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I bought almost 1,000 leap call options. To say I'm bullish would be an understatement. I guess I'm no longer buying on the hush hush
Colorado company to electrify GM shuttles, vans and work trucks
The Colorado company is a leader in converting medium-duty buses, vans and work trucks in battery electric versions.
Feb 3, 2022 Updated Feb 3, 2022, 3:32pm MST
By Greg Avery – Senior Reporter, Denver Business Journal
https://www.bizjournals.com/denver/news/2022/02/03/lightning-emotors-partners-gm-on-electric-vehicles.html
A Colorado electric vehicle company on Thursday became the first to strike a deal to turn GM commercial shuttle buses, cargo vans and work trucks into electric versions of the medium-duty vehicles.
Lightning eMotors (NYSE: ZEV), based in Loveland, has contracted to have hundreds of GM chassis delivered that it will outfit with electric vehicle drivetrains and batteries before they’re finished by other companies as school buses, ambulances, delivery vans, tow trucks and similar vehicles.
Buying chassis directly from Detroit-based GM adds a third automaker chassis that Lightning eMotors outfits to become electric vehicles, building on work it does converting utility vehicles built on Ford and Isuzu chassis.
“This was a big part of solving the chassis shortage we have been working through,” said Tim Reeser, founder and CEO of Lightning eMotors in an interview Thursday.
Lightning eMotors' chassis deal is the first for electric vehicle conversion and sales, the company said, but it's not exclusive to Lightning eMotors.
The company’s first order of 250 chassis from GM has been made, with delivery and the electric vehicle assembly using the chassis expected to start in the second half of the year, Reeser said.
Lightning eMotors' growth slowed last year compared to earlier expectations because chassis had grown increasingly scarce amid auto-industry supply chain disruptions.
The company has designed and arranged the manufacture of its own chassis for electric commercial utility vehicles, but that project isn’t finished. Lightning eMotors expects to begin working with its own chassis in the fourth quarter of this year.
The company went public last year as interest in electric commercial vehicles boomed and it became a leader in converting medium-duty buses, vans and work trucks in battery electric versions.
Lightning eMotors works with the specialty manufacturers that design, assemble and sell such vehicles, which for decades have been built to run on fossil fuel-burning internal combustion engines.
Demand among buyers to reduce their greenhouse gas emissions has led to a boom in demand for electric versions.
Lightning eMotors has, in the past couple years, signed deals to work with vehicle producers such as Ekhart, Indiana-based Forest River Inc. and Winter Garden, Florida-based ABC Motorcoach, and with fleet owners such as Denver-based rental firm Fluid Truck, DHL Express delivery service and IKEA.
It’s an industry of smaller volumes and more intense vehicle customization than the mass market for consumer cars and trucks.
Buying chassis directly from GM and working with the automaker has more benefits than just adding work, Reeser said.
“It goes much faster and is a more elegant design when we can work directly with the manufacturer,” he said.
Commercial vehicles and their powertrains are complex, made of thousands of unique components and requiring years of software development and testing, Reeser said. Both Lightning eMotors and GM have a lot of experience in those areas.
GM sells between 7,000 and 10,000 chassis for medium-duty vans and shuttles annually, Reeser said. Lightning eMotors projects that by 2025, between 3,000 and 4,000 of those will be acquired by the company for electric drivetrain installation.
A similar volume of chassis for work trucks is produced by GM each year and Reeser’s company aims to electrify a similar percentage of that chassis class, too, he said.
Lightning eMotors leased a large Loveland manufacturing campus last year and has been expanding its production there as its work in electric vehicles grows.
Some of the work on GM chassis may take place outside of Loveland. For certain kinds of vehicles, it likely will make sense to install electric drivetrains at other companies' manufacturing plants.
The company today employs about 220 people and has about 100 positions it’s hiring to fill.
Zev, The agreement will make Lightning eMotors, the first GM Specialty Vehicle Manufacturer to provide fully electric Class 3 to Class 6 commercial vehicles, according to a company statement.
Anyone else find today's January 2023 call option action of interest?
easy $7.50+ with Winnebago + GM deals
Message to selling fools, especially those selling the March 18 $7.50 calls at $0.20, you numb nuts will be buying them back much higher long before they expire, today's news with GM, you can't get any better than that for this company, this was a $10.00 stock back in this past Sept, and could be close to that range in the next few months.
Lightning eMotors Joins with General Motors to Electrify Medium Duty Trucks
February 03, 2022 - 06:00AM, Business Wire
https://ih.advfn.com/stock-market/NYSE/lightning-emotors-ZEV/stock-news/87180318/lightning-emotors-joins-with-general-motors-to-ele
Summary
- Lightning eMotors and GM to collaborate on the development of zero tailpipe emission battery-electric trucks for medium-duty commercial fleet customers
- Lightning eMotors to build all-electric medium-duty commercial vehicles on popular GM platforms
Lightning eMotors (NYSE: ZEV), a leading provider of zero emissions medium duty commercial vehicles and electric vehicle technology for fleets, has reached an agreement with General Motors to be the first GM Specialty Vehicle Manufacturer (SVM) to provide fully electric Class 3 through Class 6 commercial vehicles.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220202005236/en/
Under the agreement, Lightning eMotors will electrify popular medium duty truck platforms provided by General Motors, which can be used for several vehicle applications like school buses, shuttle buses, delivery trucks, work trucks and more.
General Motors Fleet provides a variety of platforms which are designed for qualified Specialty Vehicle Manufacturing customers to upfit vehicles across a broad range of industries and applications.
“We are thrilled that GM is working with Lightning eMotors to make GM’s medium duty truck platform the basis for new electric vehicles,” said Lightning eMotors’ CEO and co-founder Tim Reeser. “GM’s inclusive approach to electrification is a great match for Lightning’s position and role as a leading powertrain supplier in the commercial vehicle space. Commercial vehicles and commercial vehicle powertrains are complex, with thousands of unique components, requiring years of custom software development and on-road testing—and Lightning has products in fleet use today and ready for customers to roll out this year.”
Lightning has developed a flexible manufacturing approach that provides scalable and cost-effective electrification for medium-duty specialty vehicles1 such as utility trucks, school buses, and ambulances. Electrifying these vehicles results in large operating cost savings, better performance, and zero tailpipe emissions. Lightning eMotors has seen dramatic growth in orders over the last three years from its customers.
“GM has a long history in commercial vehicle markets,” said Lightning eMotors’ chief revenue officer Kash Sethi. “Lightning’s products are purpose-fit for these vehicles, classes and applications, allowing us to move quickly to support our medium duty truck and bus partners and customers.”
Lightning eMotors will electrify certain GM platforms at its manufacturing campus2 in Loveland, Colorado. Completed chassis will be shipped to commercial vehicle manufacturers.
“GM has provided chassis to commercial vehicle upfitters and fleets for many years, so to now offer electrified versions of these vehicles with Lightning’s powertrains demonstrates our joint vision towards an electrified future that is putting vehicles on the road today,” said Reeser. “We are at the forefront of specialty vehicle fleet electrification.”
About Lightning eMotors
Lightning eMotors (NYSE: ZEV) has been providing specialized and sustainable fleet solutions since 2009, deploying complete zero-emission-vehicle (ZEV) solutions for commercial fleets since 2018 – including Class 3 cargo and passenger vans, ambulances, Class 4 and 5 cargo vans and shuttle buses, Class 4 Type A school buses, Class 6 work trucks, Class 7 city buses, and Class A motor coaches. The Lightning eMotors team designs, engineers, customizes, and manufactures zero-emission vehicles to support the wide array of fleet customer needs with a full suite of control software, telematics, analytics, and charging solutions to simplify the buying and ownership experience and maximize uptime and energy efficiency. To learn more, visit our website at https://lightningemotors.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220202005236/en/
Lightning eMotors’ News Media Contact:
Nick Bettis
(800) 223-0740
pressrelations@lightningemotors.com
Lightning eMotors’ Investor Relations:
Brian Smith
(503) 781-3472
Investorrelations@lightningemotors.com
Freight Efficiency with NACFE‘s Mike Roeth & Friends
Podcast Ep. 43: Tim Reeser – Lightning eMotors
2022-02-01
Tim Reeser, CEO and co-founder of Lightning eMotors, talks about the company’s history, how and why it pivoted from hybrid vehicles to electric vehicles, drivers’ role in the success of new technology, the efficiency of EVs, the importance of scaling the technology to make the TCO story work and what it will take to scale the technology.
https://www.podbean.com/media/share/pb-m3hde-1183186?utm_campaign=i_share_ep&utm_medium=dlink&utm_source=i_share
Lightning eMotors Joins with General Motors to Electrify Medium Duty Trucks
February 2, 2022
https://lightningemotors.com/lightning-emotors-joins-with-general-motors-to-electrify-medium-duty-trucks/
Summary
- Lightning eMotors and GM to collaborate on the development of zero tailpipe emission battery-electric trucks for medium-duty commercial fleet customers
- Lightning eMotors to build all-electric medium-duty commercial vehicles on popular GM platforms
- GM relationship supports growth of Lightning eMotors production volume potential with production expected to begin in 2022
LOVELAND, Colo., February 2, 2022 – Lightning eMotors (NYSE: ZEV), a leading provider of zero emissions medium duty commercial vehicles and electric vehicle technology for fleets, has reached an agreement with General Motors to be the first GM Specialty Vehicle Manufacturer (SVM) to provide fully electric Class 3 through Class 6 commercial vehicles.
Under the agreement, Lightning eMotors will electrify popular medium duty truck platforms provided by General Motors, which can be used for several vehicle applications like school buses, shuttle buses, delivery trucks, work trucks and more.
General Motors Fleet provides a variety of platforms which are designed for qualified Specialty Vehicle Manufacturing customers to upfit vehicles across a broad range of industries and applications.
