VANCOUVER, BC - GreenPower Motor Company Inc. (NASDAQ:GP) (TSXV:GPV), a manufacturer of all-electric medium and heavy-duty vehicles, has reported a 40% increase in revenues for the nine months ending December 31, 2023, reaching $34.2 million compared to $24.4 million for the same period last year. The company attributed this growth to the delivery of 196 vehicles, including various models of electric buses and specialty vehicles.
The company's recent achievements include the delivery of the first all-electric, purpose-built school buses in West Virginia, with four Type A Nano BEASTs provided to the state. Additionally, California schools received nine Type D BEAST school buses, totaling 13 zero-emission buses delivered in the quarter. GreenPower has also begun production of the Type D BEAST school bus at its West Virginia facility to meet East Coast demand.
GreenPower's dealer network expansion has been a significant contributor to its growth. The company appointed McCandless Truck Center as its commercial dealer for the Denver and Las Vegas metropolitan areas, enhancing its service and parts outreach in the region. This expansion is part of GreenPower's strategy to increase its presence in the commercial electric vehicle market.
Innovation remains a key focus for GreenPower, as evidenced by the launch of the Type D Mega BEAST school bus, boasting a range of up to 300 miles on a single charge. This new model was quickly adopted, with an order of 25 units for the Montebello school district in California placed shortly after its announcement.
During the third quarter, GreenPower generated revenues of $8.2 million and increased its cash position to $4.0 million from $0.6 million at the beginning of the fiscal year. The company also reported holding $19.4 million in working capital, including $32.9 million in inventory, and had deferred revenue of $10.7 million at the quarter's end.
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