This certification makes the ZEV3 eligible for Federal Transit Administration (FTA) grants, part of a $4 billion funding program that includes $1 billion in 2023. Over 80% of ZEV3 manufacturing costs come from American materials. The ZEV3 is currently used across North America in micro-transit, boasts a range of up to 200 miles, and has accumulated over 1.8 million miles since its deployment in 2018.

Lightning eMotors (NYSE: ZEV) announced that its Class 3 Lightning ZEV3 all-electric passenger van has received Altoona testing certification from the Federal Transit Administration (FTA). This certification verifies the vehicle’s safety, durability, and performance, making it the first battery-electric Class 3 passenger van to pass this rigorous testing. The ZEV3 is now eligible for federal and state grants under the FTA’s Low and No Emission program, which allocates over $4 billion in funding for zero-emission transit vehicles. With up to 200 miles of range, the ZEV3 has surpassed 3.3 million miles in real-world use, enhancing its appeal to fleet managers.

Lightning eMotors (NYSE: ZEV) has been recognized by the Business Intelligence Group with the 2023 BIG Innovation Awards, highlighting its role in advancing the commercial electric vehicle industry. CEO Tim Reeser also received individual recognition for his leadership in transforming the company into a major player in the sector. Lightning's innovative solutions include medium-duty electric vehicles and mobile charging options, contributing to the widespread adoption of commercial electric vehicles across various sectors.

Lightning eMotors, Inc. (NYSE: ZEV) reported producing 128 vehicles and powertrains in Q4 2022, a 23% increase from Q3. However, Q4 revenue is projected at $4 million, far below expectations of $13-$18 million, mainly due to battery supply issues and changes in demand influenced by new 2023 incentives. The company faced significant losses in sales volume after Romeo Power Systems canceled its commitments to supply battery packs. Despite these challenges, CEO Tim Reeser expressed confidence in regaining revenue growth in 2023.

Lightning eMotors (NYSE: ZEV) has launched a new Fleet Planner tool designed for fleet managers to assess the operating costs and carbon reductions associated with switching to electric vehicles. This free tool utilizes user-defined inputs such as route specifics, payload, and driver behavior, alongside over 3 million real-world miles of data. It offers tailored vehicle recommendations, showcasing the benefits of zero-emission vehicles compared to traditional internal combustion engines. This initiative aims to simplify the electrification process for commercial fleets.