GreenPower Motor Company Chooses New Mexico for Advanced EV Manufacturing Facility

Rhea-AI Summary

GreenPower Motor Company (NASDAQ: GP) will establish a new 135,000 sq. ft. North American manufacturing facility and US corporate headquarters in Santa Teresa, New Mexico, creating more than 340 jobs and generating an estimated $200 million in economic impact over the next decade. The company qualified for state incentives including a $5.0M LEDA award, $4.6M job training funds, $1.36M Rural Jobs Tax Credit, and $3.65M High-Wage Jobs Tax Credit. The site benefits from a Foreign Trade Zone designation to support cross-border production and distribution of zero-emission vehicles.

Positive

• 135,000 sq. ft. new North American HQ and manufacturing facility
• Creation of > 340 jobs in Santa Teresa
• Estimated $200 million economic impact over 10 years
• State incentives totaling approximately $14.61 million
• Facility located in a Foreign Trade Zone enabling streamlined cross-border trade

Negative

• None.

News Market Reaction – GP

+7.96% 2517.0x vol

27 alerts

+7.96% Session close to close

+75.0% Peak in 14 hr 5 min

$4.74M Market Cap

2517.0x Rel. Volume

In the Jan 8 session, GP gained 7.96%, reflecting a notable positive market reaction. Argus tracked a peak move of +75.0% during that session. Our momentum scanner triggered 27 alerts that day, indicating elevated trading interest and price volatility. Trading volume was exceptionally heavy at 2517.0x the daily average, suggesting very strong buying interest.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock moved +8.0% in the session following this news. A strong positive reaction aligns with the...

Analysis

The stock moved +8.0% in the session following this news. A strong positive reaction aligns with the strategically important nature of this announcement. GreenPower secured multiple incentives, including a $5 million LEDA award and $4.6 million in training funds, supporting a 135,000 sq. ft. facility expected to create more than 340 jobs. However, past financing-related news triggered sharp declines, so investors might weigh execution risk and prior dilution when assessing how durable any substantial move could be.

Key Figures

Jobs created: more than 340 jobs Economic impact: over $200 million Facility size: 135,000 sq. ft. +5 more

8 metrics

Jobs created more than 340 jobs New Santa Teresa, NM EV manufacturing facility

Economic impact over $200 million Estimated impact for New Mexico over next decade

Facility size 135,000 sq. ft. New North American operations base and US HQ in Santa Teresa

LEDA award $5 million State assistance for New Mexico manufacturing facility

Job training funds $4.6 million New Mexico job training incentive funds (JTIP)

Rural Jobs Tax Credit $1.36 million Tax credit qualification for New Mexico project

High-Wage Jobs Tax Credit $3.65 million New Mexico high-wage jobs tax credit program

Pilot program length 2-year pilot All-electric school bus pilot at New Mexico schools

Historical Context

5 past events · Latest: Dec 16 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Dec 16	Incentive eligibility	Positive	+2.7%	EV Star line qualifying for California HVIP incentives up to $130,000.
Nov 24	Incentive eligibility	Positive	+1.2%	EV Star eligibility under reopened New Jersey NJ ZIP zero-emission program.
Nov 20	Balance sheet update	Positive	-13.0%	Recognition of $6.8M deferred deposits as revenue improving balance sheet.
Nov 14	Production & financing	Positive	-7.2%	Accelerated school bus production backed by up to $18M financing facility.
Nov 14	Preferred financing	Negative	-7.2%	Series A convertible preferred share financing facility of up to US$18M.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

News tied to incentives or program eligibility has seen modest positive reactions, while balance sheet and financing actions have often led to negative price moves, including notable selloffs on November 14 and 20.

Recent Company History

Over the last few months, GreenPower issued several updates tied to incentives, financing, and balance sheet actions. On Nov 14, 2025, it secured up to $18 million in financing to convert a record school bus backlog and separately announced a preferred share facility of up to US$18.0 million, with both items followed by -7.19% moves. A $6.8 million balance sheet improvement on Nov 20, 2025 saw a -13.04% reaction. More recent incentive-related news in New Jersey and California produced smaller, positive moves, framing today’s New Mexico expansion as part of a broader growth and incentive-driven strategy.