“We are thrilled that GM is working with Lightning eMotors to make GM’s medium duty truck platform the basis for new electric vehicles,” said Lightning eMotors’ CEO and co-founder Tim Reeser. “GM’s inclusive approach to electrification is a great match for Lightning’s position and role as a leading powertrain supplier in the commercial vehicle space. Commercial vehicles and commercial vehicle powertrains are complex, with thousands of unique components, requiring years of custom software development and on-road testing—and Lightning has products in fleet use today and ready for customers to roll out this year.”
“General Motors has a goal of bringing everybody in on the electric future, and together with Lightning we have an opportunity to have more commercial drivers experience the benefits of EVs,” said Marissa West, executive chief engineer for midsize trucks, medium duty trucks, and vans at GM. “Our medium duty truck platform provides a strong, dependable foundation for a broad range of possible vehicles.”
Lightning has developed a flexible manufacturing approach that provides scalable and cost-effective electrification for medium-duty specialty vehicles1 such as utility trucks, school buses, and ambulances. Electrifying these vehicles results in large operating cost savings, better performance, and zero tailpipe emissions. Lightning eMotors has seen dramatic growth in orders over the last three years from its customers.
“GM has a long history in commercial vehicle markets,” said Lightning eMotors’ chief revenue officer Kash Sethi. “Lightning’s products are purpose-fit for these vehicles, classes and applications, allowing us to move quickly to support our medium duty truck and bus partners and customers.”
Lightning eMotors will electrify certain GM platforms at its manufacturing campus2 in Loveland, Colorado and expects production will begin before the end of 2022. Completed chassis will be shipped to commercial vehicle manufacturers.
“GM has provided chassis to commercial vehicle upfitters and fleets for many years, so to now offer electrified versions of these vehicles with Lightning’s powertrains demonstrates our joint vision towards an electrified future that is putting vehicles on the road today,” said Reeser. “We are at the forefront of specialty vehicle fleet electrification.”
About Lightning eMotors
Lightning eMotors (NYSE: ZEV) has been providing specialized and sustainable fleet solutions since 2009, deploying complete zero-emission-vehicle (ZEV) solutions for commercial fleets since 2018 – including Class 3 cargo and passenger vans, ambulances, Class 4 and 5 cargo vans and shuttle buses, Class 4 Type A school buses, Class 6 work trucks, Class 7 city buses, and Class A motor coaches. The Lightning eMotors team designs, engineers, customizes, and manufactures zero-emission vehicles to support the wide array of fleet customer needs with a full suite of control software, telematics, analytics, and charging solutions to simplify the buying and ownership experience and maximize uptime and energy efficiency. To learn more, visit our website at https://lightningemotors.com.
Lightning eMotors’ News Media Contact:
Nick Bettis
(800) 223-0740
pressrelations@lightningemotors.com
Lightning eMotors’ Investor Relations:
Brian Smith
(503) 781-3472
Investorrelations@lightningemotors.com
New York Stock Exchange (NYSE) Podcast Episode 282: Lightning eMotors CEO Tim Reeser is Supercharging Our Electric Future
Posted Jan 31, 2022
New York Stock Exchange
From ambulances to Winnebagos (NYSE: WGO), Tim Reeser, CEO & Co-Founder of Lightning eMotors (NYSE: ZEV), is helping commercial fleets embrace sustainability through all-electric vans, trucks, and busses. Tim drives us through the work he does to transform conventional vehicles into zero-emission machines. He also shares the origin story of Lightning eMotors and the impact of the company’s recent listing on its future.
Bought a nice fat chunk of ZEV earlier today. I'm feeling very positive about this buy as a "long term* play.
Best to all long retail shareholders here.
I've owned this in the past multiple times for swing trades, but this pricing appears to provide a nice long term hold entry point.
Great to have you as a moderator, btw. Looks like we have the ingredients here for constructive debate and contributions regarding ZEV, which is a breath of fresh air.
Great video WTM thanks
The AAA poresenter on first was interesting as well.
This is the first time for quite a few months I have heard Tim talk FCEV. would love to see the numbers broken down BEV/FCEV
Peterpan, yes I am long ZEV, welcome to the board. It was brought to my attention by UK. Subsequently, I became moderator of the board and frequently post relevant articles on it.
Video recording of recent presentation by the Lightning eMotors CEO, Tim Reeser, at the Drive Clean Colorado conference (starts at minute 15:50 into video). https://www.youtube.com/watch?v=jKIxMwU8M58&t=934s
Posted January 11, 2022
Summary
Zero-emission hydrogen fuel cell electric trucks, vans, buses and cars are available now and hydrogen fuel stations are coming to Colorado. Join in to be part of the conversation about how this technology can help decarbonize fleets without compromising performance or convenience.
WTM,
I really like this Winnebago move by ZEV, and am looking to buy back into ZEV for a long term position given this current price level and business operating fundamentals momentum.
You long here?
Winnebago unveils e-RV electric motorhome Battery-powered camper van can go 125 miles per charge
Published 14 hours ago by Gary Gastelu | Fox News
https://www.foxnews.com/auto/winnebago-e-rv-electric-motorhome
Winnebago is going electric
The recreational vehicle company has revealed a new concept it calls the e-RV that hit hopes to have on sale soon.
The camper van is based on the Ford Transit and features a powertrain designed by Lightning eMotors, which specializes in commercial electric vehicle conversions and currently builds an electric Transit cargo van for DHL.
The e-RV has an 86-kilowatt-hour battery pack that can be recharged in 45 minutes at a fast charging station and provide up to 125 miles worth of driving, which Winnebago thinks will be sufficient for the 54% of new RV buyers who typically make trips of less than 200 miles. (Ford recently launched an electric version of the Transit called the E-Transit that has a similar range, but it is not being used as the basis for the e-RV.
The battery also powers the vehicle's water heater, heat-pump style air condition system, induction cooktop and refrigerator. The concept is equipped with a full bathroom and is trimmed in sustainable cork flooring and insulating wool wall covering.
Lightning eMotors Names New Chief Manufacturing Officer
January 14 2022 - 08:00AM, Business Wire
https://ih.advfn.com/stock-market/NYSE/lightning-emotors-ZEV/stock-news/87020249/lightning-emotors-names-new-chief-manufacturing-of
Industry veteran Brian Barron promoted to Lightning’s Executive team
Summary
- Barron brings manufacturing background from Lucid Motors, BMW, and other recognized companies to Lightning eMotors
- Proven track record of building and growing high quality, automation-focused manufacturing teams to help enable Lightning scale production, reduce costs, and improve margins
Lightning eMotors (NYSE: ZEV), a leading provider of medium-duty and specialty commercial zero emission vehicles for fleets, today announced that it has promoted Brian Barron to chief manufacturing officer. Barron will lead the manufacturing, vehicle assembly, and procurement functions as Lightning eMotors scales to meet its growth targets.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220114005116/en/
Barron has been the Vice President of Global Manufacturing at Lightning eMotors since June 2021. Prior to joining Lightning, Barron was the Director of Global Manufacturing at Lucid, an electric passenger vehicle manufacturing company. Barron also spent more than 19 years in a variety of key manufacturing roles at BMW Manufacturing Co.
“Interest in zero-emission commercial electric vehicles is growing quickly given the focus from regulatory agencies and corporations on reducing greenhouse gas emissions, and we are scaling up our production at lightning speed to meet this demand,” said Tim Reeser, chief executive officer and co-founder of Lightning eMotors. “Brian has a proven track record of building and growing an efficient manufacturing team including the automation tools and systems that we need to accelerate production while lowering costs. In the past six months at Lightning, Brian has demonstrated the skills, experience, and leadership we need to drive Lightning into the future.”
Barron will serve as a member of Lightning eMotors’ executive team reporting to Reeser and will lead the teams responsible for manufacturing Lightning’s all-electric powertrain, vehicle assembly across five different platform classes, procurement and supply chain, and facilities expansion and automation.
“We have increased our ability to deliver commercial electric vehicles significantly over the past year, but there is a lot of room for us to improve efficiency, scalability, and quality,” said Barron. “By expanding the use of automation tools we have put in place, such as collaborative robots and augmented reality systems for process control, we can deploy higher volumes of vehicles at improved margins without compromising our high-quality standards. I’m excited about the opportunity to help lead this growth.”
Barron holds a Bachelor of Science degree in Electrical Engineering from Clemson University and served in the United States Navy as a sonar technician for six years.
Barron is based in Loveland, Colorado.
About Lightning eMotors:
Lightning eMotors (NYSE: ZEV) has been providing specialized and sustainable fleet solutions since 2009, deploying complete zero-emission-vehicle (ZEV) solutions for commercial fleets since 2018 – including Class 3 cargo and passenger vans, ambulances, Class 4 and 5 cargo vans and shuttle buses, Class 4 Type A school buses, Class 6 work trucks, Class 7 city buses, and Class A motor coaches. The Lightning eMotors team designs, engineers, customizes, and manufactures zero-emission vehicles to support the wide array of fleet customer needs with a full suite of control software, telematics, analytics, and charging solutions to simplify the buying and ownership experience and maximize uptime and energy efficiency. To learn more, visit our website at https://lightningemotors.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220114005116/en/
Lightning eMotors news media contact:
Nick Bettis
(800) 223-0740
pressrelations@lightningemotors.com
3 EV Stocks Under $10 That Might Be Near a Bottom; Analyst Says ‘Buy’
TipRanks
Mon, January 10, 2022, 9:46 AM
https://finance.yahoo.com/news/3-electric-vehicle-stocks-under-144641068.html
In this article:
HYZN
-7.11%
ELMS
-3.43%
ZEV
-8.80%
Electric vehicles (EVs) have been on the roads for the better part of two decades now, in slowly increasing numbers. The technology isn’t new – EVs were part of the initial wave of automotive technology over a century ago – but modern metallurgy, batteries, and drive trains have made them more practical. While the internal combustion engine still offers an overall better package of performance, power, and price, EVs are catching up.
