VANCOUVER, BC, Jan. 13, 2021 /CNW/ -- GreenPower Motor
Company Inc. (NASDAQ: GP) (TSXV: GPV) ("GreenPower"), a leading
manufacturer and distributor of zero-emission, electric-powered
medium and heavy-duty vehicles, today announced its vehicle
deliveries for the quarter ended December
31, 2020:
Vehicle
Type
|
Quarterly Vehicle
deliveries
|
EV
Star1
|
15
|
EV Star +
|
1
|
EV Star Cargo
+
|
1
|
Total
Deliveries
|
17
|
1 – Fourteen of the
EV Star deliveries in the quarter were recorded as
leases
|
In addition, Greenpower provides an update on the units
completed and in production as of December
31, 2020:
Vehicle
Type
|
Completed and in
Production
as of
December 31, 2020
|
EV Stars (all
models)
|
68
|
EV 250 low-floor
transit
|
5
|
BEAST school
buses
|
20
|
EV 350 and school
bus
|
2
|
Total
Vehicles
|
95
|
Brendan Riley, President of
GreenPower commented, "During the most recent quarter we continued
to ramp production considerably and that trend is expected to
continue as we align with an anticipated increase in deliveries in
the late spring and summer of 2021." Riley continued, "In the fall
of 2020, we announced a production run rate of five GreenPower
all-electric school buses per month which we are now increasing to
10 on the back of the strong response we are seeing in the sales
channel. With regard to our EV Star, we are on track with our
previous production guidance with higher volume deliveries expected
in the current quarter and accelerating thereafter as the
logistical constraints of the pandemic further abate. In sum,
we continue to ramp aggressively and expect substantial increases
in both production and deliveries across the school bus, transit,
cargo and delivery and cab and chassis markets throughout
2021."
The vehicle deliveries for the third quarter and production
summary as of December 31, 2020 as
described herein are preliminary and subject to change.
Greenpower's final deliveries for the quarter, vehicle production,
and full financial results and commentary will be included in our
third quarter financial statements, MD&A, and earnings release
which are scheduled to be issued in February.
Greenpower's vehicle deliveries and vehicle production are
measures of business performance however they should not be relied
on as indicators of Greenpower's financial results or financial
performance for the quarter. Greenpower's actual financial results
will depend on a number of factors other than vehicle deliveries,
including but not limited to cost of sales, operating expenses,
foreign exchange movements, changes in capital structure and other
factors.
About GreenPower Motor Company Inc.
GreenPower
designs, builds and distributes a full suite of high-floor and
low-floor vehicles, including transit buses, school buses,
shuttles, a cargo van and a double decker. GreenPower employs
a clean-sheet design to manufacture all-electric buses that are
purpose built to be battery powered with zero emissions.
GreenPower integrates global suppliers for key components, such as
Siemens or TM4 for the drive motors, Knorr for the brakes, ZF for
the axles and Parker for the dash and control systems. This OEM
platform allows GreenPower to meet the specifications of various
operators while providing standard parts for ease of maintenance
and accessibility for warranty requirements. For further
information go to www.greenpowerbus.com
Forward-Looking Statements
This document
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 operations,
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 the forward-looking statements. These statements generally can
be identified by the use of forward-looking words such as "upon",
"may", "should", "will", "could", "intend", "estimate", "plan",
"anticipate", "expect", "believe" or "continue", or the negative
thereof or similar variations. These statements are not guarantees
of future performance and involve risks and uncertainties that are
difficult to predict or are beyond GreenPower's control. A
number of important factors including those set forth in other
public filings (filed under the Company's profile on www.sedar.com)
could cause actual outcomes and results to differ materially from
those expressed in these forward-looking statements. Consequently,
readers should not place any undue reliance on such forward-looking
statements. In addition, these forward-looking statements relate to
the date on which they are made. GreenPower disclaims any intention
or obligation to update or revise any forward-looking statements
whether as a result of new information, future events or
otherwise.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. © 2021 GreenPower Motor Company Inc. All
rights reserved.
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SOURCE GreenPower Motor Company