A 7-year-old boy from London, Ontario, was struck and fatally injured in a collision as he was getting off his school bus, reported CBC News.

The incident reportedly occurred on Monday afternoon, when the boy identified as Dante Caranci, was exiting his school bus and a passing vehicle struck him.

According to the news report, Caranci was rushed to London’s Victoria Hospital following the crash and was pronounced dead on Tuesday. London Police have not released many details of the crash.

A GoFundMe launched to help cover funeral costs and any other expenses had reportedly raised more than $91,000 as of Wednesday.

Police have not stated if charges are pending in the collision, and few details have been made public. Judy Madzia, the boy’s grandmother, told local news reporters that she had not seen any police report and was still unsure exactly what had happened.

Authorities have reportedly asked anyone with a dash cam who may have been traveling through the area between 3:45 p.m. and 4:05 p.m. to contact them.

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Related: Wisconsin Child Fatally Struck by Car While Waiting for School Bus
Related: Teen Struck, Killed by Kentucky School Bus
Related: 9-year-old Boy Struck by SUV While Waiting for School Bus
Related: Ohio Child Struck by Vehicle While Getting Off School Bus

The post 7-year-old Struck and Fatally Injured in Canada appeared first on School Transportation News.

MONTREAL — The Lion Electric Company (NYSE: LEV) (TSX: LEV) (“Lion” or the “Company”), a leading manufacturer of all-electric medium and heavy-duty urban vehicles, announced today that it has reached a definitive agreement with Aéroport de Montreal to sell its innovation center facility located in Mirabel, Québec, for a purchase price of C$50,000,000, subject to customary purchase price adjustments and closing conditions.

All of the net proceeds from the transaction are intended to be used towards the partial repayment of the Company’s senior secured non-convertible debentures issued in July 2023, holders of which currently benefit from a first ranking hypothec over the immovable/real rights related to the innovation center facility. As a result, while the transaction is expected to reduce the Company’s long-term indebtedness, it will not impact the Company’s short term liquidity and cash position.

Closing of the transaction is expected to occur before the end of 2024, subject to the satisfaction of customary closing conditions.

About Lion Electric

Lion Electric is an innovative manufacturer of zero-emission vehicles, including all electric school buses. Lion is a North American leader in electric transportation and designs, builds and assembles many of its vehicles’ components, including chassis, battery packs, truck cabins and bus bodies.

Always actively seeking new and reliable technologies, Lion vehicles have unique features that are specifically adapted to its users and their everyday needs. Lion believes that transitioning to all-electric vehicles will lead to major improvements in our society, environment and overall quality of life.

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A scene on tariffs from Ferris Bueller’s Day Off in 1986 is getting some extra attention. (Paramount Pictures.)

Fans of the movie, “Ferris Bueller’s Day Off,” will remember the scene. Ben Stein plays a famously boring high school teacher giving a lecture about economics to a room full of teenagers fighting to stay awake. In about a minute, he covers the Smoot-Hawley Tariff Act and the Laffer Curve, fundamental economic topics, desperately trying to get the students to engage with him.

“Anyone? Anyone…” is the memorable device Stein uses, to no avail, to engage an audience who couldn’t care less.

Some analysts say the economy is the reason voters chose Donald Trump for a second term in last month’s election. His economic plan is rooted in the broad and cavalier use of tariffs on imports from friends and foes alike. Last week, he announced his plan to impose 25% tariffs on Canada and Mexico. The announcement prompted a surprise visit from Canadian Prime Minister Justin Trudeau, and a phone call from Mexican President Claudia Sheinbaum.

Meanwhile, the American public, particularly Trump voters, remain in an economic daze much like Ben Stein’s class.

The Smoot-Hawley Tariff Act was passed in 1930 in an attempt to thwart the impacts of the Great Depression. It was legislation initially designed to provide relief to the American agriculture sector but became “a means to raise tariffs in all sectors of the economy.” It also marked the end of an entrenched Republican platform of protectionist policymaking during that era. The policies ended because they were…anyone…anyone? Failures.

The details

Ignorance has become a vital asset in the political space these days. Yes, it is an asset in politics, but it is the devil in economics.

As a political asset, there are voters who believe that simply throwing a tariff at any nation they are mad at has nothing but benefits. Mad at Mexico because of migration? Slap them with a tariff and border crossings will go down, right? A good number of voters believe the answer is yes. Though this is almost entirely wrong, politically speaking, that ignorance served the pro-tariff candidate in November.

Economically however, the only real certainty that a 25% tariff on Mexico will have, is a 25% price increase in America. There actually is no disagreement on how tariffs functionally work, but I will refer to PBS for a simple explanation. Importers here pay the tariff, otherwise known as a tax, and remit that payment to the U.S. Treasury. How they pass that increase in costs along may vary a little from merchant to merchant, but ultimately it ends up in the price the American consumer pays.

Yes, a tariff program, in the most basic sense, is government imposed price increases. So, if high prices are the reason why an American voted against the current party in power, voting for higher prices seems, well, ignorant.

Now, does a tariff hurt who the angry American is mad at? Sure. In our example, Mexican goods become less affordable if a tariff is applied to them. In that sense, a tariff can hurt who it is designed to hurt. But that doesn’t change the fact that Americans pay the tariff, not the other country.

Many voters have the perspective that Trump imposed tariffs during his first term, and everything worked out fine. The Associated Press reports, “When Trump first became president in 2017, the federal government collected $34.6 billion in customs, duties and fees. That sum more than doubled under Trump to $70.8 billion in 2019, according to Office of Management and Budget records.” That sounds like a lot of money, until it is put in the context of the current $29.3 trillion gross domestic product.

The tariffs Trump is discussing in 2024 are wildly bigger and are being threatened toward virtually every country. But that’s not the only thing different between 2024 and 2017.

What else is different?

Anyone? Anyone?

The economy that Trump inherited in 2017 is sharply different than the one he will inherit in January. Inflation eight years ago was low and had been for a long time. Interest rates were also low and had been for a long time. The 2016 election wasn’t about inflation, and those rather small tariffs weren’t either. But times have changed.

For the life of me, I cannot find any credible theory as to how raising prices on imported goods will have the effect of lowering prices. I’ve written that sentence six times, and I know it reads like gibberish, but I just can’t help it.

Simply put, tariffs raise prices. After a bout with historic global inflation, consumers are exhausted with high prices. We can all agree with that part.

But there is a word for thinking that raising prices will actually lower them.

Anyone? Anyone?

Ohio Capital Journal is part of States Newsroom, a nonprofit news network supported by grants and a coalition of donors as a 501c(3) public charity. Ohio Capital Journal maintains editorial independence. Contact Editor David Dewitt for questions: info@ohiocapitaljournal.com. Follow Ohio Capital Journal on Facebook and X.

