GreenPower Mtr Co Inc Stock Price, News & Analysis

GreenPower Motor Company (NASDAQ: GP) has announced the initial delivery of EV Star Cab and Chassis (EV Star CC) to Workhorse Group Inc. (NASDAQ: WKHS) for the production of the Class 4 W750 step van line. This follows a multi-year supply agreement established on March 1, 2022, under which GreenPower is set to deliver 1,500 units by March 2024. The W750 will feature a 150-mile electric range and a 5,000 lbs payload capacity. GreenPower aims to scale deliveries rapidly to meet Workhorse's production needs.

GreenPower Motor Company (NASDAQ: GP) announced that thirteen of its electric vehicle models are eligible for funding under Canada's iMHZEV program, which offers incentives ranging from $75,000 to $150,000. The Canadian government allocated nearly $550 million for this initiative, which supports the purchase of medium and heavy-duty zero-emission vehicles. Customers in British Columbia can also receive an additional rebate of up to $100,000 through the Specialty Use Vehicle Incentive (SUVI). GreenPower has over 1,600 vehicles on order, indicating strong demand for its EV products.

GreenPower Motor Company (NASDAQ: GP) announced the acquisition of Lion Truck Body, enhancing its capacity to deliver electric truck bodies. The purchase includes $215,000 in upfront cash, assuming liabilities of $1.45 million, and potential cash payments of up to $25,000. Lion Truck Body generated approximately $3.5 million in revenue last fiscal year, and its expertise in truck body designs positions GreenPower to meet customer demands for energy-efficient solutions quickly. This strategic acquisition aims to improve delivery speed for EV Star truck customers significantly.

GreenPower Motor Company will host a webcast on July 8, 2022, at 7:30 a.m. PT to update shareholders and discuss financial results for the year ended March 31, 2022. This session is crucial for investors looking to understand the company's performance in the electric vehicle sector.

GreenPower manufactures electric vehicles for various sectors, including shuttle, transit, and school sectors, emphasizing zero-emissions technology.

GreenPower Motor Company (NASDAQ: GP) reported fiscal year 2022 revenues of $17.2 million, a 30% increase from the previous year’s restated revenue of $13.3 million. The company holds $6.9 million in cash and $32.3 million in inventory. Despite the growth, GreenPower reported a net loss of $15 million and highlighted delays in school bus orders due to federal funding anticipation. Operationally, they secured significant contracts and expanded their dealer network, particularly in New Jersey and West Virginia, enhancing their market presence.

On June 15, 2022, GreenPower Motor Company (NASDAQ: GP) showcased its electric school buses at the U.S. Capitol, demonstrating models like the Type D BEAST and Type A Nano BEAST. The event highlighted the health and safety benefits of zero-emission buses and featured discussions on funding available for school districts. Lawmakers showed support for electrification efforts, with rebates up to $375,000 available under the Bipartisan Infrastructure Law. Additionally, GreenPower’s buses are eligible for funding through the EPA Clean School Bus Program, offering $5 billion over five years.

GreenPower Motor Company (NASDAQ: GP) is hosting a demonstration of its all-electric school buses and transit vehicles at the U.S. Capitol today, June 15, 2022. The event, in collaboration with the Zero Emission Transportation Association, aims to educate Congress and officials about zero-emission vehicles. The Bipartisan Infrastructure Law offers $5 billion for the EPA’s Clean School Bus Program, with GreenPower’s Type D BEAST and Type A Nano BEAST eligible for significant rebates. The application for rebates closes on August 19, 2022.

GreenPower Motor Company (NASDAQ: GP) announced plans to manufacture all-electric school buses in a newly-acquired facility in South Charleston, West Virginia. Production is set to begin in September 2022, aligning with the demand from the EPA's Clean School Bus Program. The facility is expected to play a crucial role in providing electric school buses to customers on the East Coast. The West Virginia legislature has also increased incentives for local school districts to use state-manufactured electric buses, ensuring a supportive environment for GreenPower's operations.

The shareholders of GreenPower Motor Company (NASDAQ: GP) convened on May 26, 2022, for their Annual General and Special Meeting (AGM). All proposed director nominees, including Fraser Atkinson as CEO, were elected. Shareholders also approved the Equity Incentive Plan and the appointment of Crow MacKay LLP as auditors for the upcoming fiscal year. This management continuity may positively impact strategic goals as GreenPower focuses on expanding its range of electric vehicles.