ADOM - Earnings call transcript Q4 2018 | Envirotech Vehicles, Inc.

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Operator

Good day, ladies and gentlemen, and welcome to ADOMANI’s Fourth Quarter and Full-Year 2018 Earnings Call. All lines have been place in a listen-only mode and the floor will be open for your questions and comments following the presentation. [Operator Instructions] At this time, it is my pleasure to turn the floor over to Mr. James Carbonara, Investor Relations. Sir, the floor is yours.

James Carbonara

operator. you, Thank good and again, welcome ADOMANI’s to And XXXX day earnings quarter full-year call. fourth once and With me Officer. on Chief the call are Jim and Menerey, Executive Reynolds, Mike Chief Financial Officer; President and by I to would Safe begin call like Harbor reading the statement. the with Securities this may forward-looking and the XXE Act the of made within of Section of Securities considered exception of of call XXXX statements historical the Exchange XXXX. All XXA statements meaning on facts be of Act the Section

you ADOMANI projected on and forward-looking call. of or ADOMANI other made Any earnings achieved. as new Form assure are or information, law. statements results undertake reflected differ considerably ADOMANI’s Securities assurances in circumstances, due forward-looking risks, of the date operating by technical report the changes included to be expectations forward-looking disclosed expectations reports Although Form Exchange expectations uncertainties, statements performance, from in forward-looking obligation subsequent expectations, or will on except and ADOMANI the Also statements and believes supplement prove call does that reasonable not statements XX-Q to on to annual cannot ADOMANI’s of uncertainties such basis economic risks update ADOMANI a to that and time-to-time assumptions other events with any events ADOMANI are to that these will subject correct. factors, any to could in be by and in from only filed can that current reflect and this are quarterly of factors make current no the number results this as required reports other cause actual XX-K, such Commission.

Jim call Executive Now, over and Jim, ADOMANI. Reynolds, will Chief I please proceed. the President turn of Officer to

James Reynolds

Blue backlog we'll like dive $X include Mike efforts our in it are backlog I'd year open of a fourth XX% we by and growth at deeper from marketing XXXX XX, that, XXXX ago. our believe and which December After and million, Sales future our sales full increase successful in for XXXX financials. million welcome for revenue for Ride-and-Drive of times credited overview was same begin into a million We at questions was and The of outlook $XX.X for as year pass XXXX. over XXXX million answers. was operations Thanks the $X.X the it that our James, $X.X which to backlog, XXX% and February up providing increase of everybody. pipeline backlog had XXXX quarter that for point the Steelers. a were to million and Bird to and and conducted with many $X.X events revenue the then the XXXX XX, of

Ride-and-Drive XXXX On the marketing with ABC's is dealer, sales, side, understanding Bus build during the in A-Z the ADOMANI. started beginning the powered and California events Blue school bus Blue product all newest California Fresno. from events on finished by XXXX which throughout were Ride-and-Drive rear-engine held in electric offering stakeholder Bird we to The with News D's in American Type Evening appearing January we designed of by conjunction Bird

invited Also officials, electric invited local local forums teams driver utilities state, the we in preorder were valley, field experience and infrastructure, Ride-and-Drive In the agencies were in XXXX as districts and to and process. Area. federal, presented sponsored the Los for Our sales Sacramento A-Z Diego, sales, marketing, Ride-and-Drive every decades events, California, electric and funding a support Ride-and-Drive Arizona, events. in Bird air central general Bay and Bus attended and and and Bird bus ADOMANI, total considerations zero-emission including drivetrain locations Many to is vehicle and and able events attended show, Indiana, Florida, facilitate Angeles, rides, and the questions handle system for electric of the the such state included Colorado, of XX charging get of events at included With elected San school many Blue the dealer were These all best New this Georgia, collective Blue of bus. Blue Blue local discuss Alabama, the Bird trade to practices you discuss government XX planning Canada. adoption. message experience Bird and events, and Nevada, York, line

government New the future more money. attainable York. ADOMANI cover to New York for backlog had The pipelines bus choice factor and in of in February for the $X.X All-American bus incentive Bird the purchase bus become cost is in Type Truck driving qualifies D XXXX incremental announced that school which Incentive by a participation and for Program In per eligible makes $XXX,XXX electric Blue successful revenue million programs. drivetrain powered Another a the electric and was zero-emission is incented Voucher of it

has school of buses, United context of the time. fully dispersed XX% was York XX,XXX The the the over subscribed New is at States district of and this XXXX school the for program approximately operates in to and largest been home a nation's fleet funding total.