Tesla has made its popular referral program in the US and Canada a little more generous, benefiting both new and existing owners.

The changes start with the Tesla Model S, Model X, and Cybertruck. Those who purchase one of these EVs using an existing owner’s referral will get a hefty $2,000 discount. This is double the $1,000 discount that had been provided previously. Tesla has also increased the discount for the Model 3 and Model Y from $500 to $1,000.

Read: California To Reinstate EV Rebates If Trump Scraps Tax Credit, Just Not For Tesla

Canadian buyers can also benefit from new discounts. Those who place an order for a Model S, Model X, and Model Y, will all receive a CAD$2,600 discount, double what it used to be. That discount is particularly generous for the Model Y as it’s significantly cheaper than both the Model S and Model X.

Existing Tesla owners who provide their referral codes are also being rewarded more. In the US, each successful referral an owner makes will receive $1,000, while in Canada, they’ll get CAD$1,300. This money can be used at the Tesla Shop to buy accessories, for Supercharging, or at Tesla Service centers. Each referrer is capped at ten referrals before it resets. This means owners in the US can stack them and get up to $10,000 off their next vehicle purchase or CAD$13,000 in the Great White North.

The referrals work for newly-ordered vehicles, as well as those in Tesla’s existing inventory.

In September, Rivian launched a Tesla-inspired referral program for its owners. The electric startup offers 750 points ($1 point equals a $1 credit) for an owner who makes a referral and another 750 points to a new buyer who uses that referral code. Both parties also receive six months of free charging at the Rivian Adventure Network. The 750 points can be redeemed for a future vehicle purchase or spent on Rivian’s online stores.

DRUMMONDVILLE, Canada- Micro Bird, a joint venture between Blue Bird Corporation and Girardin, will be expanding its manufacturing operations in Plattsburgh, NY. The company has confirmed the purchase of the Nova Bus facility on Banker Road, where it plans to build both electric and non-electric versions of its current bus products. Nova Bus is set to cease operations in Plattsburgh next year. This investment is part of a growth strategy to double production capacity and better meet the sustained and growing demand for its products, which are known for their superior quality, durability and value. This will also provide a considerable growth opportunity for the Blue Bird brand and its well established and reputable North American dealer network.

Eric Boulé, Micro Bird’s President and CEO, said, “We are very excited to begin this new chapter by expanding our operations in Plattsburgh, and by creating high quality job opportunities for our future colleagues. This investment confirms Micro Bird’s position as a leading manufacturer in the North American bus industry. We are also grateful for the strong cooperation and support from the Nova Bus leadership team and representatives from the state of New York, Clinton County, and the Town of Plattsburgh. “

Micro Bird ‘s investment in capital expenditure and training will create more than 350
full-time jobs over the next several years. This project is supported by the Empire State Development with nearly $10 million in performance-based Excelsior Jobs Program tax credits and a $2.5 million capital grant from the North Country Regional Economic
Development Council.

“When Nova Bus announced they would cease operations at their Plattsburgh facility, I
immediately contacted company leadership and strongly advocated for solutions that
would capitalize on the current workforce and existing supply chain,” Governor Hochul
said. “Today, I am proud to welcome Micro Bird which we recruited to the North
Country where they can take advantage of our top talent, a thriving transportation
cluster and the major investments we have made across the region. New York’s
manufacturing sector is in the midst of a major renaissance and is a major driver of our
economy I look forward to a long and successful future for Micro Bird in New York
State.”

Majority Leader Charles Schumer said, “This Thanksgiving we have a little extra to
be grateful for in Plattsburgh thanks to Micro Bird’s fantastic investment to take over the former Nova Bus manufacturing facility. I called Nova Bus’s top leadership to urge them to do the right thing and find a new owner in the transportation lane to take over this plant, and I’m thrilled that Micro Bird is stepping up to start manufacturing operations keeping hundreds of good-paying jobs here in Clinton County. This will keep the North Country economy’s wheels in motion and provide good-paying job opportunities for hundreds in the Plattsburgh area. America’s buses will continue to be stamped ‘Made in Upstate NY’ courtesy of the world-class Plattsburgh workforce. I am grateful for Governor Hochul for her partnership and leadership in helping drive this deal to ensure Upstate NY remains a leader in transportation manufacturing.”

Nova Bus President Mr. Paul Le Houillier said, “From our earliest discussions with
Micro Bird, it was clear that they were the right partner with a similar manufacturing
profile who would benefit from Nova Bus’s skilled employees and the cluster of
suppliers in the Plattsburgh area. Choosing Micro Bird quickly became a win-win
choice. We are thrilled to have concluded an agreement with a company that will carry
forward the manufacturing footprint in the region for years to come and who will benefit from the same unwavering support we have received from both the Plattsburgh
community and the New York State.”

Micro Bird will progressively be hiring the skilled and experienced employees currently
working at Nova Bus Plattsburgh, building on the culture of excellence put in place by
Nova Bus. A close collaboration with Nova Bus has been established to ensure a
seamless transition. Site preparation will begin in January, including hiring of
employees. Start of production is scheduled for the Summer of 2025.

About Micro Bird
A joint venture between Girardin and Blue Bird, Micro Bird specializes in the design,
assembly and distribution of school and commercial buses, as well as electric motors,
through its subsidiary Ecotuned Technologies. Headquartered in Drummondville, the
company employs over 600 people. Manufacturing over 3,000 buses per year from its
Drummondville plant, Micro Bird is the largest bus manufacturer in Canada and an
established and respected leader across North America.

A joint venture company owned by Blue Bird and the Girardin that focuses on designing, assembling, and distributing commercial and school minibuses as well as electric powertrain solutions through its subsidiary Ecotuned Technologies. With more than 600 employees, the company’s headquarters are located in Drummondville, Québec. Micro Bird is an established leader in the school bus industry and Canada’s largest manufacturer of buses, producing over 3,000 buses annually from its Drummondville facility

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MONTREAL, Canada- The Lion Electric Company (NYSE: LEV) (TSX: LEV) (“Lion” or the “Company”), a leading manufacturer of all-electric medium and heavy-duty urban vehicles, announced today that the staff of NYSE Regulation of the New York Stock Exchange (“NYSE”) has determined to commence proceedings to delist the Company’s warrants with an expiration date of May 6, 2026 ticker symbol LEV.WS to purchase common shares of the Company from the NYSE. Trading in the warrants was suspended immediately. Trading in the Company’s common shares ticker symbol LEV and another series of warrants with an expiration date of December 15, 2027 ticker symbol LEV.WS.A will continue on the NYSE.