They are getting a boost from the government, in the form of supportive policies. The Biden Administration is seeking a pledge from US automakers to make a full-court press in promoting electric cars, with a goal of reaching 40% EV sales by 2030. New companies are springing up to fill the demand, building new and innovative models of all-electric or hybrid-electric cars, and expanding the necessary charging networks to keep them powered up. This brings up new opportunities for investors, as well as new challenges.
On the challenge side, 2021 was a tough year for EV makers. Between semiconductor chip shortages, supply chain disruptions, and rising cost inflation, the auto companies are facing a storm of headwinds. Plenty of new companies entered the markets – through IPOs and SPAC transactions – but most of them ended the year with share prices significantly below their starting points.
But according to D.A. Davidson analyst Michael Shlisky, with the year-end past us, the low EV share prices may present investors with an attractive entry point.
"We believe now might be the right time for investors to take a closer look at the EV stocks individually and assess which are furthest along, offering the best risk/reward. We look for companies actively booking binding orders and delivering vehicles as our best bets, with additional points for good management, a wide moat or a head start,” Shlisky wrote.
So let’s take a closer look at some of Shlisky’s picks among the new EV companies. According to the TipRanks data, these are stocks with Strong Buy consensus ratings, share prices below $10, and triple-digit upside potential. Let's take a closer look.
...
Lightning eMotors (ZEV)
Last on our is Lightning eMotors, and EV company that is approaching the sector from two different directions at the same time, producing both vehicle drive systems and electric charging stations. This gives Lightning a more diverse portfolio than its peers, an advantage that is accentuated by the company’s approach to the EV side of the equation. Lightning eMotors produces high-end all-electric powertrain systems designed to fit existing – and popular – vehicle models, such as Ford’s F-450 and F-550 series busses and trucks, and multi-purpose Transit van. Lightning’s systems allow for an easy conversion of existing models to an all-electric format without losing their existing customer base.
Lightning’s electric powertrain systems are targeted at the commercial fleet market. The company systems are designed for a variety of trucks, delivery vans, and busses – all of which have existing use, as gasoline vehicles, in municipal fleet services. To facilitate the move to electric, Lightning also offers the charging infrastructure needed to maintain an electrified fleet. The company’s services on this end include charge points, installation, support, and maintenance. Charging is offered on the ‘as-a-Service’ model, with customer subscriptions. Call it CaaS, charging as a service.
Like the other stocks on this list, ZEV shares went public recently, just in May of last year. The company entered the public markets through a SPAC transaction. Like many SPACs, ZEV has seen its shares fall after completion of the business combination (it is down 54% in 12 months); but in this case, ZEV can point to supply chain bottlenecks forcing delays from suppliers and OEMs, impacting the company’s own production.
However – Shlisky sees Lightning eMotors in solid position, and poised for takeoff. He writes, “We consider ZEV a fully-formed company at this point (founded in 2008) that happens to be experiencing a very high, multi-year growth tailwind. ZEV is one of the few EV SPAC deals with early evidence that its long-term 'hockey stick' is close to reality. This is thanks to two significant contracts for EV shuttle buses and EV Class A school buses, among other products. We have seen multiple ZEV vehicles making deliveries at this point, and the drivers we have spoken with have been satisfied with their experience. Customers that ordered less than 100 units in 2021 are on track for several hundred in 2022, while some new customers could be in for quantities approaching 1,000 units for the year."
To this end, Shlisky puts a Buy rating on ZEV shares, with a price target of $17 to suggests ~157% upside in the next 12 months. (To watch Shlisky’s track record, click here)
While ZEV only has 3 recent ratings on record, they are all positive – making the Strong Buy unanimous. Shares are trading for $6.82 and the $14 average target implies a one-year upside of ~115% from that level.
They do have a pretty active communications team with their twitter activity and tours etc.
I am guessing this PR was in lieu of the "deliveries in December" that others put out and for this year/quarter I am ok with that.
Cannot wait for a real business update though. Nine "platforms" indicate say 20 customers in initial delivery trials but what are the timelines for review and re-order? What is the typical order size for the next phase with each?
What will the new skeleton chassis mean to existing conversions they have done - I think I understood they can deliver either a converted unit like they have in the field or new "Lightning" vehicles based on their skeleton. So I guess existing customers may stay with conversions and they have new customers lined up for their own chassis
And then there is the all important Fuel cell work with Amazon that they seem to be very quiet about or have stopped....
UK, I agree, not much meat in this latest press release. Looks to me like they are just trying to get some positive news releases to support the share price. Many other companies use the same trick, publicizing that they reached an artificial milestone to get a positive news release out, and show that they are contributing to decarbonizing the planet.
These numbers don't really impress on first sight
Its missing the vital number of vehicles in use.
If they are doing 25,000 a month then they have been on average in use 40 months (to get 1 million miles) - is that correct for the full ZEV fleet? I thought they were mostly Q3 and Q4 delivery
As a vehicle manufacturer they should have reported number of units delivered in December and total for 2021 so they appear to be behaving like the big boys.
I wonder what the longest in a day is, that sort of number impresses buyers I would think
Lightning eMotors All-Electric Fleet Crosses 1 Million Mile Benchmark
January 06 2022 - 08:00AM, Business Wire
https://ih.advfn.com/stock-market/NYSE/lightning-emotors-ZEV/stock-news/86958597/lightning-emotors-all-electric-fleet-crosses-1-mil
Summary
- Million-mile all-electric milestone based on customer-driven miles driven on customer-owned vehicles
- Miles logged throughout the US and Canada on nine different vehicle platforms
- Milestone includes only real-world, 100% zero-emission vehicle (ZEV) miles
- Lightning’s growing ZEV fleet logging miles at a rate of over 25,000 miles per month, expected to accelerate
Lightning eMotors (NYSE: ZEV), a leading provider of medium-duty and specialty commercial electric vehicles for fleets, today announced that its customer fleets have surpassed one million miles driven. The million-mile milestone represents Lightning’s on-road, fully electric, customer-owned and operated fleet vehicles. When Lightning’s former low-emission powertrains are included, the company’s customer-owned and operated fleets have driven more than four million miles.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220106005224/en/
The one million all-electric miles were logged on roads and highways across the United States and Canada on nine different vehicle platforms ranging from Class 3 through Class 7, and six different vertical market applications such as ambulances, cargo vans, delivery trucks, school buses, shuttle buses and transit buses. Lightning eMotors is currently accumulating zero-emission miles at over 25,000 miles per month. As Lightning accelerates its delivery of additional zero-emission vehicles, that rate will continue to rise. The single Lightning vehicle with the most road time now has over 54,000 all-electric miles.
By removing one million internal combustion vehicle miles from the road, Lightning eMotors has prevented approximately 900 tons of CO2 from being emitted into the atmosphere.
“Lighting has been putting zero-emission commercial vehicles on the road for over four years,” said Nick Bettis, director of marketing and sales operations. “We see this acceleration in fleet miles accumulation as the ultimate customer validation.”
Real-time mileage data was collected via the Lightning eMotors Telematics and Analytics system that is integrated with all Lightning vehicles and powertrains.
“It's important to note that this milestone was reached using only real-world data from zero emission all-electric vehicles,” Kash Sethi, chief revenue officer for Lightning eMotors said. “Many alternative fuel manufacturers who are only now pivoting to all-electric include hybrid or CNG miles in their marketing claims, and most also include dynamometer-simulated miles that don’t take into account on-road and seasonal driving conditions. That makes a big difference when it comes to evaluating how a vehicle is really performing. When you buy a zero-emission vehicle from Lightning eMotors, you can be assured it has been put through its paces.”
About Lightning eMotors:
Lightning eMotors (NYSE: ZEV) has been providing specialized and sustainable fleet solutions since 2009, deploying complete zero-emission-vehicle (ZEV) solutions for commercial fleets since 2018 – including Class 3 cargo and passenger vans, ambulances, Class 4 and 5 cargo vans and shuttle buses, Class 4 Type A school buses, Class 6 work trucks, Class 7 city buses, and Class A motor coaches. The Lightning eMotors team designs, engineers, customizes, and manufactures zero-emission vehicles to support the wide array of fleet customer needs with a full suite of control software, telematics, analytics, and charging solutions to simplify the buying and ownership experience and maximize uptime and energy efficiency. To learn more, visit our website at https://lightningemotors.com.
Lightning eMotors, Inc. (NYSE:ZEV) Expected to Earn FY2023 Earnings of $0.22 Per Share
Posted by Max Byerly on Jan 5th, 2022
https://www.tickerreport.com/banking-finance/8289243/lightning-emotors-inc-nysezev-expected-to-earn-fy2023-earnings-of-0-22-per-share.html
Lightning eMotors, Inc. (NYSE:ZEV) – Stock analysts at Colliers Securities issued their FY2023 EPS estimates for Lightning eMotors in a note issued to investors on Monday, January 3rd. Colliers Securities analyst R. Ryan forecasts that the company will earn $0.22 per share for the year.
Lightning eMotors (NYSE:ZEV) last announced its earnings results on Monday, November 15th. The company reported ($0.20) EPS for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.01. The firm had revenue of $6.26 million for the quarter, compared to analysts’ expectations of $5.50 million.
ZEV stock opened at $6.56 on Wednesday. Lightning eMotors has a fifty-two week low of $5.67 and a fifty-two week high of $17.36. The company’s 50 day moving average price is $7.31 and its 200 day moving average price is $7.81. The company has a debt-to-equity ratio of 30.69, a quick ratio of 15.90 and a current ratio of 16.73.
