GreenPower Motor (GP) 15 Aug 222023 Q1 Earnings call transcript

Company Profile

Participants

Michael Sieffert	Chief Financial Officer
Fraser Atkinson	Chief Executive Officer
Brendan Riley	President
Chris Souther	B. Riley
Craig Irwin	ROTH Capital Partners
Tate Sullivan	Maxim Group
Tyler DiMatteo	BTIG

Call transcript

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Operator

Good morning, and welcome to the GreenPower Motor Company’s First Quarter Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Michael Sieffert, Chief Financial Officer. Please go ahead.

Michael Sieffert

you. Thank Sieffert, Officer Michael Company. GreenPower Chief the is of Financial Motor This XX, would to for financial June everyone to the call ended I welcome GreenPower’s our like to discuss period XXXX. results our Chief am our Brendan Riley. today I Executive President, here Fraser Atkinson; Officer, and with

laws. of applicable differ discussed and call, from the factors, plans securities and on purposes the Safe provision results may which Canadian Actual today’s of future statements and make we Private materially or forward-looking SEDAR interim under Reform XXXX those may EDGAR. those the statements During results forward-looking may Act and Securities our constitute about comments expectations, prospects, these as for including of on MD&A in quarterly indicated various by our Litigation statements a filed result Harbor important

Fraser found of the any In to anticipate certain Reconciliation pass call information, cause addition, on made. located company’s may change. are the these future www.greenpowermotor.com. developments to course will we measures forward-looking of update at may on otherwise. statements, and I events disclaims Atkinson. as relate or forward-looking which these to CEO, a and the MD&A our over new refer now Also, non-IFRS whether date they the on and result or revise statements of can measures. financial during intention is that also filed non-IFRS today’s views obligation to be SEDAR in any EDGAR events call, on our GreenPower, or to subsequent We GreenPower website

Fraser Atkinson

our address talking we're off to about I Michael. you, business want these. you. Thank start to doing by the what facing and challenges Thank

split routes canceled other region where sales utilize times. are a unstable reducing shipments, in for means of some well to that ports available slots. savings shipping, as encountered We've the we've Coast on have shipping started been East or reduction of and as First, exploring

delivery the components. encountering delays are we of with and certain Second, also parts

trends For as of we suppliers to our our where with changing as as a onboard through these in and to alternatives. has are vendor for ramp are ship homologation lead charging production, we is as a we chain simple one with systems longer see suppliers, adapt that order supply to example, going to not up a multiple rigorous This go delays. able we been testing to process incorporate taking robust

approval the Third, delivery our to opportunities. for voucher longer of and periods. incentive terms processes led in funding increased prioritized timing programs optimize voter our has to of We approvals

a and ramp-up the will quarters. we've of these job doing Our steps changing I head of customers believe in. couple the in to been deliveries meeting the team of challenges the next that disk on be seen environment taking great we is adapting that to operate in

Let's shift strategy. to the our discussion current

update on We with each school outlined early vans in group, commercial buses. we've multiple bus for a and we group our moved the of and passenger As vehicles July, to and drivers these. call go-to-market growth see strategy trucks

process. of adoption there to accelerate have commercial side a that date focused commercial on for vehicles. is first and all-electric business, these the are recent the with programs more many will vehicles, funding buses our federal For programs the as This school of help really transit of

$XX,XXX XX, For of over higher. $XXX IV be example, of one the recently are To XXXX, million platform or commencing a The features benefit these passed will that tax highlight XXXX, Inflation EV incentives Canada introduced On heavy-duty GreenPower. for there Class credit and Reduction vehicles. numerous vehicles zero-emission December programs Act vehicles. IV will medium, for July Class XX, after models Star all

sales -- are $XX,XXX listed can Star also to for a stacked the with permitting vehicles of price compelling funding incentives to of the for net Canada purchase this programs up vehicle. for Transport these point-of-sale of very program. commercial as vehicle, under have the providing this our with eligible the price from program, be other They XX% XX with listed by EV XX that shuttle ranging We buses $XXX,XXX vehicles per

which able kicked for California's Commission electric Next, $XXX as past. with purchase the is for it the of districts, Energy highlight $XXX the or to in year, set for to programs BC next talk over turn XXXX. GreenPower company. highlights to Brendan from ongoing CEC quickly few. two School next million to and qualified draw a of with years. allocated Bus to quality for with for activities voucher funding funding California numerous the a program of California, first Group talked year air the of President funding school million name program the management the XXXX the have this buses now school about we EPA current announced previously off already well few as years these, programs, I'll to many But Riley, about the five bus this school aside New Jersey,