NYSE Regulation has determined that the warrants are no longer suitable for listing based on “abnormally low selling price” levels, pursuant to Section 802.01D of the NYSE Listed Company Manual.

The Company is considering whether it will require a review of this determination by a Committee of the Board of Directors of the NYSE. The NYSE will apply to the Securities and Exchange Commission to delist the warrants upon completion of all applicable procedures, including any appeal by the Company of the NYSE Regulation staff’s decision.

About Lion Electric:
Lion Electric is an innovative manufacturer of zero-emission vehicles. The Company creates, designs and manufactures all-electric class 5 to class 8 commercial urban trucks and all-electric school buses. Lion is a North American leader in electric transportation and designs, builds and assembles many of its vehicles’ components, including chassis, battery packs, truck cabins and bus bodies.

Always actively seeking new and reliable technologies, Lion vehicles have unique features that are specifically adapted to its users and their everyday needs. Lion believes that transitioning to all-electric vehicles will lead to major improvements in our society, environment and overall quality of life. Lion shares are traded on the New York Stock Exchange and the Toronto Stock Exchange under the symbol LEV.

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Just days after Volkswagen and Rivian announced the finalization of their joint venture to co-develop a next-generation electrical architecture and software, another major shift has surfaced. Kjell Gruner, one of Rivian’s former top executives, is set to become the new chief executive of Volkswagen Group of America.

That executive is Kjell Gruner, who joins Volkswagen after serving as chief commercial officer and president of Business Growth at Rivian. Gruner took on the role at Rivian in September 2023 but resigned in July 2024, after just 10 months. He is set to become the new head of Volkswagen Group of America on December 12, succeeding Pablo Di Si, who is stepping down.

Read: VW And Rivian Team Up To Develop EV Tech for 2027 Launch

Until Gruner officially takes charge, Gerrit Spengler, the current chief human resources officer for Volkswagen Group of America, will act as interim CEO.

A Familiar Name in the Industry

VW will no doubt hope that Gruner’s expertise in the US market will help it broaden its reach across the region. Through the first months of this year, VW sold 769,000 vehicles in North America, a 7% increase from the previous year.

Gruner brings extensive experience in both the US and German automotive markets. While his tenure at Rivian was brief, it’s hardly his first time in a high-profile role. His career began as a consultant before moving to Porsche in the early 2000s. In 2004, he joined DaimlerChrysler, where he led strategy for Mercedes-Benz Cars. By 2010, Gruner returned to Porsche, this time as the global chief marketing officer. In 2020, he ascended to president and CEO of Porsche Cars North America, a role he held until his transition to Rivian in 2023.

“Kjell Gruner is an absolute expert for the US market. He has over 25 years of experience in the automotive industry and extensive know-how in exploiting and expediting growth opportunities in North America,” VW AG group board member for human resources Gunnar Killian said. “Volkswagen AG is indebted to his predecessor, Pablo Di Si. His outstanding commitment was of central importance in realigning our business in South America. He subsequently laid the foundation for the positive development of our North American strategy.”

A $5.8 Billion Bet on Rivian Tech

Gruner’s appointment comes as VW doubles down on its collaboration with Rivian. The automaker has committed a significant $5.8 billion investment into co-developing a new electrical architecture based on Rivian’s systems. The partnership’s first fruits will debut in 2027 with a VW-branded vehicle. Afterward, the software stack will roll out across models from Audi, Porsche, Scout, and others under the Volkswagen Group umbrella.

VANCOUVER, Canada, – GreenPower Motor Company Inc. (Nasdaq: GP) (TSXV: GPV) (“GreenPower” and the “Company”), a leading manufacturer and distributor of all-electric, purpose-built, zero-emission medium and heavy-duty vehicles serving the cargo and delivery market, shuttle and transit space and school bus sector, today reported its second quarter fiscal year 2025 results and provided an update on its manufacturing operations.

“GreenPower spent the quarter advancing the school bus production process at its West Virginia facility by setting up an oversized paint booth and establishing production stations to increase throughput in order to meet customer orders and demands,” said GreenPower President Brendan Riley. “The increase in production coupled with manufacturing process improvements is expected to result in higher gross profit margins and cost reductions on a per unit basis as throughput improves.”

Riley said that the Company has been systematically increasing its production workforce to provide for its growing production. “Putting the workforce in place and validating the manufacturing process is key to our efficiency, and production growth which is expected to drive cost savings on a per unit basis. With these in place, GreenPower will be able to attain its longer-term manufacturing goal of producing 20 school buses per month,” he said, noting that steady, measured growth, a foundation of GreenPower’s model, is critical for maintaining quality throughout the production process.

“The growth in production complements GreenPower’s sales strategy of focusing on states where there are money and mandates for electric school buses,” added Fraser Atkinson, CEO of GreenPower. “While we continue to manufacture and sell EV school buses for current orders and contracts under both state and federal programs, the future is more focused on states that have put policies and plans in place to provide a cleaner, healthier ride for students through the deployment of electric school buses. States like California and New York, and regions like the Southwest.”

During the second quarter of GreenPower’s fiscal year 2025, the manufacturing process was exhibited when the Company produced the first Type D BEAST all-electric, purpose-built, zero-emission school bus for the 37 BEAST order from the state of West Virginia from its South Charleston plant, which was delivered at the beginning of our current quarter. That was the second BEAST produced in the facility following the production of the Kanawha County bus purchased directly by the school district outside of the state order. Additional deliveries to fulfill the state order are planned to take place in the third and fourth quarters.

Second Quarter 2025 Highlights:
Generated revenues of $5.3 million for the three months ended September 30, 2024, an increase of 78% over the previous quarter.
Delivered 11 BEAST Type D all-electric school buses, six EV Star Cargo and EV Star Cargo Plus and five EV Star Passenger Vans.
Deferred revenue increased to $10.4 million, including the current portion of $7.5 million, which is expected to be realized over the next year.
At the end of the quarter GreenPower had working capital of $10.1 million including inventory of $31.7 million consisting of $9.3 million of finished goods, $18.6 million of work-in-process and $3.8 million of parts and components.
Received order for school buses under EPA’s Clean School Bus Program from the RWC Group for Arizona.
In October the Company completed an underwritten offering of 3,000,000 common shares raising gross proceeds of $3 million. The net proceeds from this offering are intended for the production of all-electric vehicles, including BEAST school buses and EV Star commercial vehicles, product development, with the remainder, if any, for general corporate purposes.

For additional information on the results of operations for the periods ended September 30, 2024 review the interim financial statements and related reports posted on GreenPower’s website as well as on www.sedar.com or filed on EDGAR.