Institutional investors and hedge funds have recently made changes to their positions in the company. Schonfeld Strategic Advisors LLC acquired a new position in shares of Lightning eMotors during the third quarter worth $123,000. Cetera Advisor Networks LLC lifted its holdings in Lightning eMotors by 84.9% during the 3rd quarter. Cetera Advisor Networks LLC now owns 31,800 shares of the company’s stock worth $272,000 after buying an additional 14,600 shares during the last quarter. SkyView Investment Advisors LLC acquired a new position in shares of Lightning eMotors during the 3rd quarter worth about $86,000. Millennium Management LLC purchased a new position in shares of Lightning eMotors in the 3rd quarter valued at about $268,000. Finally, Cubist Systematic Strategies LLC acquired a new stake in shares of Lightning eMotors during the 3rd quarter worth about $99,000. Institutional investors and hedge funds own 4.95% of the company’s stock.
Lightning eMotors Company Profile
Lightning eMotors, Inc designs, manufactures, and sells electric vehicles. It offers class 3 to 7 battery electric and fuel cell electric vehicles. The company's vehicles include passenger vans, ambulances, shuttle buses, last-mile delivery vans, box trucks, and motor coaches for parcel and delivery, micro transit, airport parking operations, and electric utilities sectors.
Lightning eMotors (ZEV) Reveals All-New Lightning eChassis for Electric Commercial Vehicles
January 4, 2022 8:09 AM EST
https://www.streetinsider.com/Business+Wire/Lightning+eMotors+Reveals+All-New+Lightning+eChassis+for+Electric+Commercial+Vehicles/19413970.html
Summary
- Lightning eMotors becomes first commercial EV manufacturer to offer both new purpose-built vehicles and electrification of legacy OEM platforms
- The proprietary Lightning eChassis supports, on average, 1,500 lbs greater Gross Vehicle Weight Rating (GVWR) for Class 4/5 commercial vehicles, while fully supporting multiple vocational applications and upfitters’ custom bodies and accessories
- Lightning eMotors expects to be first-to-market with the new purpose-built eChassis to meet the needs of commercial fleets
- Development further augments Lightning eMotors’ chassis options, enhancing the company’s ability to produce and deliver new vehicles at a faster pace
- First units with the new Lightning eChassis expected in Q2 of 2022
LOVELAND, Colo.--(BUSINESS WIRE)-- Lightning eMotors (NYSE: ZEV), a leading provider of medium-duty and specialty commercial electric vehicles for fleets, today announced the availability of the Lightning eChassis, an all-new rolling chassis purpose-built for commercial EV applications.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220104005303/en/
The Lightning eChassis, developed with Metalsa, will be available for class 4 and class 5 commercial electric chassis cab, stripped chassis, and cutaway chassis configurations. With the addition of the eChassis, Lightning eMotors becomes the first commercial EV manufacturer that can offer both the electrification of existing OEM chassis and purpose-built commercial electric vehicles.
The innovative design accommodates different battery sizes and configurations, different powertrain integrations and different wheelbases – allowing Lightning eMotors to support a wide variety of vocational applications and upfitter partners. Lightning’s eChassis will support an increased Gross Vehicle Weight Rating (GVWR) of approximately 1,500 pounds more, on average, than platforms on the market today, thereby providing customers the potential to increase passenger and payload capacity for electrified ambulances, shuttle buses, delivery and refrigerated trucks and work trucks.
Lightning eMotors expects pre-production units to be available starting in the second quarter of 2022 with production units expected before the end of the year.
“This collaboration with Metalsa will allow us to serve areas of the commercial vehicle market that are currently underserved with electrification options,” said Tim Reeser, CEO and Co-Founder of Lightning eMotors. “Bringing this solution to the commercial EV space represents another milestone in our strategy to offer our customers purpose-built, highly-customized zero-emission vehicles that deliver superior performance at a low price.”
Metalsa is a leading provider of structural components and chassis for the automotive and commercial vehicle industries. The company’s products are built to meet and exceed the industry’s highest strength, weight, safety and quality standards. Additionally, their proven background in high-volume manufacturing means they have experience to scale up in support of growing market demand.
“We’re thrilled to be collaborating with Lightning eMotors to design, develop, integrate and assemble this first-of-its-kind flexible chassis, purpose-built to support the growing demand in the industry,” commented Joe El-Behairy, President, e-Mobility Growth Business Unit at Metalsa. “Lightning’s commitment to innovation and putting high quality vehicles on the road quickly makes them the perfect customer to introduce this product. The platform is designed to accommodate the evolving technology and ever-changing product requirements in the market. We are confident that this new rolling chassis, combined with our integration capabilities and ability to scale manufacturing rapidly, will support Lightning’s growth plans.”
At a time when the industry continues to face supply constraints, the Lightning eChassis will contribute to Lightning eMotors’ planned increase in production in 2022.
“One of the most exciting aspects of our partnership with Metalsa is the control it gives us over our chassis supply chain,” said Chelsea Ramm, Vice President, Global Supply Chain for Lightning eMotors. “Constraints on the automotive supply chain have impacted the entire EV market. The Lightning eChassis provides our customers with additional options and the flexible architecture to accommodate a variety of different powertrain needs and wheelbases.”
About Lightning eMotors:
Lightning eMotors (NYSE: ZEV) has been providing specialized and sustainable fleet solutions since 2009, deploying complete zero-emission-vehicle (ZEV) solutions for commercial fleets since 2018 – including Class 3 cargo and passenger vans, ambulances, Class 4 and 5 cargo vans and shuttle buses, Class 4 Type A school buses, Class 6 work trucks, Class 7 city buses, and Class A motor coaches. The Lightning eMotors team designs, engineers, customizes, and manufactures zero-emission vehicles to support the wide array of fleet customer needs with a full suite of control software, telematics, analytics, and charging solutions to simplify the buying and ownership experience and maximize uptime and energy efficiency. To learn more, visit our website at https://lightningemotors.com.
About Metalsa:
Metalsa is a global Mexican company with more than 60 years of experience in the automotive industry, manufactures safe and sustainable mobility structures for people around the world, seeking to minimize the environmental impact through the innovation of its processes and products. Currently, Metalsa supplies the global market with manufacturing plants, offices and technology centers worldwide in countries such as Argentina, Brazil, India, Japan, Mexico, Thailand, and the USA. It also offers Just in Time services in sequencing centers located in strategic areas close to its customers. With this international presence, Metalsa can effectively fulfill and carry out locally the global customer strategies. For additional information, visit http://www.metalsa.com.
2 Little Known Electric Vehicle Stocks with Big Upside Potential
Nimesh JaiswalBy Nimesh Jaiswal
Dec 29, 2021
https://stocknews.com/news/elms-zev-2-little-known-electric-vehicle-stocks-with-big-upside-potential/
The manufacturing of electric vehicles (EVs) has slowed significantly over the past several months because of a global semiconductor chip shortage, labor issues, and supply chain disruptions. However, EVs are expected to dominate the automotive market of the future as governments worldwide implement several policies to support the industry’s growth, primarily to address climate change concerns.
Investors’ optimism in the EV space is evidenced by the Global X Autonomous & Electric Vehicles ETFs’ (DRIV) 10.4% returns over the past three months. Furthermore, many semiconductor companies are ramping up their production to meet the rising demand for chips, supported by government and private investments. According to a SpendEdge report, the EV market is expected to grow at a 20.4% CAGR between 2021 – 2025.
Given this backdrop, Wall Street analysts expect little-known EV stocks Electric Last Mile Solutions, Inc. (ELMS - Get Rating) and Lightning eMotors, Inc. (ZEV - Get Rating), to more than double in price over the next 12 months.
Lightning eMotors, Inc. (ZEV)
Loveland, Colo.-based ZEV designs, manufactures, and sells electric vehicles. It offers class 3 to 7 battery-electric and fuel cell electric vehicles. The company’s vehicles include passenger vans, ambulances, shuttle buses, last-mile delivery vans for parcel and delivery, micro-transit, airport parking operations, and electric utilities.
On December 13, ZEV agreed to supply battery products produced by Contemporary Amperex Technology Co. Limited, a global leader of innovative new energy technologies. The agreement further diversifies Lightning eMotors’ battery pack options, enhancing the company’s ability to produce and deliver new vehicles at a faster pace.
ZEV’s revenues increased 65% year-over-year to $6.26 million for its fiscal third quarter, ended September 30, 2021. The company’s total assets came in at $230.62 million for the period ended September 30, 2021, compared to $24.87 million for the period ended December 31, 2020. Also, its net cash provided by financing activities for the nine months ended September 30, 2021, were $237.05 million, up 1,328.2% year-over-year.
Analysts expect ZEV’s revenue to be $119.69 million in its fiscal 2022, representing a 449% year-over-year increase. The company’s EPS is expected to increase 96.3% for the quarter ending March 31, 2022. Wall Street analysts expect the stock to hit $14 in the near term, which indicates a potential 112.8% upside.
About the Author: Nimesh Jaiswal
Nimesh Jaiswal's fervent interest in analyzing and interpreting financial data led him to a career as a financial analyst and journalist. The importance of financial statements in driving a stock’s price is the key approach that he follows while advising investors in his articles.
production lines busy right up to the year end.
going to be busy I expect they add a few more lines in parallel during the year.
Working into the New Year!
— Lightning eMotors (@LightningeMtrs) December 28, 2021
2022 will be the biggest year for #EVs, start your year off with savings that will impact your business for years to come & get a vehicle quote today!
⚡️ https://t.co/pGELmTneXV $ZEV #LightningElectric pic.twitter.com/7zx6vDbwMw
is this riding on the tails of NKLA or some other news?
they are shipping consistently (not class 6-8 of course).
one of my best stocks for 2022, will be adding to my IRA position in January for sure.
Just hope they start doing the Fuel cell option with Progen from PLUG power soon. Focussing on getting the "production line" established and cash flowing on the back of battery was the right decision.