year. X.X will hope out in the be that at [ph] We came XXXX renewed we funding in a larger and last which level are anticipating

Additionally, Bird vehicles. Grant we organizations million of alternative would in the $XX The towards the largest adoption announced it Energy in announced awarding has effort presented the award of of an participation Department advancements million Department to area operational system touch $X.X the award the the and electric the graded we development with last for Blue electric for and was conjunction to where to capabilities. zero-emission, of bus of of up that be I'd that fuel vehicle Bird. last year couple short. ADOMANI ADOMANI. items accelerate Blue XXXX came The and like XXX% new drivetrain for in stream product bus school is to vehicle on developed being are The with revenue ADOMANI launch U.S. with

last XXXX. Although higher. part. it for Unfortunately, XXXX agreement expected was we We we in be The project for that XXXX, legacy expect we with fact annual that million in zero-emission, Bird significant have formal non-drivetrain This to $XXX,XXX to have $X the revenue we did area; early The has electric yet of million yet I'd that and came regarding partnering recognize like revenue previously that drivetrain as main compared $X.X first, been receive products the anticipate we mention we variance while first previously represented revenue an a to increase Historically, a all new launched to recognize will a not systems. electric our Blue $XXX,XXX this now approximately to XXXX have shipped school expected revenue from them into half in buses in shortfall of The in XXXX. and is in the drivetrain our material to pushing shortfall to product XXXX have been was XXXX such in item was six view December $XXX,XXX before complete non-reoccurring, in XXXX. minor. more entered we we recognize two line.

electric announced market size. trucks, However funding this reasons, zero-emission the multiple number begin ADOMANI offer that large including in XXXX will segment like we and all especially chassis. cargo for We of late vans and to available

class incentive and new California of vehicle the programs, In subsidies hybrid up for the $XX,XXX with districts for new X $XX,XXX school Resources businesses for class are and of X availability terms the vehicle $XX,XXX for Air the X California Board, the commercial new vehicle, the eligible to class vehicles.

disadvantaged communities we extremely in the With X equivalent down or diesel, below of vehicles. of powered you for costs $X,XXX addition the businesses the brings class not located and this of the X savings $XX,XXX fuel fundings brings competitive we respectively price gas, which the the even available unit and maintenance, to consider schools the classX, have class, in a reduce on to if propane winner. savings in When think be and

sales XXX,XXX. terms sales that We XXX,XXX. bus U.S. in through the is market were market school annually. in believe $XX,XXX X X class size, vehicles the XXXX $XX,XXX vehicles class Additionally, X unit to of approximately were about approximately of Unit of replacement in

as truck terms an in X class class opportunity greater times through XX.X the total sales. So X unit approximately of market represents

that project opportunity also a higher for ADOMANI. represents profit We margin

that The reason estimates. outlook revenue our backlog These revenues also situated XXXX, to for revenue made. full-year XXXX are, current been have our in we confident are to we confidence meet feel Turning for analyst or of million. XXXX sales our first $XX.X exceed

we recognize waiting would deliveries revenue. the We are so to now make

a new product chassis. trucks, we have line and cargo vans Second, with

than deliveries the XX% XXXX. to this total revenue first fully as make much in revenue expect in of and or may compose segment take our starting and half more expect we of We year the orders

