OSCEOLA, AR - Envirotech Vehicles, Inc. (NASDAQ:EVTV), a specialist in zero-emission electric vehicles, has recently completed the sale of 25 electric school buses across Arkansas and Texas. This move follows an award from the Environmental Protection Agency (EPA) disclosed on January 25, 2024.
The company's "Bumble Bee" model, an electric school bus, is currently being manufactured in Osceola, Arkansas. Despite minor delays, the Bumble Bee is now set to embark on a promotional tour through Arkansas, showcasing its capabilities to six school districts that have already purchased the vehicle. The tour will then extend to Texas, where 19 additional sales have been made.
Philip Oldridge, CEO of Envirotech Vehicles, expressed enthusiasm about the rollout, emphasizing the company's commitment to eco-friendly transportation and sustainable practices in student transit.
Envirotech Vehicles positions itself as a leader in the electric vehicle market, aiming to reduce the total cost of vehicle ownership while addressing environmental regulatory compliance and the volatility of traditional fuel prices. The firm caters to a diverse clientele, including commercial fleets, school districts, and public transportation entities.
This announcement is based on a press release statement from Envirotech Vehicles, Inc.
In other recent news, Envirotech Vehicles, Inc., a zero-emission electric vehicle specialist, has made numerous strides in its operations. The company announced an expansion of its team, hiring seven new professionals in manufacturing, logistics, and operational finance to boost production and meet growing demand. The new hires include Zakir Khan, David Kirlin, BJ Tracy, and Fahad Khan, all of whom bring extensive experience in their respective fields.
In addition to the team expansion, Envirotech secured a $16.2 million deal with Texas-based PlugD Commercial Electric Leasing and Rentals Inc. for the supply of 200 electric high-roof vans and trucks, marking the company's largest deal to date. The company also delivered six electric vehicles and an electric forklift to PlugD, as part of an ongoing sales agreement.
Moreover, Envirotech has obtained $4.3 million in binding purchase orders for 43 vehicles from 19 customers, backed by New Jersey's Zero Emission Incentive Program. These orders are expected to generate significant revenue, with deliveries set for 2024.
InvestingPro Insights
As Envirotech Vehicles, Inc. (NASDAQ:EVTV) advances its electric vehicle operations with the sale of its "Bumble Bee" electric buses, the company's financial and market performance metrics from InvestingPro provide a more nuanced view of its standing. Despite the company's recent achievements, InvestingPro Data indicates a market capitalization of $22.51 million and a significant revenue decline over the last twelve months as of Q1 2024, with figures showing a drop of 36.21%. Nevertheless, there's a silver lining as the quarterly revenue growth demonstrates a strong rebound of 54.91% in Q1 2024, signaling potential recovery and growth prospects.
InvestingPro Tips suggest that while Envirotech Vehicles has been grappling with high price volatility and has seen its stock price decline over recent months, analysts are optimistic about the company's future. They anticipate not only sales growth but also profitability in the current year. This could be of particular interest to investors looking for emerging players in the electric vehicle market. Furthermore, with liquid assets surpassing short-term obligations and a moderate level of debt, the company's financial health could be stabilizing, which is a critical factor for sustained growth.
For investors interested in a deeper analysis, there are additional InvestingPro Tips available at https://www.investing.com/pro/EVTV, providing a more comprehensive understanding of Envirotech Vehicles' market position and future outlook. To access these insights, readers can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With this offer, investors can stay ahead of the curve by leveraging the wealth of data and analysis that InvestingPro has to offer.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.