Lightning eMotors Announces Strategic EV Battery Partnership for Supply of CATL Battery Systems
December 13 2021 - 08:00AM
Business Wire
https://ih.advfn.com/stock-market/NYSE/lightning-emotors-ZEV/stock-news/86791873/lightning-emotors-announces-strategic-ev-battery-p
Summary
- Lightning eMotors signs two-year agreement to purchase 175 megawatt-hours (MWh) of CATL battery products
- CATL products chosen due to their proven track record for safety, reliability, and long life-cycle
- Agreement further diversifies Lightning eMotors’ battery pack options, enhancing the company’s ability to produce and deliver new vehicles at a faster pace
- Lightning eMotors working with CATL and CSI to design and install contactor safety switch systems on C- and G-battery pack, exclusive to Lightning eMotors
- Vehicle production with CATL packs is expected to begin in March 2022
Lightning eMotors (NYSE: ZEV), a leading provider of medium- and heavy-duty specialty commercial electric vehicles for fleets, has reached an agreement to supply battery products produced by Contemporary Amperex Technology Co. Limited (“CATL”), a global leader of new energy innovative technologies.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211213005099/en/
The two-year agreement with CATL distributor Coulomb Solutions, Inc. (CSI) provides Lightning eMotors with additional optionality around form factor. Having several battery size and shape options enables Lightning to address a variety of use cases and better meet customer requirements, which is critical to their goal of providing highly customized zero-emission commercial vehicles.
"CATL has a proven lineup of battery pack configurations that will provide us with additional flexibility for our wide range of medium- and heavy-duty zero-emission commercial electric vehicles,” said Chelsea Ramm, Lightning eMotors’ vice president of global supply chain. “CATL’s mature product portfolio, combined with our existing and ongoing partnerships, provides us with several efficient battery pack options as we work with customers to configure the right vehicles to fit their needs.”
CATL battery products will be available to Lightning in two pack options – a 30 kWh battery and 35 kWh battery – for a total of more than 175 megawatt-hours of battery capacity.
Additionally, Lightning eMotors is working with CATL and CSI to design and install contactor safety switch systems on CATL C- and G-battery packs that will be exclusive to Lightning-eMotors. These switch systems will allow first responders to easily disable the vehicle’s entire EV powertrain in the event of an accident.
Production of vehicles using CATL battery packs is expected to begin in March and will help Lightning eMotors fulfill a wide range of customer orders in 2022.
“This new partnership with CSI providing CATL’s advanced battery systems represents a significant step forward with our battery sourcing plan and provides us with an even greater ability to quickly provide our customers with zero-emission vehicles that meet their expectations,” said Lightning eMotors CEO Tim Reeser. “CATL has established itself as a respected industry leader, and our exclusive safety feature innovations mean Lightning eMotors customers are getting unique and best-in-class vehicles.”
About Lightning eMotors
Lightning eMotors (NYSE: ZEV) has been providing specialized and sustainable fleet solutions since 2009, deploying complete zero-emission-vehicle (ZEV) solutions for commercial fleets since 2018 – including Class 3 cargo and passenger vans, ambulances, Class 4 and 5 cargo vans and shuttle buses, Class 4 Type A school buses, Class 6 work trucks, Class 7 city buses, and Class A motor coaches. The Lightning eMotors team designs, engineers, customizes, and manufactures zero-emission vehicles to support the wide array of fleet customer needs with a full suite of control software, telematics, analytics, and charging solutions to simplify the buying and ownership experience and maximize uptime and energy efficiency. To learn more, visit our website at https://lightningemotors.com.
About Contemporary Amperex Technology Co., Limited
Contemporary Amperex Technology Co., Limited (CATL) is a global leader in new energy technology innovation, committed to providing premier solutions and services for new energy applications worldwide. In June 2018, the company went public on the Shenzhen Stock Exchange with stock code 300750. According to SNE Research, in the year 2020, CATL’s EV battery consumption volume ranked No. 1 in the world for four consecutive years. CATL also enjoys wide recognition by global OEM partners. To achieve the goal of realizing fossil fuel replacement in stationary and mobile energy systems with highly efficient electrical power systems that are generated through advanced batteries and renewable energy, and promote the integrated innovation of market applications with electrification and intelligentization, CATL maintains continuous innovation in four dimensions including battery chemistry system, structure system, manufacturing system and business models. For more information, please visit https://www.catl.com/en/.
About Coulomb Solutions Inc. (CSI)
CSI provides high quality, proven components to the North American commercial electric vehicle market at wholesale prices. The company’s goal is to enable rapid adoption of electric drive systems in commercial trucks, buses, vans, locomotives and marine applications. As its cornerstone, CSI is the authorized North American distributor of commercial vehicle batteries for CATL, the largest Li-Ion battery designer and manufacturer in the world. CATL’s batteries currently power over 350,000 buses and trucks in daily operation in demanding environments and terrain with some of the largest commercial fleets. CSI also has a line of highly proven accessory components for commercial electric vehicles including battery heating and cooling systems, electric air conditioning compressors, electric cab heaters, electric steering pumps, electric air compressors for braking, accessory inverters and onboard AC and fast DC Chargers. See how CSI is enabling commercial vehicle electrification on our web site at www.coulombsolutions.com.
Biden wants to make federal government carbon neutral by 2050
White House to spend billions to buy electric vehicles, upgrade federal buildings and change how the government buys power
By Anna Phillips
Today at 1:00 p.m. EST
https://www.washingtonpost.com/climate-environment/2021/12/08/biden-government-purchasing-climate-change/
WASHINGTON — The Biden administration will announce Wednesday it aims to buy its way to a cleaner, cooler planet, spending billions to create a federal fleet of electric vehicles, upgrade federal buildings and change how the government buys electricity.
An executive order President Biden will sign later Wednesday leverages Washington’s buying power to cut the government’s carbon emissions 65 percent by the end of the decade. It lays out goals that would put the federal government on a path to net-zero emissions by 2050 and would add at least 10 gigawatts’ worth of clean electricity to the grid.
Under the new approach, federal operations would run entirely on carbon-free electricity by 2030. By 2035, the government would stop buying gas-powered vehicles, switching to zero-emission heavy-duty trucks and cars. A decade after that, most of the buildings owned or leased by the government would no longer contribute to the carbon pollution that’s warming the planet.
The order also instructs the government to launch a “buy clean” initiative, prioritizing products produced and transported with low greenhouse gas emissions.
Sarah Bloom Raskin, a Duke University law professor who served as treasury deputy secretary under President Barack Obama, said in a recent interview that the administration’s push to reduce its carbon footprint could ripple across the economy.
“The government is a significant driver of demand,” she said, adding that federal procurement officers can “send a signal” even without adopting new regulations or passing legislation.
“It doesn’t tell the private sector entities what to do, but to some extent it will demand a certain kind of good and service so companies can shift what’s being made,” Bloom Raskin said.
Administration officials said the size of the federal fleet alone — which includes some 645,000 vehicles — could lower the cost of electric vehicles, batteries and other technology. Just as the green building certification process known as LEED nudged private developers toward eco-friendly construction, a government-wide effort to cut emissions could shape the public’s tastes and buying habits.
Speaking at a conference hosted Tuesday by the American Clean Power Association, Biden’s national climate adviser, Gina McCarthy, said the administration hopes the effort will enhance “the ability of states and localities to build off those contracts and take advantage of the breadth of the purchasing power of the federal government.”
Still, the plan faces significant logistical and financial hurdles, and could encounter opposition from business groups and Republican lawmakers.
To meet its goals for zero-emission vehicles, the administration will have to overcome production delays caused by computer chip shortages and install enough charging stations to make the vehicles practical. And although the auto industry is planning to churn out dozens of new models of electric cars and trucks in the coming years, specialized vehicles, like the U.S. Forest Service’s wildland fire engines, could be harder to source.
Here's what Biden is doing to tackle climate change
The new executive order alludes to this stumbling block, calling for the federal government to stop buying gas-powered passenger cars by 2027 but postponing the federal fleet’s complete transition from fossil fuels by another eight years.
Right now, the federal government is taking only incremental steps toward this goal. It bought 650 electric vehicles last fiscal year, according to a senior administration official. While that was triple the previous year’s total, it represents a little more than 1 percent of all the vehicles the government typically buys each year.
Government purchasing is also notoriously slow, with layers of bureaucracy designed to prevent fraud and cost overruns. The quick pace of technological development could make investments in a product or strategy obsolete by the time it’s deployed.
How to pay for a government-wide pivot to cleaner energy is an open question. While the infrastructure bill Biden signed into law last month contains $7.5 billion to build a network of electric vehicle chargers, other aspects of the administration’s plan may be constrained by agency budget allocations.
Fixing aging buildings could be one of the government’s biggest challenges — and opportunities. Burning fossil fuels to heat and cool buildings in the United States produces nearly a third of the nation’s greenhouse gas emissions. Although improvements in energy efficiency have made a dent in carbon pollution from buildings, Americans’ increasing reliance on electronics and appliances is expected to increase emissions by mid-century.
As the country’s largest landlord, the U.S. government oversees about 300,000 properties built during different eras, under a wide range of code requirements. Both existing and new buildings would be covered by Biden’s executive order, as well as military bases and leased facilities that the government doesn’t directly control.
Under the order, the White House Council on Environmental Quality would draw up performance standards for federal buildings for the first time so government officials can evaluate a facility’s carbon footprint.
Retrofitting government warehouses and compact office buildings to make them more energy efficient is relatively simple, said Victor Olgyay, a principal architect at the Rocky Mountain Institute, a think tank focused on energy policy.
By adding insulation, sealing air leaks and covering the roofs with solar panels, many of these buildings could become carbon neutral, Olgyay said. But energy-thirsty facilities like government laboratories and data centers pose a thornier problem and, in some cases, it may be more cost effective to tear down old buildings than attempt to modernize them.
Making federal buildings carbon neutral by 2045 is “absolutely” possible, he said. “We have all the technology we need to do this now, and it’s cost effective. It’s more politically and economically a question.”
Although it could take a year or more for changes in procurement to take effect, some agencies are already testing new approaches.