Brendan Riley

bodies Fraser. of shortened for truck you, and company time, a trucks. EV but Truck optimized not in Lion GreenPower's announced body Thank located of expertise GreenPower competitive lead advantage. are EV Torrance, This advanced only body Body results the Recently, that also giving Lion acquisition experience Body, California. regional of is building truck the we in Truck This combination

Body between Company. combination. a and as one Lion expect is of lower Star can the Truck Here's payload, market, close our of any relationship of refrigerated result example, Plus EV EV Motor lower on truck and to This factor a has GreenPower competitive range, we what be longer just soon this delivered truck overall and Cargo refrigerated example price collaboration cost with more an

executed our by is products through dealerships online. Our bringing being selling is commercial truck truck strategy dealerships

throughout very USA, close We on dealerships have working to dealerships active. are are in California and additional dealerships making we and those the

to we companies then the and vehicle approach can shelves. upon CCs we their Star that also Star the are market in our Also, platforms jumping XX-foot deal, that Cargo, they a add our efficient, completed van, delivery demonstrated already with selling themselves. are ready-to-go off need our EV have bodies As EV practically pursuing we Workhorse which wholesale

are already just started customers getting received unit. at have have deliveries least We from one orders that these follow-on and

We we committed built, claim customers we have XX getting of day that ready to vehicles tranche are now. and with POs vehicles our and tranche that the is to any units already of first start next

fanfare Our our country our we being BEAST, the received these introduced BEAST across with are and Nano buses, in-person. newly as school vehicles demonstrate which amazing

state Nano multiple just Reno has have and Transportation Network models contracts New at Student July. received the in Best both BEAST We Award recently Green Expo Technology for our last

Virginia the previous the in have building. both vacated West of for and by GreenPower the factory has and been started have deliveries dealer Our occupant we possession units taken

its began Workhorse. GreenPower Star currently We are busy contract produce it of EV school first purchase buses. and And for tranches new to CCs sale the at X,XXX outfitting finally, manufacturing and unit

quarter, components key XXX suppliers, entered quarter, tranche of of ordered. were vehicle key delivery our EV Star EV near By initiated been of the tranches the coordinated for tranches with components completion of the end for production During already production and had and and XXX next first CCs have the additional GreenPower Star CCs. the

the is July The GreenPower's made EV to working with Star integration follow-on August. with to of in first assist Workhorse deliveries closely the CCs. team deliveries with Workhorse began in

to to I'd about talk of you, financial Now, over to Over it our to Michael results. first Michael. like turn Sieffert, GreenPower quarter CFO

Michael Sieffert

you, Thank Brendan.

Plus, have XX, for the of year. reported delivery XXXX, million five included three school million, Stars, For increase of revenue X BEAST Plus, sales that will ended sales we profit million will the for all and in Star-XX-foot-cargoes, the Star the quarter. compares EV of the for anticipate to the of year. as be gross contracts revenue, majority six GreenPower of lower EV $X.X the Gross the current quarter of profit quarter Star at profit of first lower rest expect our Type-D level XX% quarter our and XX.X% first Star four revenues remainder fiscal of of which this quarter and for comparable last EV higher EV of EV or the that was for we the an will $XXX,XXX electric school that under both We be margins be the first XX.X% will year year quarter of over Revenue the Cargo or June which Cab buses, of margin in $X.X the the buses, was increased $X volume which one gross the than previous revenue in Chassis.

to expenses approximately was million, primarily prior costs the million and increase of increase $X.XX that expense with in including other We costs of Our for prior expense $XX.X $X.X We rental to was cash our throughout This the to expansion. $X.X several quarter capital, year in largely expenses land anticipated due cash quarter interest were $X.X one-time accounts approximately will related during our lease quarter finished cash the million. approximately million and than cash payments, business the lower costs, $X.X restricted million sale. and which cash, held anticipate in receivable during working and an due quarter. million our in salaries,

finished of D we and well, million end and of Class EV of A vehicles. was As Type $XX.X of had inventory approximately goods quarter, school stars a Type comprised buses, which several the range full at X the

be inventory in investments that with in contract EV primarily due fulfilling Star quarter to increase will was, during Our Workhorse. CCs the our

working expect and mid-term open successful working with on please certain solution our strategic capital a We've limit that and while flows that, generate capital production managing towards focused near-term near remains the requirements. management vendors projects call terms previously, improving needs cash working discussed prioritizing to our With for investments. securing been we questions. to in As capital towards operator, to up been have our current