About GreenPower Motor Company Inc.
GreenPower designs, builds and distributes a full suite of high-floor and low-floor all-electric medium and heavy-duty vehicles, including transit buses, school buses, shuttles, cargo van and a cab and chassis. GreenPower employs a clean-sheet design to manufacture all-electric vehicles that are purpose built to be battery powered with zero emissions while integrating global suppliers for key components. This OEM platform allows GreenPower to meet the specifications of various operators while providing standard parts for ease of maintenance and accessibility for warranty requirements. GreenPower was founded in Vancouver, Canada with primary operational facilities in southern California. Listed on the Toronto exchange since November 2015, GreenPower completed its U.S. IPO and NASDAQ listing in August 2020. For further information go to www.greenpowermotor.com

The post GreenPower Provides Business Update and Reports Second Quarter Fiscal 2025 Results appeared first on School Transportation News.

MONTREAL, Canada- The Lion Electric Company (NYSE: LEV) (TSX: LEV) (“Lion” or the “Company”), a leading manufacturer of all-electric medium and heavy-duty urban vehicles, today announced its financial and operating results for the third quarter of fiscal year 2024, which ended on September 30, 2024. Lion reports its results in US dollars and in accordance with International Financial Reporting Standards (“IFRS”).

Q3 2024 Financial Highlights:
Revenue of $30.6 million, down $49.7 million, as compared to $80.3 million in Q3 2023.
Delivery of 89 vehicles, a decrease of 156 vehicles, as compared to the 245 delivered in Q3 2023.
Gross loss of $16.0 million, as compared to gross profit of $5.4 million in Q3 2023.
Net loss of $33.9 million, as compared to net loss of $19.9 million in Q3 2023.
Adjusted EBITDA1 of negative $19.5 million, as compared to negative $3.9 million in Q3 2023.
Additions to property, plant and equipment of $0.4 million, down $15.8 million, as compared to $16.2 million in Q3 2023.
Additions to intangible assets, which mainly consist of vehicle and battery development activities, amounted to $6.0 million, down $9.0 million as compared to $15.0 million in Q3 2023.

Business Updates:
More than 2,200 vehicles on the road, with over 32 million miles driven (over 52 million kilometers).
Vehicle order book2 of 1,590 all-electric medium- and heavy-duty urban vehicles as of November 6, 2024, consisting of 135 trucks and 1,455 buses, representing a combined total order value of approximately $420 million based on management’s estimates.
LionEnergy order book of 366 charging stations and related services as of November 6, 2024, representing a combined total order value of approximately $8 million.
12 experience centers in operation in the United States and Canada.

“In Q3, we further adjusted our cost structure and optimized our operations to continue to execute on our business strategy to support and promote the increasing electric school bus demand and maintain our leadership position, despite the persistent challenges that we and our industry continue to face and which put significant pressure on our liquidity” stated Marc Bedard, CEO-Founder of Lion. “We also experienced very good momentum in the latest rounds of the EPA Clean School Bus program and will keep our focus on delivering to push forward the electrification of school buses all over America” he added.

Select Explanations on Results of Operations for the Third Quarter of Fiscal Year 2024:

Revenue
For the three months ended September 30, 2024, revenue amounted to $30.6 million, a decrease of $49.7 million, compared to the corresponding period in the prior year. The decrease in revenue was due to a decrease in vehicle sales volume of 156 units, from 245 units (220 school buses and 25 trucks; 132 vehicles in Canada and 113 vehicles in the U.S.) for the three months ended September 30, 2023, to 89 units (71 school buses and 18 trucks; 45 vehicles in Canada and 44 vehicles in the U.S.) for the three months ended September 30, 2024. The decrease in vehicle sales volume was primarily attributable to the impact of the timing of EPA rounds and the continued delays and challenges associated with the granting of subsidies to the Company’s clients related to the ZETF program, as well as the impact on the Company’s production cadence due to the continued integration of its Lion MD batteries onto its vehicles and the continued ramp-up of production of the Lion5 and LionD platforms. The Company’s objective to preserve liquidity also had a negative impact on the rate of production and deliveries during the third quarter.

For the nine months ended September 30, 2024, revenue amounted to $116.4 million, a decrease of $76.7 million, compared to the nine months ended September 30, 2023. The decrease in revenue was due to a decrease in vehicle sales volume of 278 units, from 664 units (593 school buses and 71 trucks; 518 vehicles in Canada and 146 vehicles in the U.S.) for the nine months ended September 30, 2023, to 386 units (350 school buses and 36 trucks; 294 vehicles in Canada and 92 vehicles in the U.S.) for the nine months ended September 30, 2024. The decrease in vehicle sales volume was primarily attributable to the impact of the timing of EPA rounds and the continued delays and challenges associated with the granting of subsidies to the Company’s clients related to the ZETF program, as well as the impact on the Company’s production cadence due to the continued integration of its Lion MD batteries onto its vehicles and the continued ramp-up of production of the Lion5 and LionD platforms. The Company’s objective to preserve liquidity also had a negative impact on the rate of production and deliveries during the third quarter.

Cost of Sales
For the three months ended September 30, 2024, cost of sales amounted to $46.6 million, representing a decrease of $28.4 million, compared to the corresponding period in the prior year. The decrease was primarily due to lower sales volumes, partially offset by increased manufacturing costs related to the continuing ramp-up of the new products (LionD, Lion5, and the Lion battery packs) and lower production volumes (which resulted in higher fixed manufacturing costs per unit produced).

For the nine months ended September 30, 2024, cost of sales amounted to $158.7 million, representing a decrease of $30.8 million, compared to the nine months ended September 30, 2023. The decrease was primarily due to lower sales volumes, partially offset by increased manufacturing costs related to the continuing ramp-up of the new products (LionD, Lion5, and the Lion battery packs) and lower production volumes (which resulted in higher fixed manufacturing costs per unit produced).

Gross Profit (Loss)
For the three months ended September 30, 2024, gross loss increased by $21.3 million to negative $16.0 million, compared to positive $5.4 million for the three months ended September 30, 2023. The gross loss was primarily due to the impact of lower sales volumes, increased manufacturing costs related to the continuing ramp-up of the new products (LionD, Lion5, and the Lion battery packs) and lower production volume (which resulted in higher fixed manufacturing costs per unit produced).

For the nine months ended September 30, 2024, gross loss increased by $45.8 million to negative $42.3 million, compared to negative $3.5 million for the nine months ended September 30, 2023. The increase in the gross loss was primarily due to the impact of lower sales volumes, increased manufacturing costs related to the continuing ramp-up of the new products (LionD, Lion5, and the Lion battery packs) and lower production volume (which resulted in higher fixed manufacturing costs per unit produced).