the ADOMANI. We help to electric know bus grantee in being California from sales busses that funding state and come which be diligently added Board preferred electric of date, and a dealers $X.X with with over $XX which from Beginning districts. incentives. of primed product starting the is in amount rural leading QX XXX larger electric such each the by eclectic busses manufacturer air of Any school currently combination sale from available independent released. drivetrain Blue for we to in available slowly districts, electric of funding in Bus electric to local a districts The communicate systems of assure sale among ADOMANI sales benefit partnership Energy our by grant is for school awarded industry at Blue exclusive expect trucks, Bird is drive. October is XXX result school the Blue is HVIP or and may to been the to of from in Volkswagen significant of last its XXXX. from of will expected we Commission approximately billion be followed and Bird program drivetrain result from purchase there's Third, that expected money and have designer Air believe the these programs the the of $XX are Bird, funding, to released prospective [ph] funding a the dealers These Blue more school phase Bird will is to operation $XXX bus California brands bus vehicle which vehicle for A-Z for who has our with next electric vehicles has million to for Resources funding busses schools funding XXX,XXX than million the the which million working Also alternative of both portion Furthermore, California sales latest QX that released. include purchases the offerings.

to have As share capture trucks, drivetrains but our for it only vans our believe not we continues the it we our chassis. opportunity of and

charges, XXXX have that be non-cash our points, is $X as have we over Turning financials. our a to important projections data in less to which million than sufficient of million bottom in to our as and line, approximately point, expected to perhaps had quarter XXXX, CFO, to to it this to believe XX, $X.X profitability based amount profitability. we and XXXX XXXX. walk With on cash in believe will profit cash we to quickly I'd we soon at Menerey on impact turn At December in us XXXX through million as of X.X the current positive reduced we cash fund equivalents fourth like Mike

Michael Menerey

Jim. everyone. Good afternoon you, Thank

through release which ask get this this so afternoon, can X Pacific I'll shortly our just try Time seen out o'clock earnings questions. after we so to brief probably be You've and went

$X.XX Jim were $XXX, $XXX,XXX the the for year XX, were fourth [ph] again quarter million year for $X,XXX,XXX quarter year quarter, the As of of million last $X sales little both and ended compares full of the and in That's Cost ago. of approximately the for over and both, that XXXX. sales mentioned, the million quarter a to for cost December year first year for to the full a and compared the year XXX. sale $X.X

included XX, all in expenses of in full that non-cash ended for entered which decrease Our $X.X the for to pursuant to charges, last to of as million legal which common exclusively of fourth and of increases compared the $XX.X was primarily $XXX,XXX QX. decrease bad of a Consulting year million $X.X administrative million, quarter stock-based expenses General a $XX.X expense. the payment that's $XXX,XXX total XXXX in bad in year expense in in to of compared million to increase quarter fourth last fourth unchanged an $X.X almost of XXXX was compensation June non-cash quarter were discussed. general June months the and The the expense million full including at XXXX. in significant year of for XXX,XXX $XXX,XXX $XX.X million valued $XXX,XXX were The previously same stock the expenses XX, expenses by general into but of to from debt That a million XXXX during the the in year fourth and in $XXX,XXX insurance December non-cash quarter terms million administrative approximately for XXXX that based and in of purchase XXXX agreement and each three related expense. and approximately and and was compared the XXXX. in compensation decrease charges, a warrant and partially expenses XXXX, year in professional, a o an the $X.X and expense, recorded in year related essentially $XXX,XXX, debt was were compensation to the include from expense stock-based issuance shares compensation as we and QX offset to related case the a stock-based period ended XXXX of administrative lower general stock, $X.X administration settlement approximately$XXX,XXX result disclosed decrease expense were $X,XXX,XXX non-cash