U.S. Park Police in New York, San Francisco and Washington, D.C., began using electric motorcycles and dirt bikes this year. Within a matter of months, the Department of Homeland Security plans to introduce the electric Ford Mustang Mach-E into its law enforcement fleet.
By the end of next year, the Pentagon plans to complete one of the country’s largest solar panel arrays, a 520-megawatt project on Edwards Air Force Base in Southern California. The administration estimates the project will create about 1,000 union construction jobs. Another solar installation and battery storage project underway at the Pacific Missile Range Facility on the Hawaiian island Kauai could power the entire base if the grid failed.
Biden’s directive builds off an executive order Obama signed in 2015 setting a goal of cutting the federal government’s emissions by 40 percent over 10 years. President Donald Trump revoked that order three years later, replacing it with instructions to agencies that focused on reducing waste and cost-cutting.
Some states are using their purchasing power to tackle climate change. A California policy mandates that, by 2025, half of all the cars the state buys must be emissions-free. State law requires that only certain low-carbon building materials can be used in public works projects. New York also prioritizes buying low-carbon products.
‘Historic investment’: VP Harris, Buttigieg visit N.C. to talk infrastructure
By Charles Duncan Charlotte
UPDATED 2:31 PM ET Dec. 02, 2021 PUBLISHED 1:30 PM ET Dec. 02, 2021
https://spectrumlocalnews.com/nc/charlotte/politics/2021/12/02/vp-harris--buttigieg-visit-n-c--to-talk-infrastructure
Vice President Kamala Harris visited North Carolina Thursday to talk about the Biden administration's plans to make a big investment in the country's infrastructure.
Harris was in Charlotte to talk about the Bipartisan Infrastructure Law, a $1 trillion spending plan designed to upgrade the nation’s highways, bridges and public transit, and help expand broadband access that the president signed into law last month.
"The bottom line is this: World class cities like Charlotte deserve world-class transit systems, and this law is going to help you build those systems," Harris said, speaking outside in front of a Charlotte Area Transit System electric bus.
What You Need To Know
- Vice President Kamala Harris and Transportation Sec. Pete Buttigieg visited Charlotte, North Carolina, Thursday
- They talked about the new $1 trillion Bipartisan Infrastructure Law signed by the president last month and the Build Back Better Act currently before the Senate
- The vice president toured a bus garage in Charlotte and praised local and state leaders for advocating for public transit in North Carolina
The new infrastructure law will put billions toward highways, public transit, broadband access, airports, electric vehicle charging stations and more
The vice president and Transportation Sec. Pete Buttigieg visited Charlotte Thursday, touring a city bus depot and meeting with Gov. Roy Cooper and Rep. Alma Adams.
"In states across our nation, public transportation is not as fast or as frequent, as safe or as healthy as it can be," Harris said. "People who use public transportation for their commute often spend much more time in transit, time that they could be spending with their friends and family, helping their children do their homework."
The new law includes almost $90 billion for public transit across the country, with about $910 million going to North Carolina over the next five years. That’s the largest federal investment in public transit ever. It includes funding for things like electric buses to run city routes and big investments, like new rail lines.
Charlotte has led the way in light rail in North Carolina. The city’s Lynx Blue Line runs southwest to northeast across the city, bringing commuters from suburbs into the city center.
The city is also about to begin construction on a new Silver line that will run 26 miles across the county west to east. City leaders hope to open the new line by 2030.
"North Carolina is a state that will benefit enormously from this legislation," Buttigieg said after the event in an exclusive interview with Spectrum News 1. "You’ve got fast-growing communities like Charlotte and the surrounding areas that have enormous infrastructure needs."
The law includes $65 billion nationally to expand broadband access to underserved communities.
"We do this work so that every American can have affordable and accessible high-speed internet connections," she said. High-speed internet will help people who can work from home, give rural areas access to virtual doctor's appointments, and help children do better in school.
"Long gone is Encyclopedia Britannica. They need access to the internet," Harris said.
This is Harris’ second trip to talk up the new infrastructure law. Last month, she visited Columbus, Ohio, to talk about how the spending plan will benefit people there.
Electric vehicles, and the infrastructure needed to keep them moving, is a major part of the plan. The deal includes $7.5 billion to build out a nationwide network of charger stations. It also has funding to build thousands of electric school buses for districts around the country.
The plan includes money to replace “24,000 buses, 5,000 rail cars, 200 stations, and thousands of miles of track, signals, and power systems” for public transit, according to the Biden administration.
"One-hundred and thirty-four years ago, Charlotte unveiled its first ever public transit system," the transportation secretary said. That involved horse-drawn trolleys.
"Soon, new homes, new business and new neighborhoods sprang up along those trolley routes," Buttigieg said. And this new investment will bring the same kind of economic growth.
"Investing to make it more convenient and quicker and easier to get around by transit pays dividends," he said. "It pays off for people who don't own a car or don't want to have to deal with parking and with filling up. Having access to transit means you have better ways to get to jobs and opportunities while saving money."
It also means less traffic for those who do drive and less pollution for the entire community, Buttigieg said.
The vice president, flanked by Buttigieg, Adams and the governor, toured the Charlotte Area Transit System bus garage and met with transit workers.
Harris said the new law includes funding to fix highways, including the 3,000 miles of highways that need repair in North Carolina. The vice president gave a nod to possible repairs to Interstate 85, which runs through Charlotte, bringing applause from the crowd.
The vice president said the new infrastructure law is part one of a two-part push by the Biden administration.
Part two, she said, is the Build Back Better Act, which passed the House last month and is now before the Senate. That bill focuses more on social programs to help bring down the cost of health care and prescription drugs and support child care for working parents.
The Build Back Better Act also includes major shifts to reduce greenhouse gas emissions and increase clean energy.
"The climate crisis is an existential threat and it demands our immediate action," she said.
The infrastructure law took months of negotiations between the president and both parties in Congress.
"It represents something extraordinary, that you saw the bipartisanship that went into this bill. Senators Burr and Tillis were among 19 Republicans who crossed party lines voting with Democrats," Buttigieg told Spectrum News 1, referring to North Carolina's two Republican senators.
"This isn’t a Democrat-Republican thing. You need roads, you need bridges, you need internet and clean water, and nothing about that should be political," he said.
The Build Back Better Act, a major part of the presdient's agenda, will take even more negotiation, politicking and deal making to get it passed through the Senate and to Joe Biden's desk.
Lightning eMotors: Why The Stock Declined And What To Expect Going Into 2022
Nov. 21, 2021 2:28 PM ET
https://seekingalpha.com/article/4471073-lightning-emotors-why-the-stock-declined-and-what-to-expect-going-into-2022
Summary
- A big slowdown in revenue growth caused by supply chain issues is causing Lightning eMotors to come way short of expectations. They keep disappointing.
- Supply chain issues are not company-specific, which is a good thing. A new deal with Proterra looks promising.
- Gross margin must improve and has been disappointing. Without positive gross margins, ZEV will not be a good stock to own.
- A few silver linings give us hope that 2022 will be better than 2021. Time will tell.
Electric vehicles charging station on a background of a truck
Scharfsinn86/iStock via Getty Images
Despite some headlines that Lightning eMotors (ZEV) reported a good earnings, the stock quickly gave back the gains and has performed poorly since the earnings release. ZEV lost ~8% of value since earnings.
This article will dive into the earnings release, explore the reasons for the poor stock performance, and analyze these results and what they mean for the forward outlook. Additionally, the article explores company valuation
Revenues And Supply Chain Issues
Lightning eMotors reported $6.3 million of revenues as it delivered 43 vehicles, better than guidance of $4 million to $6 million and better than Wall Street expectations. Revenue growth was 65%, which is quite a slowdown compared to the 571% growth reported in the first half of the year.
The key driver of growth slowdown seems to be supply chain bottlenecks related to chassis, batteries, and accessories, which are causing delays in delivering finished product to customers. These supply chain issues are broad, impacting nearly all industries such as housing, retail, and automotive. Other auto companies have expressed similar issues with respects to supply chain bottlenecks.
That means this is not a company specific problem. That's a good thing as it shows there's nothing particularly wrong with Lightning eMotors. If Lightning eMotors was the only one reporting these issues, that would be troubling. But that is not the case here.
The executive team commented on the press release that due to these supply chain constraints, more than 60 vehicles expected to be delivered in Q4 will be pushed back to 2022. That indicates the slowdown in revenue growth is temporary, and growth should reaccelerate in 2022, assuming customer demand does not walk away.
Customer Demand
As the CEO said in the earnings call:
"It is important to note that we have not lost any sales due to the supply chain delays, rather, revenue is being pushed to future quarters"
We believe it is reasonable to assume that demand remains strong because there were no major cancellations in vehicle orders in Q3. Lightning eMotors reported that its backlog, which was discussed in more depth in our previous article, remains consistent at ~$171 million and more than 1,600 units. The sales pipeline also looks strong and steady at $1.32 billion, providing plenty of runway for revenues to grow in 2022 and beyond.
Source: Quarterly Investor Presentation
Lack of growth in the sales pipeline and backlog could be viewed as problematic, because as seen in the charts above, there has been little progress over the past 6 months. This is most likely one important factor that explains the negative stock performance following earnings. Despite beating expectations, the stock did not do well because there was no progress on its sales backlog.
Gross Margin: The Problem To Solve
We believe the most important problem for Lightning eMotors is the lack of progress on profitability, particularly its gross margin. The gross margin reported was disappointing. It is well known that Lightning eMotors will burn cash for the foreseeable future and won't produce net operating profits for the time being, so this is not as huge problem (yet) because of its huge cash balance, which will be shown later in the article.
However, gross profits failed to improve, and that is concerning. There is no business in the world that can survive without generating positive gross margins. Lightning eMotors showed no progress on this front. In fact, gross margin deteriorated in Q3 compared to last year.