Administrative Expenses
For the three months ended September 30, 2024, administrative expenses decreased by $3.3 million, from $13.0 million for the corresponding period in the prior year, to $9.7 million. Administrative expenses for the three months ended September 30, 2024 included $0.3 million of non-cash share-based compensation, compared to $1.0 million for the three months ended September 30, 2023. Excluding the impact of non-cash share-based compensation, administrative expenses decreased from $12.0 million for the three months ended September 30, 2023, to $9.4 million for three months ended September 30, 2024. The decrease was mainly due to a decrease in expenses and a lower headcount, both resulting from the workforce reduction and cost reduction initiatives implemented since November 2023, including as part of the July 2024 Action Plan.

For the nine months ended September 30, 2024, administrative expenses decreased by $6.7 million, from $38.5 million for the nine months ended September 30, 2023, to $31.8 million. Administrative expenses for the nine months ended September 30, 2024 included $1.1 million of non-cash share-based compensation, compared to $3.6 million for the nine months ended September 30, 2023. Excluding the impact of non-cash share-based compensation, administrative expenses decreased from $34.8 million for the nine months ended September 30, 2023, to $30.7 million for nine months ended September 30, 2024. The decrease was mainly due to a decrease in expenses and a lower headcount, both resulting from the workforce reduction and cost reduction initiatives implemented since November 2023, including as part of the July 2024 Action Plan.

Selling Expenses
For the three months ended September 30, 2024, selling expenses decreased by $1.4 million, from $5.2 million for the three months ended September 30, 2023, to $3.8 million. Selling expenses for the three months ended September 30, 2024 included $0.1 million of non-cash share-based compensation, compared to $0.3 million for the three months ended September 30, 2023. Excluding the impact of non-cash share-based compensation, selling expenses decreased from $4.8 million for the three months ended September 30, 2023, to $3.7 million for three months ended September 30, 2024. The decrease was primarily due to lower sales commission expenses in line with lower sales volumes and to streamlined selling related expenses, including lower headcount and marketing costs resulting from the workforce reduction and cost reduction initiatives implemented since November 2023, including as part of the July 2024 Action Plan.

For the nine months ended September 30, 2024, selling expenses decreased by $4.7 million, from $16.5 million for the nine months ended September 30, 2023, to $11.8 million. Selling expenses for the nine months ended September 30, 2024 included $0.2 million of non-cash share-based compensation, compared to $1.2 million for the nine months ended September 30, 2023. Excluding the impact of non-cash share-based compensation, selling expenses decreased from $15.3 million for the nine months ended September 30, 2023, to $11.6 million for nine months ended September 30, 2024. The decrease was primarily due to lower sales commission expenses in line with lower sales volumes and to streamlined selling related expenses, including lower headcount and marketing costs resulting from the workforce reduction and cost reduction initiatives implemented since November 2023, including as part of the July 2024 Action Plan.

Restructuring Costs
Restructuring costs of $0.8 million for the three months ended September 30, 2024 and $2.2 million for the nine months ended September 30, 2024 are comprised mainly of severance costs related to the workforce reductions and July 2024 Action Plan as described in section 8.0 of the Company’s MD&A for the three and nine months ended September 30, 2024 entitled “Operational Highlights”.

Finance Costs
For the three months ended September 30, 2024, finance costs increased by $5.3 million, from $7.7 million for the three months ended September 30, 2023, to $13.0 million for the three months ended September 30, 2024. Finance costs for the three months ended September 30, 2024 were net of $0.3 million of capitalized borrowing costs, compared to $1.6 million for the three months ended September 30, 2023. Excluding the impact of capitalized borrowing costs, finance costs increased by $4.0 million compared to the three months ended September 30, 2023. The increase was driven primarily by higher interest expense on long-term debt, due to higher average debt outstanding during the third quarter of fiscal 2024 relating to borrowings made under the Company’s senior the Company’s senior revolving credit agreement (the “Revolving Credit Agreement”), its loan agreement entered into with Investissement Québec (the “IQ Loan”), its loan agreement entered into with the Strategic Innovation Fund of the Government of Canada the (“SIF Loan”), its loan agreement entered into with Finalta Capital and Caisse de dépôt et placement du Quebec (the “Finalta-CDPQ Loan Agreement”), its other loan agreement with Investissement Québec under the ESSOR program (the “ESSOR Loan”) and its financing with respect to a credit facility to finance the Company’s accounts payable related to goods or services purchased in the normal course of its operations (the “Supplier Credit Facility”), non-cash interest (including interest paid in kind with respect to the convertible debentures issued by the Company in July 2023 (the “Convertible Debentures”)) and accretion expense, and an increase in interest costs related to lease liabilities, partially offset by lower financing costs related to the Convertible Debentures and non-convertible debentures issued by the Company in July 2023 (the “Non-Convertible Debentures”). Finance charges for the three months ended September 30, 2024 included non-cash charges of $5.6 million related to interest paid in kind with respect to the Convertible Debentures and accretion expense.

For the nine months ended September 30, 2024, finance costs increased by $24.8 million, from $11.1 million for the nine months ended September 30, 2023, to $35.9 million for the nine months ended September 30, 2024. Finance costs for the nine months ended September 30, 2024 were net of $1.1 million of capitalized borrowing costs, compared to $4.8 million for the nine months ended September 30, 2023. Excluding the impact of capitalized borrowing costs, finance costs increased by $21.1 million compared to the nine months ended September 30, 2023. The increase was driven primarily by higher interest expense on long-term debt, due to higher average debt outstanding during the nine months ended September 30, 2024 relating to borrowings made under the Revolving Credit Agreement, the IQ Loan, the SIF Loan, the Finalta-CDPQ Loan Agreement, the ESSOR Loan and the Supplier Credit Facility, non-cash interest (including interest paid in kind with respect to the Convertible Debentures) and accretion expense, and an increase in interest costs related to lease liabilities, partially offset by lower financing costs related to the Convertible Debentures and Non-Convertible Debentures issued in July 2023. Finance charges for the nine months ended September 30, 2024 included non-cash charges of $16.6 million related to interest paid in kind with respect to the Convertible Debentures and accretion expense.

Foreign Exchange Loss (Gain)
Foreign exchange loss (gain) relates primarily to the revaluation of net monetary assets denominated in foreign currencies to the functional currencies of the related Lion entities. For the three months ended September 30, 2024, the foreign exchange gain was $1.6 million, compared to a foreign exchange loss of $2.9 million for the three months ended September 30, 2023. For the nine months ended September 30, 2024, the foreign exchange loss was $1.9 million, compared to a foreign exchange gain of $0.1 million for the nine months ended September 30, 2023.The change in foreign exchange loss (gain) related primarily to the impact of changes in foreign currency rates (impact of changes in the Canadian dollar relative to the U.S. dollar).