Key Terms

foreign trade zone, rural jobs tax credit, high-wage jobs tax credit, job training incentive funds

4 terms

foreign trade zone regulatory

"Santa Teresa's Foreign Trade Zone designation was a key factor in the company's decision"

A foreign trade zone is a designated area near a port or airport where imported goods can be stored, processed, or assembled without immediately paying import taxes or going through full customs clearance. For investors it matters because companies that use these zones can lower costs, speed up supply chains, and defer or reduce taxes on inventory, which can improve cash flow and profit margins—think of it as a temporary, tax‑free garage for merchandise until it’s ready to enter the market.

rural jobs tax credit financial

"The company also qualified for a $1.36 million Rural Jobs Tax Credit (RJTC)"

A rural jobs tax credit is a government incentive that gives businesses a direct reduction in taxes when they create or keep paid positions in sparsely populated areas. For investors, it functions like a hiring discount that lowers a company’s labor cost or tax bill, boosting cash flow and potential returns on projects located in rural regions; eligibility rules, credit amount, and whether credits can be sold or carried forward affect how valuable the benefit is to a deal.

high-wage jobs tax credit financial

"and $3.65 million as part of New Mexico's High-Wage Jobs Tax Credit program"

A high-wage jobs tax credit is a government incentive that reduces a company’s taxes when it creates or keeps jobs that pay above a specified wage level. Think of it like a rebate per well-paid hire that lowers labor cost and can make locations or expansions more attractive. For investors, it can boost a company’s profit outlook, affect hiring plans, and influence where businesses choose to operate.

job training incentive funds financial

"and $4.6 million in job training incentive funds (JTIP)"

Grants or subsidies that help companies cover the cost of training new or existing workers, often provided by governments or workforce agencies to encourage hiring and skill development. They matter to investors because they can lower a company’s labor and training expenses, speed workforce readiness, and reduce risk when a firm expands or shifts into new products—think of them as a discount or matching payment that makes building a capable team cheaper and faster.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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State to provide assistance for strategic investment that will create more than 340 jobs and generate over $200 million in economic impact while supporting state's energy goals

Governor Michelle Lujan Grisham
EDD Cabinet Secretary Rob Black
EDD Deputy Cabinet Secretary Isaac Romero
GreenPower CEO Fraser Atkinson
GreenPower President Brendan Riley

SANTA FE, N.M., Jan. 8, 2026 /PRNewswire/ -- Electric vehicle manufacturer GreenPower Motor Company (NASDAQ: GP) today announced they have reached an agreement with the New Mexico Economic Development Department (EDD) to establish operations in Santa Teresa, NM. 

Internationally headquartered in Vancouver, Canada, with current operational facilities in southern California and West Virginia, GreenPower is a leading manufacturer and distributor of all-electric, purpose-built, zero-emission medium and heavy-duty vehicles serving the cargo and delivery market, shuttle and transit space, and school bus sector.

The new 135,000 sq. ft. facility in Santa Teresa will become the company's base for North American operations and US corporate headquarters. The move is estimated to generate over $200 million in economic impact for New Mexico over the next decade, creating more than 340 jobs.

The company will receive a $5 million LEDA award from the state and $4.6 million in job training incentive funds (JTIP). The company also qualified for a $1.36 million Rural Jobs Tax Credit (RJTC) and $3.65 million as part of New Mexico's High-Wage Jobs Tax Credit program.

"Establishing GreenPower's new manufacturing facility in Santa Teresa marks a significant milestone in our expansion and commitment to safe, sensible, sustainable transportation solutions," said Fraser Atkinson, CEO of GreenPower. "This strategic move leverages the region's highly skilled and dedicated workforce, which has long been recognized as a key driver of economic growth and innovation in southern New Mexico."

Santa Teresa's Foreign Trade Zone designation was a key factor in the company's decision, offering streamlined customs and cost-effective trade that support efficient production and distribution of zero-emission vehicles across North America. The designation also provides access to the North American Development Bank, underscoring the project's cross-border economic and environmental impact.

These incentives and programs enhance the company's ability to efficiently produce and distribute zero-emission vehicles, parts and inventory throughout North America and beyond, reinforcing New Mexico's role as a hub for green manufacturing and international commerce.

"Our decisive commitment to the goal of net zero emissions ensures New Mexico's position as a leader in the nation's clean energy transition," said Governor Michelle Lujan Grisham. "With this strategic investment, we're creating high-quality jobs and strengthening our economy while building the carbon-free energy future New Mexico's families deserve."

In 2025, GreenPower worked with EDD to launch the state's first all-electric, zero-emission school bus pilot project at two Las Vegas public schools and a Santa Fe charter school. The continuing 2-year pilot program supports New Mexico's Energy Transition Act, designed to transition the state toward the goal of 100% zero-carbon electricity supply by 2045.

"The electric school bus pilot project was an important first step in bringing GreenPower manufacturing and their high-quality jobs to New Mexico," said EDD Cabinet Secretary Rob Black. "The real-world data and insights we are gaining from the pilot project will help inform New Mexico's electric school bus roll-out and specifications, ensuring that fleets are safe, efficient and tailored to the unique needs of local districts."

