GreenPower Motor Company Inc. ( GP Quick Quote GP - Free Report) has entered into a joint venture with Jupiter Wagon Group through its wholly owned subsidiary, EA Green-Power Pvt Ltd. It intends to bring prime GreenPower all-electric vehicles (EVs) to India’s market, which has untapped potential. The partnership seeks to launch GreenPower’s EV Star CC, a model that has already gained popularity in the North American market. Zero-emission, battery-electric platforms are the need of the hour in India to provide a clean air solution and a cost-effective way to allow transportation of people and goods. GreenPower’s EV Star CC has the potential to accommodate a wide range of mid and last-mile delivery needs while offering the benefits of a zero-emission vehicle. The collaboration aims to establish the mastery of GreenPower in the EV space and showcase the manufacturing and distribution strength of Jupiter. Jupiter is a leading manufacturer of railway wagons, passenger coaches, wagon components and castings in India, catering to prime customers such as the Ministry of Defence, the Ministry of Shipping, Tata Motors, VOLVO Eicher Motors, Bharat Benz and Avia Motors. Jupiter also owns manufacturing facilities across India. Based in Vancouver, 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. It also offers 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. In the third quarter of fiscal 2022, the company generated revenues of $5,313,352, an increase of 121.5% year over year. The adjusted EBITDA loss in the quarter was $1,553,811, wider than a loss of $1,490,841 in the previous quarter. Shares of GP have declined 75.7% over the past year compared with the industry’s 21.6% fall. Image Source: Zacks Investment Research Zacks Rank & Key Picks
GP currently carries a Zacks Rank #3 (Hold).
Better-ranked players in the auto space include BRP Group, Inc. ( DOOO Quick Quote DOOO - Free Report) and LCI Industries ( LCII Quick Quote LCII - Free Report) , carrying a Zacks Rank #1 (Strong Buy), and Genuine Parts Company ( GPC Quick Quote GPC - Free Report) , carrying a Zacks Rank #2 (Buy), currently. You can see . the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here BRP Group has an expected earnings growth rate of 9.2% for fiscal 2023. The Zacks Consensus Estimate for current-year earnings has been revised around 7.2% upward in the past 60 days. BRP Group’s earnings beat the Zacks Consensus Estimate in all of the trailing four quarters. DOOO pulled off a trailing four-quarter earnings surprise of 68%, on average. The stock has declined 14.2% over the past year. Genuine Parts has an expected earnings growth rate of 13% for the current year. The Zacks Consensus Estimate for current-year earnings has been marginally revised 2.5% upwards in the past 60 days. Genuine Parts’ earnings beat the Zacks Consensus Estimate in all of the trailing four quarters. GPC pulled off a trailing four-quarter earnings surprise of 11.34%, on average. The stock has gained 0.1% over the past year. LCI Industries has an expected earnings growth rate of 67.5% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised around 32.2% upward in the past 60 days. LCI Industries’ earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed in one. LCII pulled off a trailing four-quarter earnings surprise of 21.8%, on average. The stock has lost 26% over the past year.