Source: Quarterly Investor Presentation
The deterioration in gross margins is a key reason for the negative stock reaction following the earnings release. On a year-to-date basis, gross margin was roughly unchanged at -15.6% compared to a year ago. That level of gross margin is poor, especially considering that the executive team pitched to investors that it was supposed to achieve a near gross margins break even this year.
Just look at their gross margin projections five months ago, in June 2021.
Source: Investor Day Presentation
While we don't expect much improvement in Q4, we remain hopeful that gross margin will improve in 2022. As manufacturing operations get scaled, gross margin should improve. We still believe this executive team can do it.
However, we believe if gross margins don't improve, ZEV will not appreciate, no matter how much revenue grows. Gross margins must improve.
Not All Was Bad: A Few Silver Linings
Growing and scaling operations is a silver lining this quarter as Lightning eMotors reported a facility expansion of 100,000 sq. ft in October, and now occupies ~231,000 sq. ft. of space. The objective is to grow the facility to 1 million sq. ft. to ramp up production capacity to ~20,000 vehicles. That will take time, so don't expect it anytime soon. Seeing progress towards this goal is a good sign. As manufacturing capacity grows, Lightning eMotors should be benefiting from scaled operations. This should help improving gross margins.
In addition to scaling manufacturing capacity, there were three interesting new pieces of information that provide hope things will improve in the future.
First, Lightning eMotors reported an interesting supply agreement with Proterra, a developer of battery systems that should complement lightning eMotors battery needs. Proterra should ease some of the battery supply chain bottlenecks, so we view this as positive. However, it is unknown whether these battery systems will benefit or hurt gross margin further. We will be tracking this in upcoming earnings releases.
Second, President Biden signed into law the Infrastructure Investments and Jobs Act, which calls for a juicy amount of money - $1 trillion to be precise - to be invested in key areas that should benefit Lightning eMotors. The company provided a nice summary of the key items that are likely to impact its industry
Source: Investor Presentation
Third, the executive team issued new guidance for the upcoming quarter, calling for revenues to range from $4 million to $6 million, driven by sales of 40 to 60 vehicles and power train units. The new guidance implies that revenues for the full year will be between $20.8 million to $22.8 million. That revenue projection equates to a growth rate of 129% to 151% for the full year, which is not bad at all.
An attentive reader would have realized that their implied full year guidance is far lower than the $55 million (at midpoint) they pitched to investors five months ago (as seen above). To state the obvious, they delivered results below expectations. Over promising and under delivering is a sure way to cause poor performance on the stock.
Considering that supply chain issues threw a wrench into its operations this year, revenue growth should accelerate in 2022. The future still looks bright, despite the challenges and slowdown seen this quarter. We are willing to give management the benefit of the doubt and expect to see much stronger revenues in 2022.
Balance Sheet & Valuation
After completing the SPAC merger and going public, Lightning eMotors has a healthy cash balance that should support operations for the foreseeable future. Cash on hand stood at $187 million at quarter end. Lightning eMotors burned approximately $15 million of cash last quarter, as calculated by the sequential change in their cash balance.
If this $15 million a quarter run rate is extrapolated, then that means there's enough cash to support the business for a few years, even though there are no profits. Cash will be invested in growth opportunities and production capacity, and hopefully one day produce profits. That's the bet for this stock. Time will tell if it's a good bet or not.
Lightning eMotors is still trading at a reasonable valuation, with an EV (enterprise value) of ~$524 million using ZEV stock price as of this writing. Our enterprise value calculation is shown below:
Source: Company filings, author computations
When companies like Tesla (TSLA) or Lucid (LCID) are trading at nosebleed valuations in the trillions and tens of billions, seeing ZEV trade in the millions gives us comfort that the stock is not massively overvalued.
For an unprofitable company like ZEV, the EV can only be compared to revenues. Using implied guidance for 2021 revenues, ZEV is trading at ~27x revenues. That doesn't look cheap, but 2021 revenues are depressed due to supply chain issues, as discussed above.
Looking beyond 2021, revenues are likely to reach (or likely surpass) $100 million annually over the next 2-3 years, making the EV/sales multiple more palatable at roughly 5-6x.
Risks
As we've mentioned in our previous articles, ZEV is an extremely risky investment. It is so risky that the word speculation is warranted, and this investment looks more like an early-stage venture capital investment than an investment in an established publicly traded company. With that in mind, these are the most important risks factors for ZEV
- Lightning eMotors loses money and expects to continue losing money for the foreseeable future. Gross margin is still negative. No business can survive forever without profits. Revenue growth means nothing if gross margin is negative.
- The executive team has tripped up quite a few times already. This is an unproven executive team. They need to prove themselves with Mr. Market, and time will tell whether they have the capacity and business acumen to take the company to the next level.
- Competition will most likely continue to intensify, and new competitors or technology can come in and drive them out of business.
Lastly, despite having the vote of confidence from Wall Street, Seeking Alpha has flagged this stock as a potentially performing very badly, giving them a "very bearish" quant rating. Lack of profits and an expensive valuation are key reasons for the negativity, as shown below.
Investor Conclusion
As readers will notice in our disclosure, we're long ZEV, and are willing to remain patient and wait for better results. But we did lighten our position. We simply think the upside potential far exceeds the risks if all goes well. If gross margins improve, revenues grow, and the sales backlog and pipeline keep growing, Mr. Market should be more enthusiastic about ZEV, and the stock should rise.
We are also fond of the company's mission and value proposition. We believe climate change is real, and Lightning eMotors is part of the solution, not the problem.
However, the results were more disappointing than encouraging. At this time, we see no rush to step into the stock with a bigger investment. When Lightning eMotors can show a path towards positive gross margins, and when we get more visibility to a reacceleration in revenue growth and improvement in gross margin, then we'd consider buying more of it.
This article was written by
Somint Research
1.25K Followers
I write in Seeking Alpha to share my research with everyone. My hope is to spark discussion, discover blind...
Long/Short Equity, Value, Growth At A Reasonable Price
Contributor Since 2014
I write in Seeking Alpha to share my research with everyone. My hope is to spark discussion, discover blind spots, and for people to benefit from my analysis.
I try to find high quality businesses with competitive advantages at fair prices. I take calculated risks based on likely economic scenarios, and I invest when I perceive a decent margin of safety.
Disclosure: I/we have a beneficial long position in the shares of ZEV either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
new tweet showing the "production line".
Production is in full swing during the holidays!
— Lightning eMotors (@LightningeMtrs) November 29, 2021
"I continue to be impressed with the speed at which our team has been able to deliver new, compelling products that are seeing immediate customer uptake.”
CEO @timreeser $ZEV #LightningElectric pic.twitter.com/hN562l98NV
YoyTube video analysis of Lightning Emotors stock titled Best EV Stock To Buy Now | ZEV Stock Has Record Earnings | Lightning e Motors Stock Is A Buy |
Nov 17, 2021
https://www.youtube.com/watch?app=desktop&v=dzxyaZOKQkY
This Just IN
2.54K subscribers
In this video I will go over my ZEV stock price prediction and if ZEV stock price is at levels for a good buy. I have been doing ZEV stock analysis and following the Lightning Emotors stock for months and have always had a bullish ZEV stock price prediction. After seeing Q1 deliveries I am even more confident that the ZEV stock price will be one of the best EV stocks to buy in 2021. With so many EV stocks to choose from it's hard to know which one is the best for your portfolio. Not all EV stocks to buy are created equal. Most are overvalued but the ZEV stock price prediction has enough upside potential that I would argue it looks undervalued. The original Lightning Emotors stock analysis I did showed us that ZEV stock could very well be one of the leaders in their niche by 2025. I will break down my ZEV stock price prediction and show you how I arrived at that price. I will also give you my reasons why I think ZEV stock is the best EV stock to buy in 2021.
Colliers Securities Reaffirms Their Buy Rating on Lightning eMotors (ZEV)
by Brian Anderson, Nov 19, 2021, 07:36 AM
https://www.tipranks.com/news/blurbs/colliers-securities-reaffirms-their-buy-rating-on-lightning-emotors-zev?utm_source=stck.pro&utm_medium=referral
In a report released today, Richard Ryan from Colliers Securities maintained a Buy rating on Lightning eMotors (ZEV – Research Report), with a price target of $11.00. The company’s shares closed last Thursday at $8.28.
According to TipRanks.com, Ryan is a 5-star analyst with an average return of 21.2% and a 72.6% success rate. Ryan covers the Technology sector, focusing on stocks such as Allied Motion Technologies, Vishay Precision Group, and Ultra Clean Holdings.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Lightning eMotors with a $14.00 average price target.
Colorado and Utah projects among $77 million in grants for diesel emissions reductions nationwide
EPA grants will result in cleaner vehicles, reduced emissions in air quality non-attainment areas
November 18, 2021
https://www.epa.gov/newsreleases/colorado-and-utah-projects-among-77-million-grants-diesel-emissions-reductions
DENVER (November 18, 2021) — Today, the U.S. Environmental Protection Agency (EPA) announced more than $77 million in grants for projects that reduce diesel emissions from the nation’s existing fleet of older, dirtier engines and vehicles, including projects led by the University of Colorado Boulder and the Utah Department of Environmental Quality. $53 million was awarded through the 2021 Diesel Emission Reduction Act (DERA) National Grant program, and an additional $24 million was awarded to states through the State DERA grant program.
“Cleaner trucks, buses, boats, and heavy equipment keep local economies thriving while better protecting the health of the people living and working near ports, schools, and along delivery routes,” said EPA Administrator Michael S. Regan. “Combined with $5 billion from the Bipartisan Infrastructure Law going to electric and alternative fuel school buses over the coming months and years, EPA is leading an unprecedented investment in cleaner air for communities across the country.”
The University of Colorado Boulder was selected for an award of $948,100 to replace two old diesel transit buses with new battery electric transit buses. The buses will be used for campus route shuttle service during the academic school year and for charters during non-academic periods. The buses will operate in the Denver Metro/North Front Range ozone nonattainment area.