Change in Fair Value of Conversion Options on Convertible Debt Instruments
For the three and nine months ended September 30, 2024, change in fair value of conversion options on convertible debt instruments resulted in a gain of $4.5 million and $27.8 million, respectively, compared to a gain of $3.4 million for both the three and nine months ended September 30, 2023, related to the revaluation of the conversion options on the Convertible Debentures issued in July 2023 resulting mainly from the decrease in the market price of Lion equity as compared to the previous valuations.

Change in Fair Value of Share Warrant Obligations
For the three and nine months ended September 30, 2024, the change in fair value of share warrant obligations resulted in gains of $3.1 million and $23.2 million, respectively, compared to gains of $0.2 million and $11.9 million, respectively for the three and nine months ended September 30, 2023, related to the Specific Customer Warrants, the public and private Business Combination Warrants, the 2022 Warrants, and the July 2023 Warrants, and resulting mainly from the decrease in the market price of Lion equity as compared to the previous valuations.

Net Loss
The net loss of $33.9 million for the three months ended September 30, 2024 as compared to the net loss of $19.9 million for the same period prior year was mainly due to the higher gross loss and higher finance costs, partially offset by the impact of the reduction in administrative and selling expenses as well as higher gains related to non-cash decrease in the fair value of share warrant obligations and the conversion options on convertible debt instruments.

The net loss of $74.9 million for the nine months ended September 30, 2024 as compared to the net loss of $47.2 million for the same period prior year was mainly due to the higher gross loss and higher finance costs, partially offset by the impact of the reduction in administrative and selling expenses as well as higher gains related to non-cash decrease in the fair value of share warrant obligations and the conversion options on convertible debt instruments.

Basis of Presentation
Refer to note 2 of the Company’s unaudited condensed interim consolidated financial statements for the three and nine months ended September 30, 2024 which also indicates the existence of material uncertainty that may cast significant doubt on the Company’s ability to continue as a going concern. Based on the current assessment of management, it is not certain that cash and forecasted cash flows from operations will be sufficient to meet the Company’s obligations coming due over the next twelve months, and, as a result, the Company’s ability to continue as a going concern is dependent on, among other things, its ability to raise additional funds in order to meet its capital requirements and satisfy its obligations as they become due (such as upcoming interest payment obligations under, and repayment at maturity of, certain of its debt instruments), including in connection with the expiration of the covenant relief period (as defined below) on November 15, 2024 and/or the maturity of the Finalta-CDPQ Loan Agreement on November 30, 2024. The Company expects that it will need to negotiate further amendments or concessions or waivers to agreements with the holders of its debt instruments in connection with the expiry of the covenant relief period and upcoming maturity of the Finalta-CDPQ Loan Agreement. See section 2.0 of the Company’s MD&A entitled “Basis of Presentation” for additional information.

Conference Call
A conference call and webcast will be held on November 6, 2024, at 5:30 p.m. (Eastern Time) to discuss the results. To participate in the conference call, please dial (404) 975-4839 or (833)-470-1428 (toll free) using the Access Code 946933. An investor presentation and a live webcast of the conference call will also be available at www.thelionelectric.com under the “Events and Presentations” page of the “Investors” section. An archive of the event will be available for a period of time shortly after the conference call.

Financial Report
This release should be read together with the 2024 third quarter financial report, including the unaudited condensed interim consolidated financial statements of the Company and the related notes as at September 30, 2024 and for the three and nine months ended September 30, 2024 and 2023, and the related management discussion and analysis (“MD&A”), which will be filed by the Company with applicable Canadian securities regulatory authorities and with the U.S. Securities and Exchange Commission, and which will be available on SEDAR+ as well as on our website at www.thelionelectric.com. Capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the MD&A.

Non-IFRS Measure and Other Performance Metrics
This press release makes reference to Adjusted EBITDA, which is a non-IFRS financial measure, as well as other performance metrics, including the Company’s order book, which are defined below. These measures are neither required nor recognized measures under IFRS, and, as a result, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of the Company’s results of operations from management’s perspective. Accordingly, they should not be considered in isolation nor as a substitute for analysis of the Company’s financial information reported under IFRS. Lion compensates for these limitations by relying primarily on Lion’s IFRS results and using Adjusted EBITDA and order book on a supplemental basis. Readers should not rely on any single financial measure to evaluate Lion’s business.

Adjusted EBITDA
“Adjusted EBITDA” is defined as net earnings (loss) before finance costs, income tax expense or benefit, and depreciation and amortization, adjusted to exclude restructuring costs, share-based compensation, change in fair value of conversion options on convertible debt instruments, change in fair value of share warrant obligations, foreign exchange (gain) loss and transaction and other non-recurring expenses. Lion uses adjusted EBITDA to facilitate a comparison of the profitability of its business on a consistent basis from period-to-period and to provide a further understanding of factors and trends affecting its business. The Company also believes this measure is useful for investors to assess the Company’s profitability, its cost structure and its ability to service debt and to meet other payment obligations. However, readers should be aware that when evaluating Adjusted EBITDA, Lion may incur future expenses similar to those excluded when calculating Adjusted EBITDA. In addition, Lion’s presentation of these measures should not be construed as an inference that Lion’s future results will be unaffected by unusual or non-recurring items. Readers should review the reconciliation of net earnings (loss), the most directly comparable IFRS financial measure, to Adjusted EBITDA presented by the Company under section 12.0 of the Company’s MD&A for the three and nine months ended September 30, 2024 entitled “Results of Operations – Reconciliation of Adjusted EBITDA.”

Order Book
This press release also makes reference to the Company’s “order book” with respect to vehicles (trucks and buses) as well as charging stations. The Company’s vehicles and charging stations order book is determined by management based on purchase orders that have been signed, orders that have been formally confirmed by clients, or products in respect of which formal joint applications for governmental programs, subsidies or incentives have been made by the applicable clients and the Company. The order book is expressed as a number of units or a total dollar value, which dollar value is determined based on the pricing of each unit included in the order book as further explained under “Pricing” in section 9.0 of the MD&A entitled “Order Book”. The vehicles included in the vehicle order book as of November 6, 2024 provided for a delivery period ranging from a few months to the end of the year ending December 31, 2028, with substantially all of such vehicles currently providing for deliveries before the end of the year ending December 31, 2025, which corresponds to the latest date by which claims are required to be made according to the current eligibility criteria of the Federal Infrastructure Canada’s Zero Emission Transit Fund “ZETF” program, unless otherwise agreed by Infrastructure Canada. In addition, substantially all deliveries are subject to the granting of subsidies and incentives with processing times that are subject to important variations. There has been in the past and the Company expects there will continue to be variances between the expected delivery periods of orders and the actual delivery times, and certain delays could be significant. Also, there has been in the past and the Company expects there will continue to be variances in the eligibility criteria of the various programs, subsidies and incentives introduced by governmental authorities, including in their interpretation and application. Such variances or delays could result in the loss of a subsidy or incentive and/or in the cancellation of certain orders, in whole or in part. In addition, the Company’s current financial position as well as the material uncertainty as to its ability to continue as a going concern is likely to increase some or all of the risks relating to the Company’s order book. See “Increased Risks relating to Order Book” under section 9.0 of the MD&A entitled “Order Book.”

