Envirotech Vehicles, Inc. (NASDAQ:EVTV) Announces Sales Order Pipeline Update in the State of New Jersey for 2025
Rhea-AI Summary
Envirotech Vehicles (NASDAQ:EVTV) has secured orders for 48 vehicles from New Jersey customers who received vouchers through the New Jersey Zero Emission Incentive Program (NJ ZIP). If these orders materialize, they could generate up to $5,275,200 in revenue. The company expects to begin deliveries within 45 days.
The NJ ZIP is a $90 million voucher pilot by the New Jersey Economic Development Authority, offering vouchers ranging from $20,000 to $175,000 for medium and heavy-duty zero-emission vehicles. The program aims to reduce emissions and stimulate market readiness for zero-emission vehicles in New Jersey.
Envirotech has recently expanded its New Jersey service center and plans to use this state-focused approach as a blueprint for future expansion into other key cities. However, it's noted that business owners awarded vouchers are not required to proceed with their vehicle purchases and may cancel existing orders.
Positive
- Potential revenue of $5,275,200 from 48 vehicle orders
- Deliveries expected to begin within 45 days
- Recent expansion of New Jersey service center
- Access to NJ ZIP program offering vouchers up to $175,000 per vehicle
Negative
- Orders are not binding and customers may cancel at any time
- Revenue generation dependent on customers' final purchase decisions
News Market Reaction – EVTV
On the day this news was published, EVTV gained 17.22%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
OSCEOLA, AR / ACCESS Newswire / January 29, 2025 / Envirotech Vehicles, Inc. (NASDAQ:EVTV), today announced that the company has orders for 48 vehicles to New Jersey customers that have been awarded vouchers under the New Jersey Zero Emission Incentive Program ("NJ ZIP"). If the customers that have been awarded vouchers elect to purchase a vehicle through the program, the company expects to generate up to
President of Envirotech, Jason Maddox, emphasized the company's strategic focus and commitment to electric commercial vehicle customers in New Jersey. "As we start to build out our sales force, Envirotech's 2025 sales pipeline is already off to a strong start. These orders have been the result of a deliberate and focused effort in the State of New Jersey, supported by the recent expansion of our New Jersey service center. Thanks to the NJ ZIP, small business owners can offset some of their upfront electric vehicle costs making it more affordable to go electric."
Maddox also highlighted the company's broader growth strategy: "Our focused and complete efforts in New Jersey serve as a blueprint for future expansion. We plan to grow our network by opening additional dealerships and service centers in other key cities, extending the same high level of service and support to customers across the country." He further emphasized the financial benefits for small businesses, adding: "The reduced upfront vehicle investment, combined with lower maintenance costs than traditional ICE vehicles as well as fuel cost savings, significantly improves the bottom line for our customers. We anticipate delivering on these vehicle orders beginning within the next 45 days."
NJ ZIP is a
The goal of the program is to accelerate the adoption and use of zero-emission medium and heavy-duty vehicles within New Jersey; to reduce emissions within the state; and to continue to allow NJEDA to determine and stimulate market-readiness, assess effectiveness of funding levels and program design, and test methodologies for measuring economic impact of such adoption. The pilot is being used as a vehicle to support the growth of the NJ zero-emission vehicle ecosystem, with accelerated adoption of zero-emission vehicles being the first step to attracting more jobs and investment, as other zero-emission vehicle programs and regulations roll out across multiple state agencies. Business owners that are awarded vouchers are not required to purchase the electric vehicles listed in their application and may cancel existing orders to purchase the company's vehicles.
Business owners interested in learning about Envirotech's vehicle offering under NJ ZIP, and what vouchers may be available to them from the New Jersey Economic Development Authority should contact Envirotech at https://evtvusa.com/contact-evtv/.
About Envirotech Vehicles
Envirotech Vehicles, Inc. (NASDAQ: EVTV) is a technology company dedicated to revolutionizing the electric vehicle landscape by designing and manufacturing electric commercial vehicles that offer sustainable, efficient, and cost-effective transportation solutions. Committed to driving the future of mobility, Envirotech is pushing the boundaries of innovation and sustainability. For more information, visit www.evtvusa.com.
Cautionary Statement Regarding Forward-Looking Statements
Statements made in this press release that relate to future plans, events, financial results, prospects, or performance are forward-looking statements. While they are based on the current expectations and beliefs of management, such forward-looking statements are subject to a number of risks, uncertainties, assumptions, and other factors that could cause actual results to differ materially from the expectations expressed in this press release, including the risk that customers may not elect to redeem their voucher to purchase an electric vehicle and the risks and uncertainties disclosed in reports filed by Envirotech Vehicles with the Securities and Exchange Commission, all of which are available online at www.sec.gov. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including statements containing the words "will," "estimated," "planned," "expected," "believes," "strategy," "opportunity," "anticipated," "outlook," "designed," and similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as required by law, Envirotech undertakes no obligation to update or revise any forward-looking statements to reflect new information, changed circumstances, or unanticipated events.
Contact:
Envirotech Vehicles, Inc.
Merrick Alpert, Chief Communications Officer
Telephone: (870) 970-3355
Email: merrick@evtvusa.com
SOURCE: Envirotech Vehicles, Inc.
View the original press release on ACCESS Newswire
FAQ
How much potential revenue could EVTV generate from its New Jersey orders in 2025?
When will EVTV begin delivering vehicles for the NJ ZIP program orders?
What is the value range of vouchers available through the NJ ZIP program for EVTV vehicles?
Are the EVTV vehicle orders through NJ ZIP program guaranteed sales?
How many vehicles has EVTV received orders for under the NJ ZIP program?
