GreenPower Motor Company Inc. a leading manufacturer and distributor of purpose-built, all-electric, zero-emission medium and heavy-duty vehicles serving the cargo and delivery market, shuttle and transit space and school bus sector, announced its financial results for the second quarter and first half of the 2024 fiscal year.
GreenPower reported record revenues of $26.0 million for the first half of the 2024 fiscal year, an increase of 125% over the revenue of $11.6 million for the first half of the previous fiscal year. The Company delivered 162 vehicles in the first half of the fiscal year consisting of EV Star Cab and Chassis, EV Star Cargoes, EV Star Passenger Vans, speciality EV Star products, BEAST Type D school buses and Nano BEAST Type A school buses.
All-Electric School Buses
"Much of the second quarter was focused on GreenPower's school bus operations as demand for the product continues to increase. We delivered a record number of school buses, grew our order book and expanded our geographic reach for our all-electric, purpose-built school buses," said Fraser Atkinson, GreenPower Chairman and CEO. "We delivered 13 BEAST Type D school buses and three Nano BEAST Type A school buses for a total of 16 all-electric, purpose-built school buses in the quarter."
School bus manufacturing has been a focal point of the fiscal year to date. "West Virginia manufacturing of GreenPower's all-electric school buses began in earnest during the first half of the fiscal year as a result of the order from the state of West Virginia and school districts in the east.
The Nano BEAST is in production mode at the plant and provisions have been made for the BEAST production processes, which will begin in the third quarter," added GreenPower President Brendan Riley. "We have expanded our manufacturing workforce at the South Charleston facility and those new employees are going through our training and education program at BridgeValley Community & Technical College."
In addition to production and deliveries, GreenPower concentrated on preparation for future school bus sales across the country. "The school bus team has been working with our dealers to ensure compliance with differing state school bus specifications and helping them to understand the funding sources available," Atkinson continued.
"We helped school districts nationwide apply for the second round of the EPA Clean School Bus Program. And we have secured listings on additional state contracts, like New York, to ensure our product is available to meet the demands being created by increased state funding opportunities and regulatory mandates."