The Company’s presentation of the order book should not be construed as a representation by the Company that the vehicles and charging stations included in its order book will translate into actual sales. See the section below for a full description of the methodology used by the Company in connection with the order book and certain important risks and uncertainties relating to such methodology and the presentation of the order book.

About Lion Electric:
Lion Electric is an innovative manufacturer of zero-emission vehicles. The company creates, designs and manufactures all-electric class 5 to class 8 commercial urban trucks and all-electric school buses. Lion is a North American leader in electric transportation and designs, builds and assembles many of its vehicles’ components, including chassis, battery packs, truck cabins and bus bodies.

Always actively seeking new and reliable technologies, Lion vehicles have unique features that are specifically adapted to its users and their everyday needs. Lion believes that transitioning to all-electric vehicles will lead to major improvements in our society, environment and overall quality of life. Lion shares are traded on the New York Stock Exchange and the Toronto Stock Exchange under the symbol LEV.

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EDMONTON, Canada – As part of its continued commitment to safety and giving back to the community, Stock Transportation donated two buses for live emergency training exercises. A total of 80 individuals from the Edmonton Police Service, Edmonton Fire Department, as well as the Emergency Medical Services (EMS) and Hazardous Material Response teams participated in the emergency exercises. A special thanks to Kimberly Van Veld, General Manager of Stock Transportation’s Calgary location, and former safety supervisor of the Edmonton location, who played a pivotal role in planning the event over the past year and contributing to its success.

The emergency training exercises included two components. In the first, emergency teams responded to staged bus accidents involving an oil tanker truck with injured passengers that were roleplayed by Stock Transportation’s bus drivers. To replicate the appearances of injuries, makeup artists from the Alberta Academy of Aesthetics donated their makeup services. Following the staged accidents, the fire department performed hands-on training with the buses where they explored the structure and layout of the buses and used extraction tools to strategically cut and dismantle the buses.

To wrap up the day, our team hosted a BBQ luncheon for all participants as gratitude for their donated services and involvement in keeping the community safe.

“The training for our members was invaluable, and the collaboration between the emergency services teams and the industry was met with positive feedback from all involved,” said Christopher Yuskow, Constable, Edmonton Police Service. “We would like to extend our sincere thanks to Stock Transportation for their generous donation of the two buses, without which this critical scenario-based training could not have taken place.”

“After a year in the making, we were finally able to plan and conduct live emergency training with the Edmonton Police Service and Edmonton Fire Department, along with the local EMS and Hazardous Material Response teams,” said Kimberly Van Veld, Calgary General Manager, Stock Transportation. “The training was everything I imagined and more. It was an insightful experience seeing all the different teams work together to respond to an emergency situation and increased my respect for them ten-fold. I am glad to have played a hand in bringing this training to fruition to aid in the safety and well-being of our community.”

The bus donations were made as part of Stock Transportation’s company-wide Partners Beyond the Bus community outreach program. These bus donations help repurpose retired, non-electric vehicles from the Company’s fleets, further contributing to the Company’s transition to alternative fuel-powered and zero-emission buses.

About Stock Transportation: For over 62 years, Stock Transportation has proudly been delivering safe, efficient, reliable student transportation services to passengers and procuring buses across Canada. Stock transports over 100,000 students daily, operates more than 3,000 school buses and employs 3,700 outstanding team members who provide exceptional service out of seven Customer Service Centers in both urban and rural areas throughout Ontario and Alberta.

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MONTREAL, Canada- The Lion Electric Company (NYSE: LEV) (TSX: LEV) (“Lion” or the “Company”), a leading manufacturer of all-electric medium and heavy-duty urban vehicles, announced today that it has entered into additional amendments to certain of its senior credit instruments, namely (i) its senior revolving credit agreement entered into with a syndicate of lenders represented by National Bank of Canada, as administrative agent and collateral agent, and including Bank of Montreal and Federation des Caisses Desjardins du Québec, and (ii) its loan agreement entered into with Finalta Capital and Caisse de dépôt et placement du Quebec.

The revolving credit agreement amendments provide for, among other things, the extension of the period applicable to the previously announced suspension of the financial covenants under the revolving credit agreement, namely the tangible net worth test and the springing fixed charge coverage ratio, from September 30, 2024, to November 15, 2024 (the “covenant relief period”). In furtherance of such amendments, the Company has agreed that any excess cash would be used for the repayment of the revolving credit agreement. The Company continues to be required to maintain a minimum amount of available liquidity (calculated based on the maximum amount that can be drawn under the revolving credit facility and cash on hand) of C$15,000,000, subject to limited exceptions. Further, the Company remains subject to enhanced reporting obligations and limitations on the use of any advances made under the revolving credit facility until such time that the amount available to be drawn under the revolving facility equals or exceeds 50% of the total borrowing capacity under the revolving facility for 30 consecutive days. All other material terms and conditions of the revolving credit agreement and prior amendments thereto, including the August 11, 2025 maturity date and the general affirmative covenants, restrictions, negative covenants and events of defaults thereunder, remain substantially unchanged. For additional details on the revolving credit agreement and amendments thereof, please refer to the copies thereof which will be available on the Company’s profiles on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov.

The Company also amended the loan agreement (the “Finalta CDPQ Loan Agreement”) entered into with Finalta Capital Fund, L.P., as lender and administrative agent, and Caisse de dépôt et placement du Quebec (through one of its subsidiaries), as lender, to extend the November 6, 2024 maturity date until November 30, 2024. The amendment also provides that the minimum available liquidity requirement under the Finalta CDPQ Loan Agreement will remain aligned during the covenant relief period with the one applicable during such period under the revolving credit agreement. All other terms and conditions of the amended loan agreement remain substantially unchanged.

The Company will continue to actively evaluate different opportunities that may enable it to improve its liquidity and strengthen its financial position. Such opportunities may include certain refinancing initiatives related to its debt instruments, the sale of certain of its assets and/or any other opportunities or alternatives.

About Lion Electric:
Lion Electric is an innovative manufacturer of zero-emission vehicles. The company creates, designs and manufactures all-electric class 5 to class 8 commercial urban trucks and all-electric school buses. Lion is a North American leader in electric transportation and designs, builds and assembles many of its vehicles’ components, including chassis, battery packs, truck cabins and bus bodies.