The Utah Department of Environmental Quality was selected for an award of$2,349,604 to replace an estimated 18 old diesel refuse haulers and 23 short haul delivery trucks with cleaner, current model year vehicles. The targeted vehicles will operate in the Northern and Southern Wasatch Front 2015 ozone standard nonattainment area, including Davis, Salt Lake, Tooele, Utah and Weber counties.
EPA awarded 55 national DERA grants covering a wide range of projects to reduce diesel emissions including upgrades to school buses, port equipment, and construction equipment. 19 of these awards will support replacing older diesel equipment with zero emission technologies such as transportation refrigeration units, terminal tractors, drayage trucks, refuse trucks, a locomotive, and a port ship-to-shore gantry crane. All 55 projects will reduce diesel pollution and benefit local communities, many of which are facing environmental justice concerns.
In selecting projects for awards, priority was given to projects that:
- are in areas designated as having poor air quality;
- reduce emissions from ports and other goods movement facilities;
- benefit local communities;
- incorporate local communities in project planning; and
demonstrate an ability to continue efforts to reduce emissions after the project has ended.
EPA also awarded $24 million under EPA’s 2021 DERA State Grants program to 49 states and three territories to implement their own diesel emissions reduction programs locally. This program allows states to target funds towards the diesel emissions reduction projects that best align with local priorities.
The DERA Program funds grants and rebates that protect human health and improve air quality by reducing harmful emissions from diesel engines. Since the start of the DERA program in 2008, EPA has awarded over $1 billion in grants and rebates to modernize the nation’s diesel fleet and speed the turnover to cleaner on- and off-road heavy-duty trucks and equipment.
In addition to DERA, following the passage of the historic Bipartisan Infrastructure Law, EPA will be making significant investments in the health, equity, and resilience of American communities. EPA will offer a total of $5 billion between fiscal years 2022 and 2026 to fund the replacement of dirtier school buses with low- or no-carbon school buses. Each year, $500 million will be available exclusively for electric school buses and $500 million will be available for electric buses and multiple types of cleaner alternative fuel school buses. In line with the President’s commitment to Justice40, EPA is actively working to ensure DERA funding, including Bipartisan Infrastructure Law funding, maximizes the benefits that are directed to underserved communities.
For more information on DERA national grants: https://www.epa.gov/dera/national-dera-awarded-grants
Contact Information
Richard Mylott (mylott.richard@epa.gov)
720-237-8119
More information on DERA state grants: https://www.epa.gov/dera/state-allocations
For information on the Clean School Bus Plan under the BIL: https://www.epa.gov/transportation-air-pollution-and-climate-change/clean-school-bus-plan
Lightning eMotors Execs Tout Production Growth, Land LA Deal
Nov. 16, 2021
But supply chain snarls have pushed 60 sales into early 2022.
By Geert De Lombaerde
https://www.industryweek.com/leadership/companies-executives/article/21181466/lightning-emotors-execs-tout-production-growth-land-la-deal
With several recent headlines in the commercial electric vehicle space focused on production delays and big guidance changes, the leaders of Lightning eMotors repeatedly delivered a clear message to go with their third-quarter results: We’re actually making stuff and we’re being paid for it.
Colorado-based Lightning eMotors on Nov. 15 reported a Q3 loss of nearly $50 million that included several large one-time items – adjusted EBITDA was negative $9.3 million versus negative $2.8 million in the prior-year period – on revenues of $6.3 million, a number that comfortable exceeded analysts’ expectations. But CEO Tim Reeser and his team got to tell analysts and investors that their pipeline for electrifying trucks, vans and buses remains strong, that no customers have canceled orders and that they expect to sell up to 60 units in the fourth quarter, up from 43 in Q3. The Q4 number could have been higher still but the global supply chain problems have pushed into early next year another 60 expected sales.
“We believe that Lightning stands out to our customers because of our ability to produce and deliver reliable products, which is a significant differentiator in our end markets,” Reeser told analysts and investors on his team’s conference call, juxtaposing – albeit without naming names – Lightning’s positioning versus that of higher-profile commercial EV peers Arrival and Lordstown Motors Corp.
Reeser also made it a point to note that Lightning eMotors now has three years of experience building and converting electric vehicles and powertrains – the company has shipped 110 units through the first nine months of this year versus 40 in the same period of 2020 – that has it ready to scale up further. His comment was echoed by Chief Revenue Officer Kash Sethi, who said the company’s growing track record has helped it build a pipeline comprising 238 deals.
“We have a lot of real products, so we take every opportunity to put our customers behind the steering wheel and get them to experience the technologies,” Sethi said. “So that's an important part of the sales process. We are doing the heavy lifting there.”
Backing up their optimism, Lightning’s execs on Nov. 16 announced that RideCo has placed an initial order of 10 all-electric vans for the Los Angeles County Metropolitan Transportation Authority. That agency last year launched an on-demand microtransit service to connect outlying LA area with the city’s bus and train network. Lightning’s van have a range of about 120 miles an the company also is providing charging infrastructure as part of its work with RideCo.
Shares of Lightning (Ticker: ZEV) were down about 4% in Nov. 16 trading. Since going public via a merger in May, the stock is up about 17%.
We’ve been flying under the radar for a while now. Need some exposure..
great news
excellent reference site and they may move quickly beyond the 10 unit trial.
Lightning eMotors to Supply RideCo with Zero-Emission Passenger Vans for Los Angeles County
November 16 2021 - 08:00AM, Business Wire
https://ih.advfn.com/stock-market/NYSE/lightning-emotors-ZEV/stock-news/86572586/lightning-emotors-to-supply-rideco-with-zero-emiss
Summary
- Lightning eMotors to provide initial test fleet of 10 zero-emission passenger vans as part of RideCo’s on-demand microtransit service for the Los Angeles County Metropolitan Transportation Authority (Metro)
- Test fleet supports Metro’s long-term goal of transitioning its current fleet of vehicles to a zero-emission fleet
- Lightning eMotors is witnessing a significant increase in interest from public transit authorities, having deployed over a dozen fleets in the last twelve months
Lightning eMotors (NYSE: ZEV), a leading provider of all-electric powertrains and medium-duty and specialty commercial electric fleet vehicles, announced an agreement with on-demand transit industry leader RideCo to provide zero-emission passenger vans for the Los Angeles County Metropolitan Transportation Authority (Metro).
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211116005147/en/
Under the agreement, Lightning eMotors will serve as the preferred zero-emission vehicle vendor for RideCo as it manages a fleet of vehicles for Metro Micro, a pilot program designed to provide fast and convenient rides within the service zones in Los Angeles County. Lightning eMotors will initially supply RideCo with 10 all-electric passenger vans. Several of those vehicles have already been delivered, and RideCo anticipates that all 10 will be transporting passengers around Los Angeles County by early next year.
“From the outset, our goal was to introduce zero-emission vehicles into our fleet. After evaluating several potential vendors, Lightning eMotors emerged as a clear choice,” said RideCo CEO Prem Gururajan. “We are excited to work with Lightning eMotors to deliver this innovative microtransit service in Los Angeles County.”
“Metro is one of the largest and most sophisticated transportation agencies in the nation. We are proud to provide these vans to RideCo as part of Metro’s long-term goals to transition to zero-emission transit vehicles,” said Lightning eMotors CEO Tim Reeser. “We are also grateful to RideCo, an industry leader and pioneer in on-demand transit technology and ridesharing for the public, for selecting Lightning eMotors as its preferred vendor.”
In December 2020, Metro launched Metro Micro – a state-of-the-art 100-vehicle on-demand microtransit service – to connect Angelenos in outlying areas and traditionally underserved communities with existing fixed-route bus and train network as well as accommodate short trips in the service zones. This project is currently piloting in seven zones across Los Angeles County, with one more service zone planned in December 2021.
Lightning eMotors’ vans are designed with 86 kWh of battery capacity which can transport nine passengers and the driver with plenty of cargo space for a range of approximately 120 miles. Additionally, Lightning eMotors is providing the charging infrastructure to support the test fleet via its Lightning Energy division.
ABOUT RIDECO
RideCo is an industry leader in on-demand transit technology, enabling on-demand ridesharing for public transit riders around the globe. We partner with transit agencies, municipalities, and experienced local fleet operators to design and operate on-demand transit services. Our solutions reduce travel time, decrease walking distance, and increase service frequency for riders while lowering transit agencies’ cost-per-ride, reducing demand for parking, and attracting net new riders to transit systems. Visit https://rideco.com/ to learn more about how our proprietary cloud-based platform can revolutionize mobility in your city.
ABOUT LIGHTNING eMOTORS
Lightning eMotors (NYSE: ZEV) has been providing specialized and sustainable fleet solutions since 2009, deploying complete zero-emission-vehicle (ZEV) solutions for commercial fleets since 2018 – including Class 3 cargo and passenger vans, ambulances, Class 4 and 5 cargo vans and shuttle buses, Class 4 Type A school buses, Class 6 work trucks, Class 7 city buses, and Class A motor coaches. The Lightning eMotors’ team designs, engineers, customizes, and manufactures zero-emission vehicles to support the wide array of fleet customer needs with a full suite of control software, telematics, analytics, and charging solutions to simplify the buying and ownership experience and maximize uptime and energy efficiency. To learn more, visit https://lightningemotors.com.
Check out @totove message on StockTwits http://stocktwits.com/totove/message/405917678
ZEV, Lightning eMotors...and they
Also
have a aprox. $900 Million
Contract....
ZEV, Lightning eMotors, already had $807M in EV orders , then adding the $850M, order yesterday, from Warren Buffett. $1.657B total!
glad they still mention Fuel cell but everything is so far battery based got to look after my PLUG holding
much better results than I expects seems these agreements are now shipping regularly no more pilots/trials
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