Operator

you. Thank

come We question-and-answer the Please question go Chris [Operator will first from will instructions] ahead. And Riley. begin B. session. Souther now our from

Chris Souther

kind like with ramp seem Hi, going good back bit on EV a across talk of that have well have taking we year the talk vehicle guys. my deployments different vehicles inventory. with Maybe also of where production of are of Star BEAST visibility that for in the side half on you of got been we the some kind with quite Workhorse. for bit kind buildup and just customers regular. it lots Can there's here, little about seems the the orders board in funding the of a Maybe near-term the visibility purchase about clarity some you've CC and now you questions thanks kind of -- the some little is stand of of waiting to

mixing by I for -- helpful So maybe of of kind be visibility near-term think, matching would us. just kind product line,

Michael Sieffert

than each buses, school both for I recently model and I'll probably through for half try with line. Chris. Type hour Type more have that going vehicles in spend the the network, the finished for is question, to ensure necessary thanks we presently. to their be deployments an every the demonstrations. So off and position that A is goods and our XX B starting expanding and dealer a require that introduced that Beast, their brief. Nano priority sell But vehicles our And in we're they the

of priority the be one, we then the focused finished expect next on that, which of we that inventory, complete in substantially to with So deliveries. would then heels And that's on couple goods months. customer

that number getting vouchers a was or initial finished funding network goods have work driver funding around in our through what us for But as buses. to of group. we of dealer sales school customer is hands that's of programs, going with the mechanisms big be that those, sales and supporting our we down our So priority the into road those the inventory because

So over XX to pushing the five Star Cargo the you for the quarter as goods delivered chassis vans to, Workhorse as the that in, working to in -- EV the we substantially of that this with customers or referred is over at next that our we're able approximately as two and million balance quarters that million over cargoes to, quarter next to finished can. then chassis as Brendan June and focus the that XX cabin we're so quarter the inventory current XX December deliver December the the being referred of is we be primary there approximately to today XX and have we quarter quarter. the quarters. expect we we're cabin out September ensure the And and into of XX of XX XX quickly couple to

to allocated with or are in Stars, max stock of seating finished with our So seating many component the that with them And seating, and that's regular that configurations where specifically our we then EV have number priority the rear that us we installed goods VIP CD call specific leaves for and for those. for hasn't a vouchers our as that -- programs our ADA been inventory. blanks various of either

in is that in finished different had So these each our summarized in summary of Michael goods the groups. MD&A

where But are We majority to the groups, deployed. next couple have will strategy of of our in be of go-to-market these several in terms priorities going terms for of in be the our these quarters. deployed

Chris Souther

Got it.

to stands for you're to facility capital races. great as gears Okay. order shifting be about done up in across of That’s helpful. know to, in just up to ramp Maybe just uses bit production off the get the setting kind would a that – little past as come far for having expectations talk you capital set and kind as needs our break update? at the let Maybe assume you’ve production of and where an beginning a

Fraser Atkinson

of a in. we're month more of move Well, the really is August --

Virginia at working the doing for close as to the But EPA are -- end goals, deployed about on light related gets I is to of production should terms BEAST of the next the applications later in in in starting of weeks. where as up over of We're having round as be the Type that's everybody for over this a production CapEx. of online the number not and for West will ensuring We of Nano the – of first, in spend so the first be we which such their the the with requirements, the city into that D be first terms as week fall/winter. fall we then far can EPA equipment of our money say, program, the funding, will various CapEx lot state as opportunities, will get the September, of applications expand ramping that And talking that this initiatives a well number going. with tranche the fairly this for production

current we're get for – September the BEAST. So And going plan. that say, as I Nano that's A in Type the production expecting to the

Chris Souther

Got it.

kind So roll to of time line off when line? would those Type the start assuming that A –

Fraser Atkinson

careful to we're commence that that parts, that on and vehicles. I body And reason, for lines for cab all will on is, and being still until chassis we're the we allow production about production, Well, starts. those waiting initial say have the setting so assembly production that that of and to time get but components there the us the

the start, So come – will we'll then we that we first the soon a position production time in line. as that be off give a as can expected line as the run to