"Governor Lujan Grisham's steadfast commitment to advancing zero-emission vehicles has provided a supportive policy environment that encourages companies like GreenPower to invest and innovate," said GreenPower President Brendan Riley. "Her administration's ambitious sustainability goals align perfectly with GreenPower's mission to deliver clean, reliable transportation solutions, contributing to a healthier environment and a stronger state economy."

"We know the transportation sector is the largest contributor to greenhouse gas emissions in the nation — here in New Mexico, we want to lead on policy, manufacturing and deployment of zero emissions vehicles," said New Mexico Secretary of Transportation Ricky Serna. "GreenPower's move to the state is an important part in helping the state achieve these important energy transition goals."

In support of those sustainability goals, GreenPower will offer dealer-level pricing to the state for a comprehensive lineup of Class 4 all-electric, purpose-built, zero-emission commercial vehicles. The selection includes a variety of options like box trucks, refrigerated trucks, passenger vans, buses, utility trucks and stakebed trucks — meeting the diverse needs of public agencies and commercial operators throughout the region.

A public press conference featuring the company's all-electric, purpose-built, zero-emission Class 4 commercial vehicles and school buses will take place in Santa Fe during the state's upcoming legislative session.

Forward-Looking Statements

This news release contains forward-looking statements relating to, among other things, GreenPower's business and operations and the environment in which it operates, which are based on GreenPower's estimates, forecasts and projections. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by these forward-looking statements. These statements include statements regarding: that the move of facilities is estimated to generate over $200 million in economic impact for the State of New Mexico over the next decade, creating more than 340 jobs, that the Company will receive the LEDA award, the job training incentives, the Rural Jobs Tax Credit (RJTC) and that the incentives and programs will enhance the Company's ability to efficiently produce and distribute zero-emission vehicles, parts and inventory throughout North America and beyond.  You should not rely upon forward-looking statements as predictions of future events. Although the Company believes that such statements are reasonable and reflect expectations of future developments and other factors which management believes to be reasonable and relevant, the Company can give no assurance that such expectations will prove to be correct. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that market fundamentals will support the viability of zero emission vehicles, the availability of all government awards and incentives, the availability of financing necessary for its continued operations, the availability of expertise required for the Company to carry out its planned future activities and product developments, the availability of and the ability to retain and attract qualified personnel, and the ability to maintain and strengthen its strategic partnerships in the industry. The outcome of the events described in these forward-looking statements is subject to known and unknown risks, uncertainties, and other factors that may cause the Company's actual results, performance, or achievements to differ materially from those described in the forward-looking statements, including, among other things: the impact of macroeconomic uncertainties and market volatility; the Company's financial performance, including expectations regarding its results of operations and the assumptions underlying such expectations, and ability to achieve and sustain revenues and achieve profitability; the Company's ability to attract and retain customers; the Company's ability to comply with modified or new industry standards, laws and regulations applying to its business, and increased costs associated with regulatory compliance. Forward-looking statements represent the management's beliefs and assumptions only as of the date such statements are made.  Readers should also refer to the risk disclosures outlined in the Company's disclosure documents filed from time-to-time with the Securities and Exchange Commission at www.sec.gov and SEDAR+ at www.sedarplus.ca. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by applicable law, including the securities laws of the United States and Canada.

Media Contacts:

Chris Chaffin, EDD
chris.chaffin@edd.nm.gov 

Mark Nestlen, GreenPower
barnonemark@gmail.com 

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/greenpower-motor-company-chooses-new-mexico-for-advanced-ev-manufacturing-facility-302656044.html

SOURCE GreenPower Motor Company

FAQ

What size facility is GreenPower opening in Santa Teresa and will it be the US headquarters for GP?

GreenPower is opening a 135,000 sq. ft. facility in Santa Teresa that will serve as its North American manufacturing base and US corporate headquarters.

How many jobs will GreenPower's New Mexico facility create and what is the estimated economic impact?

The project is expected to create more than 340 jobs and generate over $200 million in economic impact for New Mexico over the next decade.

What state incentives did GreenPower receive for the Santa Teresa project (GP)?

Incentives include a $5.0M LEDA award, $4.6M in job training incentive funds, a $1.36M Rural Jobs Tax Credit, and $3.65M in High-Wage Jobs Tax Credits.

Why was Santa Teresa chosen for GreenPower's manufacturing site and how does the Foreign Trade Zone help GP?

Santa Teresa's Foreign Trade Zone designation offers streamlined customs and cost-effective trade, supporting efficient production and distribution across North America.

Will GreenPower supply vehicles to New Mexico public fleets as part of the move (GP)?

Yes; GreenPower will offer dealer-level pricing to the state for a lineup of Class 4 all-electric commercial vehicles and school buses to support public agencies.