Always actively seeking new and reliable technologies, Lion vehicles have unique features that are specifically adapted to its users and their everyday needs. Lion believes that transitioning to all-electric vehicles will lead to major improvements in our society, environment and overall quality of life. Lion shares are traded on the New York Stock Exchange and the Toronto Stock Exchange under the symbol LEV.

The post Lion Electric Announces Additional Amendments To Certain Senior Credit Instruments appeared first on School Transportation News.

CALGARY, Alberta – Stock Transportation is off to a great start and school year with its partner, the Calgary Catholic School District (CCSD). The school district’s first week of the new school year ended on an overall positive note, with students getting to and from school safely thanks to the tireless work and efforts of Stock Transportation’s team members.

Back in April, Stock Transportation and CCSD announced their newly forged five-year partnership, which includes a total of 80 routes. In addition to Calgary, Stock Transportation also provides student transportation in Edmonton, where it first started providing services in 2011, and all across Ontario, which dates back to 1958.

“Our team was in high spirits and buzzing with excitement from start to finish for the start of the school year,” said Kimberly Van Veld, General Manager, Stock Transportation. “In anticipation of this new partnership, our team members prepared earnestly and diligently in the months, weeks, and days leading up to the first days of school. We’ll continue giving our best every day so that we can get our students to school safely, on time, and ready to learn. Thank you to the community for the warm welcome and to CCSD for their support and trust in our team.”

“We were able to kick off the school year with confidence thanks to the great team at Stock,” said Andrew Hilton, Transportation Manager, Calgary Catholic School District. “Through my interactions with Stock’s team over the last few months, I witnessed the utmost level of professionalism, astuteness, and determination. It is evident to us that Stock’s team holds their responsibility of getting students to and from school safely and reliably to a high regard, so we’d like to again thank them wholeheartedly for their services and dedication. We look forward to growing with Stock and continuing with our mutual goal of providing our community with service excellence.”

About Stock Transportation: For over 62 years, Stock Transportation has proudly been delivering safe, efficient, reliable student transportation services to passengers and procuring buses across Canada. Stock transports over 100,000 students daily, operates more than 3,000 school buses and employs 3,700 outstanding team members who provide exceptional service out of seven Customer Service Centres in both urban and rural areas throughout Ontario and Alberta.

About CCSD: The Calgary Catholic School District (CCSD) is the largest Catholic school district in Alberta, proudly serving approximately 63,000 students in 118 schools located in Calgary, Airdrie, Cochrane, Chestermere and the Rocky View County. CCSD educates and empowers students from kindergarten to Grade 12 through its mission of Living and Learning in our Catholic Faith, so that students, centered in Christ, realize their full potential. For more information, please visit cssd.ab.ca.

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VANCOUVER, Canada, – GreenPower Motor Company Inc. (Nasdaq: GP) (TSXV: GPV) (“GreenPower” and the “Company”), a leading manufacturer and distributor of purpose-built, all-electric, zero-emission medium and heavy-duty vehicles serving the cargo and delivery market, shuttle and transit space and school bus sector, today reported its first quarter fiscal year 2025 results and provided an update on its sales pipeline.

“We have seen a significant uptick this summer in our sales pipeline for GreenPower’s all-electric commercial vehicles, including 28 specialty vehicles for deployment in Canada which would utilize our current inventory of EV Star Cab & Chassis. We’ve also received orders for EV Star Passenger Vans in a variety of seating configurations and EV Star Cargo Plus for more than 20 vehicles,” said Fraser Atkinson, GreenPower Chairman and CEO. “We anticipate delivering most of these vehicles by the end of this calendar year.”

“The pipeline of GreenPower all-electric, purpose-built, zero-emission school bus orders has more than 30 vehicles slated for delivery in California and Oregon over the next 90 to 120 days,” added Brendan Riley, GreenPower President. “These orders complement the 88 school buses previously announced for the East Coast. This East-West strategy of manufacturing and delivering product nationwide is what the Company envisioned when the West Virginia plant was added to complement our California production capacity.”

“While uncertainty over state regulations and federal incentives combined with other global economic factors slowed some EV markets earlier this year, the increase in orders and quotes GreenPower is now experiencing shows that the demand for all-electric vehicles is still there and that the market is rebounding with significant growth potential as the industry addresses these hurdles and paves the way for a more electrified and sustainable future,” Atkinson continued. “Consequently, we see a step up in our revenue through the remaining quarters this fiscal year.”

First Quarter 2025 Highlights:

Generated revenues of $3.0 million for the three months ended June 30, 2024. Cost of sales of $2.8 million yielding a gross profit of more than $0.2 million.
Delivered three BEAST Type D all-electric school buses, four EV Star Cargo and EV Star Cargo Plus and five EV Star Passenger Vans.
Delivered the first Type D BEAST all-electric, purpose-built, zero-emission school bus manufactured in South Charleston, West Virginia and continued ground-up production of additional BEAST Type D school buses for the fulfillment of the 37 ordered by the state.
Introduced the EV Star REEFERX. Built on GreenPower’s EV Star Cab & Chassis platform, the EV Star REEFERX is purpose-built and fully customizable with a lighter body to allow for increased payload. Designed to serve mid to last-mile refrigerated delivery and catering applications, the EV Star REEFERX moves goods that need to be temperature controlled, such as fresh and frozen foods, flowers and pharmaceuticals, among other applications. The vehicle body features a one interior wall structure to allow for seamless sanitation, consistent insulation throughout and a longer life.
At the end of the quarter had working capital of $13.9 million and inventory of $33.7 million, including $13.4 million of finished goods.
During the quarter, the Company raised gross proceeds of $2.3 million (before deducting underwriting discounts and offering expenses) with an underwritten Unit offering comprised of 1,500,000 common shares and warrants to purchase 1,575,000 common shares.

For additional information on the results of operations for the three months ended June 30, 2024 review the interim financial statements and related reports posted on GreenPower’s website as well as on www.sedar.com or filed on EDGAR.

About GreenPower Motor Company Inc.
GreenPower designs, builds and distributes a full suite of high-floor and low-floor all-electric medium and heavy-duty vehicles, including transit buses, school buses, shuttles, cargo van and a cab and chassis. GreenPower employs a clean-sheet design to manufacture all-electric vehicles that are purpose built to be battery powered with zero emissions while integrating global suppliers for key components. This OEM platform allows GreenPower to meet the specifications of various operators while providing standard parts for ease of maintenance and accessibility for warranty requirements. GreenPower was founded in Vancouver, Canada with primary operational facilities in southern California. Listed on the Toronto exchange since November 2015, GreenPower completed its U.S. IPO and NASDAQ listing in August 2020. For further information go to www.greenpowermotor.com

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