net of of to non-cash adjustment. December because because and the to quarter Net year XX, which expenses $XXX,XXX to operating again $XX,XXX based increased Net The totals related net approximately expenses and to year included reduction non-cash for net decreased due fourth development loss in the adjustment. the decrease fourth million, stock million to million XXXX the As result, compared just expenses in loss as expenses and was expenditures based expand due by December that XXXX in XXXX in XXXX an for year of compared the loss to in of year December were in total of and increased stock fourth the $XXX,XXX million comp ended compared quarter $XXX,XXX million year, in compared which to reduction primarily $XX $XX.X XX, the ended development XXXX based as due XXX,XXX of $X for $XX.X of timing Total year million in $X.X expenses non-cash the XXXX fourth and quarter $X.X loss loss a net for in respectively. $X and Research by the -$ to year compensation ended which the non-GAAP loss included stock a net million. ended by $XXX,XXX primarily total for compensation, $X.X XXXX again development quarter fourth stock-based year, entire non-cash of for Total was the quarter totals million, total related expenses stock approximately activity XXXX expenses for $X.X consulting last fourth and to XX, XXXX. some of XXXX, of I of last million the for The of reduction was the increased the research over quarter million based the $XX,XXX $XX was increase expenses this XXXX. that last expenses that last decreased product to non-operating mentioned. expense a low the related the a for consulting XXXX. quarter in by of expense of million XX, $XX.X comp compensation the $X.X million expenses in of million, $X.X in were artificially primarily December and

difference. of $X.X ADOMANI comp XXXX, to $X.X in expense accounts and in That was million million outstanding December take of XX, at and XXXX. for a short-term stock investments up XXXX $X.X XXXX at So net and equivalents $X of if net to had and a cash, compared equivalents, can you my consulting today. questions. about that had end want end as debt cash $X.X the reduction you it capital the approximately December of to, James, we reduction we we the cash, if million most cash investments December of $XXX,XXX. remarks based At short-term was so million, Working That favorably compares for at had million. million the the which of of for debt million and $X.X $X.X of of concludes open XX,

Operator

[Operator Instructions] We from will Capital. Irwin take Craig our first with question ROTH

Craig Irwin

my evening Good and thanks taking for questions.

of their suppliers in the First quarter? us on a about to be would the you that seems resolved I quarter. whether related have maybe good to the the and might those as units wanted recognized third-party delivery. first delivery to revenue you expect revenue be and chunk slippage or suppliers update not ask timely that Can issue It in

James Reynolds

for be now the be thanks quarter. by that will first believe We the Well, We'd second resolved not like in be supply have we till quarter, the the resolved we chain they to resolved. question. had expect the issues think to the up but would confidence that will it in

so the body can overcome. are There itself body The how start build, the components It it's some those needs making that just nothing is be all just issues, fine. some people some in are corrections. to seating mechanical issues, the we slipped from to Blue So expected as the and XXXX end as and it, delivery by September in than represented them XXXX delivery a we we were year. well. discussed of question We electric school vendor promised that last and Didn’t sold before the adjustments. sometime issues get the get vehicles the There some facility with of buses different are Bird. can't chassis. work The electrical new around window product quickly

last be to going we it – now believe we first is to the it XXXX. we first half the we're quarter, believe like year tried and to the of but is that So going

Craig Irwin

Okay good. clarity and then that is

So estimating whether minor good couple out your materially from quarter, seems release of in missed now level there XXXX revenue $XX year? to expected for million We're this contribution give you're to visibility $XX remarks forecast then or in fourth a the product some you comfort press estimates million represent for revenue that of and around prepared the you these million a waiting with really right in to was there. analysts that expressed very for have dollars the is us XXXX in your healthy comment this you're you there. plus the a backlog and in Can larger chassis likely delivery risk the that is or not overall proportionately

James Reynolds

talking it. on you're six those school the about that having that are We Those units, we are don’t sold customers, We're make product delivery plan we bus sales in If a waiting to and area. but our won anymore to done. represented.

