Welcome to our dedicated page for GreenPower Motor news (Ticker: GP), a resource for investors and traders seeking the latest updates and insights on GreenPower Motor stock.
GreenPower Motor Company Inc. designs, builds and distributes all-electric medium- and heavy-duty vehicles for cargo and delivery, shuttle, transit and school bus markets. Its product references include high-floor and low-floor transit buses, school buses, shuttles, cargo vans and cab-and-chassis platforms built around a purpose-built electric OEM design.
GreenPower news commonly covers operating and financial results, vehicle production strategy, customer-order activity, financing facilities, convertible preferred share transactions, Nasdaq listing compliance, auditor and board changes, annual meeting results and other governance matters tied to its public-company status.
GreenPower Motor Company (Nasdaq: GP) reported a significant revenue increase of $5,313,352 for the fiscal third quarter ending December 31, 2021, marking a 121.5% rise from the previous year. Gross profit improved to 27.8% of revenues compared to 21.5% in the last quarter. The company delivered multiple all-electric buses and is set to open a new manufacturing facility in West Virginia, with plans to produce over 1,000 school buses annually. The adjusted EBITDA loss was $1,553,811, slightly worsening from the prior quarter.
GreenPower Motor Company Inc. (NASDAQ: GP) will host a conference call on February 11, 2022, at 6:30 a.m. PST to discuss its third-quarter financial results for the period ending December 31, 2021. The call will provide shareholders with a business update and insights into the company's performance. Interested parties can access the call via a provided dial-in number, and a replay will be available shortly after the call. GreenPower specializes in manufacturing all-electric vehicles for various sectors, including transit and delivery.
GreenPower Motor Company (NASDAQ: GP) announced a partnership with BridgeValley Community and Technical College and the Workforce Development Board of Kanawha County to establish workforce training for its all-electric school bus manufacturing facility in South Charleston, West Virginia. Expected to begin operations by mid-2022, the facility will create up to 900 jobs. The state of West Virginia will provide $3.5 million in employment incentives to facilitate job creation. This initiative aims to bolster local employment and support the transition to electric vehicle manufacturing.
GreenPower Motor Company (NASDAQ: GP) has signed a lease/purchase agreement for a manufacturing facility in South Charleston, West Virginia, aimed at producing zero-emission electric school buses. The state has committed to purchasing at least $15 million worth of vehicles from GreenPower. The facility spans 9.5 acres and includes an 80,000 square foot building, with lease payments starting nine months post-production. The company anticipates beginning operations in the second half of 2022, supported by up to $3.5 million in state employment incentives.
On January 6, 2022, GreenPower Motor Company (NASDAQ: GP) announced the delivery of six BEAST school buses to Thermalito Union Elementary School District, marking the largest single order of its BEAST model. The buses, designed for zero-emission transportation, feature a range of up to 150 miles and were funded by grants from the Butte County Air Quality Management District and the California Energy Commission. This delivery highlights GreenPower's commitment to sustainable student transportation and showcases the capabilities of their electric vehicle technology.
GreenPower Motor Company (NASDAQ: GP) announced the delivery of four EV Star Cab and Chassis (EV Star CCs) to Transportation Commodities, Inc. (TCI) on January 4, 2022. The vehicles will support TCI's service fleet and were funded through California's Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project. GreenPower emphasized its efficient turnaround times for vehicle deliveries, which sets it apart from competitors. TCI secured $264,000 in HVIP funds for this purchase, marking a significant step in their transition to a zero-emission fleet.
GreenPower Motor Company (NASDAQ: GP) announces that its AV Star will be showcased at CES 2022 as a demonstration vehicle in collaboration with Perrone Robotics. This fully-autonomous, zero-emissions shuttle enables attendees to experience autonomous rides, highlighting GreenPower's commitment to innovative mobility solutions. The AV Star, which meets ADA-compliance and FMVSS certification, represents the company's advancements in electric vehicle technology. Demonstration rides will occur at the CES 'Innovation Alley' from January 5-7.
GreenPower Motor Company Inc. (Nasdaq: GP) announced on December 10, 2021, the granting of 350,000 stock options to Directors and Officers, 278,000 to employees, and 65,000 to consultants, pending TSX Venture Exchange approval. The options have an exercise price of CDN $16.45 and are valid for five years. The vesting periods vary: for Directors and Officers and consultants, 25% vest after four, six, nine months, and one year; for employees, 25% vest after four months, and subsequently at one, two, and three years.
GreenPower Motor Company reported a strong financial performance for the second quarter ended September 30, 2021, with revenues of $4,441,963, a 57% increase from the prior year's $2,835,411. The company delivered 44 vehicles, including 34 sales and 10 leases. However, gross profit margin decreased to 21.5% from 30.1% in the same period last year, largely due to new model deliveries. Adjusted EBITDA loss expanded to $1,373,088. The company maintains a robust sales pipeline and aims to leverage recent investments in production capacity.
GreenPower Motor Company (NASDAQ: GP) has announced a new OEM agreement with Perrone Robotics to enhance autonomous shuttle offerings tailored for transit authorities across the U.S. This partnership aims to revolutionize urban mobility by integrating Perrone's TONY® autonomous vehicle retrofit kit into GreenPower's EV Star, an all-electric, ADA-compliant vehicle. The AV Star is designed to meet the growing demand for reliable transit solutions, capable of carrying up to 16 passengers at highway speeds. The unveiling coincides with the APTA Expo in Orlando, showcasing groundbreaking advancements in autonomous transit.