Back to top

Image: Bigstock

GreenPower (GP) Announces 4 EV Star CCs Delivery to TCI Trucks

Read MoreHide Full Article

GreenPower Motor (GP - Free Report) recently announced the delivery of four EV Star Cab and Chassis (EV Star CCs) to Transportation Commodities, Inc. (“TCI”).

TCI offers truck rental, leasing and trucking services to customers in the states of California, Arizona, Nevada, and Texas. The company plans to deploy the EV Star CCs as part of its service fleet.

The four vehicles delivered to TCI had procured funding from the most recent financing round of California’s Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP), occurring on Oct 28, 2021.

GreenPower is ecstatic about successfully using the California HVIP funds for building its vehicles and maintaining unparalleled turnaround times between funding requests and vehicle delivery. This showcases the company’s unrivaled efficiency and distinguishes GreenPower from its HVIP peers.

The latest delivery also symbolizes the beginning of a revolutionary partnership between GreenPower and TCI. Moreover, GreenPower is optimistic about being able to contribute to TCI’s electrification efforts with its purpose-built cab and chassis platform. As TCI shifts gears to a carbon-neutral service fleet, the EV Star CC will serve as a reliable zero-emission solution to its unique needs.

Canada-based GreenPower, which went public in August 2020, designs and manufactures a range of buses, shuttles and other commercial vehicles in the United States. The company is a leading manufacturer and distributor of zero-emission, electric-powered, medium and heavy-duty vehicles. The firm has been expanding its geographic footprint to boost sales and business infrastructure.

Though the company’s product offerings include EV Star Buses, Synapse School Buses and AV Star Buses, it is primarily focused on developing its EV Star line of buses as it can produce the same in the shortest time compared to any of its other products.  

This Zacks Rank #5 (Strong Sell) company reported a loss of 12 cents per share for the second quarter of fiscal 2022, wider than the loss of 9 cents recorded in prior-year quarter. Nonetheless, the company is optimistic about the progress made on its manufacturing changes that have expedited its production to delivery processes resulting in accelerated deliveries. Also, the firm recently inked an OEM agreement with autonomous vehicle technology provider, Perrone Robotics, to integrate the latter’s LIDAR, radar, wiring harnesses and optical sensors to accelerate autonomous shuttle offerings for transit properties.

3 Key Auto Picks

Investors interested in the auto space can consider powering their portfolios with the following stocks -- Fox Factory Holdings (FOXF - Free Report) , Genuine Parts (GPC - Free Report) and LKQ Corporation (LKQ - Free Report) , all of which carry a Zacks Rank of 2 (Buy) currently. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Fox Factory has an expected earnings growth rate of 16.67% for the fourth quarter of 2021. The Zacks Consensus Estimate for its fourth-quarter 2021 earnings has been revised upward by two cents in the past 90 days.

Fox Factory’s earnings beat the Zacks Consensus Estimate in the last four quarters. FOXF has a trailing four-quarter earnings surprise of 15.85%, on average. FOXF has surged 54% in the past year.

Genuine Parts has an expected earnings growth rate of 4.61% for the fourth quarter of 2021. The Zacks Consensus Estimate for its fourth-quarter 2021 earnings has been revised upward by 7 cents in the past 90 days.

Genuine Parts’ earnings beat the Zacks Consensus Estimate in the last four quarters. GPC has a trailing four-quarter earnings surprise of 15.97%, on average. GPC has surged 41.2% in the past year.

LKQ Corp has an expected earnings growth rate of 11.59% for fourth-quarter 2021. The Zacks Consensus Estimate for its fourth-quarter 2021 earnings has been revised upward by a penny in the last 90 days.

LKQ Corp’s earnings beat the Zacks Consensus Estimate in the last four quarters. LKQ has a trailing four-quarter earnings surprise of 34.37%, on average. LKQ has rallied 69% in the past year.