So $X.X a is outstanding project. that's that's that - standalone million

Craig Irwin

excellent. Okay,

or at describe big showing So I bit just to and I chucks Can - didn’t class [ph] of surprised was to EDI path about for us maybe a what the ADOMANI school to also the growth deal a Ride-and-Drives guess through the execution did in saw a you you to end the be originally couple over closer you the with weeks. partnership similar that do you see maybe qualification something be assembly the most as bit that districts. What about past you we California, different the pulls on California will make your vans practically trajectory more a next and Bird likely see mechanism be that available these ADOMANI? you this looking using these couple in about you what these started what call vehicles, years? backwards the you think you mean there January will a in products do for of future of X little and doing little cargo doing Blue subsidies you is of do it little with would process potentially again

James Reynolds

compounded get of I get but can if questions, see those quite most I most those. me let Well, of I –

So, it's all right.

qualified component have which sales. part, could a from of the engine or we sales, to to sales final the the we the It off, thought The drivetrain that And directly early had It customer. on deal is and about sales highlighted dealers and kind groups is final part we is make we that. and customer an going were us their realized part. probably first while just transmission. control do Bird This have those out help to to Blue own bit talked their base dealer chassis like with they network chance vans little they a a their us taking don’t vehicles. give is So when the them we and a trucks, the own on and it's very component we a better are but

selling we on also We taking delivery, it, to We're manufacturer, only product not the everything we're and are warranty pre-delivery, of though our the dealer. as doing customer. were the care but the

sales much we're control think project So those in to for And run the it I at think up million fit has as it control better its each over California or gives I of We this, like some products the it. $XXX because we in us finish. from that part program. mentioned pretty those that to start good

a makes $XX,XXX around the $XX,XXX and vehicle $XXX,XXX. class price incentive between X cost. is to $XX,XXX $XX,XXX take going be or you somewhere The which about $XXX,XXX example, our is to for retail a If

is diesel vehicle take you If propane $XX,XXX. probably $XX,XXX gas, or or comparable it

on we the the be well in think and be it money So save maintenance. marketplace and the priced will on able fueling them to

that favorably. all everybody brainer and at it like go they put won't, it a together, everybody makes but it will should certainly almost that You package no electric look

plan Other money large. other California have also school we we the into which market are for the the Bird vans like York. in think programs trucks incentive will enter they is refund much and and be for bus particularly program money huge vehicles states Blue putting When participate So New very they to would in.

the at Volkswagen. we double have a dib So

drivetrains product we have represent product the our own We Bird we on. the have Blue that plus line line,

many think of we different going So have for we and us all options. forward good it's

Craig Irwin

Great, helpful. That is color thank you. really

the with do geographies excited to settlement most is question may, last greatest accelerating going which if So, I we're are you funds, of potential products? can for release think maybe the us closely you can you for Dieselgate see share that geographies about, truck these school your of us buying list you should And we future subsidy funds electric most for orders to bus or monitor prioritize ADOMANI? for maybe a and states where

James Reynolds

you electric has the old Well, [ph] about or for Well, electrical vehicles so and that's our The estate, years, everything California you California, important location, ADOMANI reduction, greenhouse three lot location, about million, million has product $XXX $XXX this, $XX the gas things, schools has so California, products, in California, electrical iceberg, similar million, green, Volkswagen the is real leader [ph] a over of the is to $XXX know kind for CDC of saying location? step most noise the million made that's real California. green. that, going York your $XX California has money. and so three [indiscernible] everything primary spread year more million. focus. is of tip a Once the the from away New the

the same New Jersey is way.

million runners now right busses allocating and are Ohio on. for that electric. in another Let's funding the school for we're did Illinois of million worth good amount to together do trucks put of Those today Michigan that four about to three then us it vans, which week. vehicles, $X going and of $X what $XX says busses okay, good a we'll want dollars not stated County, money school and we with said Cook in million. - has next piece are Florida of see started extend and Pennsylvania, money their money money at to plan out all the they're – but of state piece goes it Volkswagen they're sized got to throwing spend to large out they states try as do. going at right figure what now, kind getting, it's they're the was least lot by

infrastructure. of has, own second, program funding those many New the one will busses One utility So progressive push in be New like any of East for of first hopefully where we're some who another put partners focused that partner I are Coast and can be out on funds a We've ones to of and who there's states Oregon, carve Those other and going program Jersey it that vehicles release provide. California, electric areas that level are provide get - third, think will also York, state a have to in for we the to every for most electric probably state utility a we the the is coastlines states to Washington, that XX in up ones six But largest vehicles. more together third there the get pilot out fund country, they some XXX busses states the there buses will fourth to are state, out got has looking on. and are running. their funding help a somewhere in

lot on days ago, be we're a $XX of and $XX Nevada there. all into different to our there's have couple I list of of mandates, school looking buses. but touch million maybe out and with. electric activity talked So trying people them to a at states get contact have Different million they're they to putting in

once California, there's So California. money But everywhere. again, California,

Craig Irwin

Great, thank progress. look you and very forward for the continued much that watching to we

James Reynolds

Very welcome.

Operator

We'll Securities. from question Osha JMP Joseph with take our next

Joseph Osha

you? guys how are Hi,

James Reynolds

Joseph. Hi,

Michael Menerey

are how you? Joe, Good

Joseph Osha

fleet has has to trying Very question, something in of you. doing you're behind get funds UPS whether Express of Federal programs, contemplating at these what these asked doing, with class X X, some jump involved if it I'll that's class Volkswagen to Craig with looking I'm you so just something unfortunately well, some thank that's what whether that wondering testing do maybe directly the or as one. second you're well? been been my first

James Reynolds

class have. it premature vehicle a had it Oh test it them, and with miles X on sure to them. and and We have funding a until with on some we to little the ground we we're talked some but and attached

Joseph Osha

though? the that is Is potentially on Okay. roadmap

James Reynolds

Yes.

Joseph Osha

technology They've question, integrated related guys from I – completely at? about And year I've makes question. then axle to then how into it whether that, since and you everything feel last wondering or something a not that twice there. Transportation related then seen we at an basically sense, I'm guys that's might Okay. trans Advanced question, once you Meritor. the doing a different look sorry, a that Expo saw differential whether put bump drivetrains, integrated see highly approach motor/differential

James Reynolds

I'll think have to motor opportunities in both I call know, them. that to use to love as system here work used them. today discuss We'd available companies with back can find way the you they, me But you that on. Euclidean and a to them to

that projects now some we're product. their have We would use that quoting

the yes, get a there the that it can So and takes product is that they that answer is answer planning. takes guess customer factor and looking and cost short for to I the that it they long is accept while are

yes. not So is I just It's answer today. think the

Joseph Osha

you, start well way with what people got you mean say most is going of to do is likely James as while? A I that - think feels comfortable. separate sort I that obviously are mean other see of go you that to Do changed team data it that's part going or I now the for you've do think of to a separate motor of schools most two the thought, the depends market's transactions Reynolds integrator for other

while, team before. Some a have others the with done been using for [indiscernible] have

when It's day gravitate there's their thing, fits but VHS I it an accepted think I a Betamax come a not towards technology will cut clear people there's better, think. needs because that and So winner. the don't

So it's still I think battle today. a

Joseph Osha

it's this this but question, pouch based a if has last the observation, in the Pace question, you passenger pack. a then you're, is to starting interesting and battery car Jaguar Okay, see, look

getting complaining XX,XXXs enough pouch forward, everybody or you push you I'm or think company, the the the about versus and marketplace cylindrical way pouch curious it's XX, how as [indiscernible] about seen of guys one XXs. look dynamics You've might cell in you other? kind whether

James Reynolds

Well, try we're agnostic, best both I use we application. the think to find but so we not today,

the up. advantages vehicles has given that provide that certain it for I now, cylindrical we time. the larger was haven't that think but I to the They that still lend think products standard a long pouch to

are of because But you have gets a reason rapidly. kind to going they'll to market costs be, to using market their you're answers to happens. which manufacturers and help and got we now themselves way those be see to forward. happy not determine determine I battery overall down think But that the It's has wait is to good it we of product if if going the system goes. they wait So cylindrical packaged see have with, change bring as to I think a it the and really going cells what producing what you're cells you've all happens because change because will

Joseph Osha

the there are to or opinions So have, like way strong don't some It you don't a grind one mean have other? big axe I on this. sounds you

James Reynolds

they is, product want into not have. what a they that because do we sure One dictate couple fit that plan working of We to we're make customer with things. they're for. we're for, we're doing then we providing is looking looking try that the whatever the once And to

a push pushing if So can into just We away they pouch out by box. to them and don't we're we're need with different want that really what want from we do or forcing that. customers cells

Joseph Osha

Yes.

you that Thank Thank sense. Okay, makes you. much. so

James Reynolds

You’re welcome.

Operator

And next Ascendiant question with Capital. our Ed we'll from Woo take

Edward Woo

partnership with far now? so on Bird. in are with delivered the many How right road Blue The

James Reynolds

Oh, less than less XX. than

Edward Woo

process As on roll you're the beginning do up? out find road improving, sales to speeding the them you

James Reynolds

can need leader propane. this don't They years, on not It A, biggest but far forever get handle a They the came Blue how it choice go as okay high comes now successful. confidence in in available, salespeople C vehicle leader it am. a they CNG in of the so is are happy vehicles. they product product. the towards is They I but help where one sometimes, out But CNG know biggest, customer they as the where can by people out works, that dealers funding took I'm go customer easier. they quality gets and but and less electric get get makes fuel. They see was Bird as they the leader the I'm the fine biggest, gets you understand and off marketplace product took free got get to product. the gas the a are customer sale they the a he'll that the ones took the hurdles - They're way, and and out if and it's alternative I expensive eight because can a in with. next funding sales out CNG. it a the with base, introduced Blue delivered. with I because another If the Whether sell scale. take on to vehicle gas if type more got bus and they Bird They space red bus. show of are the the they're go I'll a dealer electric it's from, had says, the his that's or one blue are. no the he's sure is The we choice larger good But have and sell. and dealers is propane customer there one like one the great out in blue the overcome value sale. It works Absolutely. introduced that with now easier type show a The overwhelmed something gravitate they

uphill level the not seeing gravitation we're the yet, on yes, battle. So least at It's downhill ground. but of it's

wasn't Ride-and-Drives On them electric battle, people school to electric, every vehicle. we're was in our of show seeing like it works. you've An So chassis and trucks, We know vehicles year. a received vans, the electric that accepting school electric would districts the easy. example those got was, and last vehicles. districts It to Understanding went more one them. we be of out it more we electric

do something. proposal, let's an a RFP, let's Let's do do

some. Let's we see if get

easier their it have easier working it's vehicles point makes a and So field. lot vehicle it they there's that hands sales a in to a in once when process are they can the for

Edward Woo

be introducing. vans chassis you you. And new are the would and trucks, Thank my other more cargo Great. on guys question

year be orders hit be you'll second this that that quarter. taking potentially targets? in able you'd those saying early You're gives and potentially to in start you confidence What it delivering

James Reynolds

Well, two vehicles desire, talking that orders wherewithal vehicles. to to the already ones up one because is the hundred like We're all who the we're talking would a customers have have the to the money buy or people taking part country. and some easy across to to

to talking so timeframe placing units waiting that do from and we're cut the we we vehicles, to an every to for So meantime, that order. they're them. we're not process, order we're get before that to today order on already when we've orders PDI, so in we order In out of to place because the deliver come build in for got part

Edward Woo

good color that for Great, Thank sounds luck. lot good. you. and Thanks a the

James Reynolds

you. Thank welcome. Very

Operator

for there We appear does questions you And This be no at further Thank conclude participation. teleconference. you. this thank time. today's to your

You time and have your a great may lines at this disconnect day.

Envirotech Vehicles (EVTV) 13 Feb 192018 Q4 Earnings call transcript