Chris Souther

sense. Okay. one. That makes then just last And

think As we're we going Just there? annual quarter guidance is a that a of in of kind kind far quarterly or on away, here? side, other either more where giving next of workhorse, more do on agreements we or that year? Is starting two visibility gaining from to are sense school any as these as get bus to some kind visibility we're be position when the start to of

Fraser Atkinson

with Well, terms as getting comfort terms what's June. the into goods, – we – comfortable the the level of comfortable the are pipe more where down but not in March quarters of we're what's finished follow-on with – in we're and is coming

BEAST as with So on what have off on the on three was think accomplish we're opportunities better deliveries substantial visibility number if fall, then to those secondary to the able activities able forecast those the as this on with deployed We're then a Nano was I later those about Workhorse get BEAST, that, this of. much I and deployed on that with cabin chassis. able we'd of talking that, principal focus commenting vans and focus the cargo other earlier we're the the to is Brendan well and CCs

approach our of with there, deliveries – through lumpiness has think give provide deliveries, higher categories I the for deliveries guidance has the to we going of been of this to a until move past. other can That the us ability big impact level get customer these different the forward. across in us for to that on will date which orders, been somewhat that approvals, and

Chris Souther

appreciate guys. That the sense. there. queue. makes I I'll in Thanks, hop the color

Operator

And Please Craig Partners. from question go Irwin ROTH is from the next Capital ahead.

Craig Irwin

you vouchers Good there Fraser, to the the morning, districts for school my questions. expecting participants as out about EPA. thank we're taking that and from different – talking we're

and if ability does the BEAST in concerns real flex reasonable still of out buses someone BEAST is biggest very school possibly of for the your serve a lead issues for and electric us vendors the of or I'm question. would select different about One are maybe delivery for mini times what to be for the get discuss hearing vendors time that, talking year line the GreenPower one that A delivery vouchers to given from Great and that Can you the be buses. there. other scenario supply might chain? are two-year what

terms with funding Energy that by approved, I we certainty same doesn't the we've management to then with be up that to lined leverage of have our into the of been move So districts down have that being air program And customers forward have what many advantage EPA first take bus or you And I example, the purchases. CEC once and of for school think that the partner programs that's able of that, two other the level able of. to you've or should California your mean quality is your been been able the certainty that Commission, funding components. in to break

expectation are program, funding. EPA the is these submissions. will that submissions exceed available the the taking The they With

allocate applicant. to to So funding there for state requirement one least has and and that if each at hit -- is every the to a

funding. applications won't for XXX% receipt be the that go into expectation the that that So there is

your may you approved, deal get not. to So you may

with the is won't is unfolds deliver we until the contracts the of to November, with a it EPA cycle. that's of possibly signed, fully program allows for forward get fund those to two-year they to this what they're to in leverage Beast we it being out first GreenPower being start BEAST moving push contracts for we that program couple the or if as EPA -- the the so applicant funding. out, uncertainty once able Nano and And push they know the the What we or program do terms October, successful delivery a When for under the properly in how the view when -- than is vehicles. position program thought

so not And is an it going It to of set infrastructure to maximum XX the applicant doesn't be have train that of staged set much make program up will deliver to the that the get once of the because up enough sense to charging process. number all they're XX at lucky is not they're vehicles the people across organization. up, to or more a under

these sales first they other got So make what don't And able do various for that or materialize, if in handful. alternative, to sure have the as we've to we're want a are that been is deliver working as place to in that other we we've the that customers, those programs lot of such California. such funding -- as in for on were state jurisdictions programs been -- states for other that

our XX, getting out indicating achieve of the our or backlogs even of a of kinks, of communicating goods terms more first sort -- is focus been is BEASTs is and time position number to rollout on that both competitors in our delivery we're But case, So others that we in that optimizing goal XX months the them can't. deployed will, in that, our summary or has understand full inventory have for BEAST greater. a some or us really the certainly customers you and much prospect not their finished helps where Nano that advantageous the with if program being of working with parties of

Craig Irwin

position. healthy a That's Understood.

buses. in So for the EV market school is pricing my second question about

obviously to put cost their to been due year, of has This to just increases, the Blue steel next to and all vehicles is have XX% margins which Bird know get had over dramatic. quarters. the So breakeven component the in pricing heavy in really content through hopefully last we couple

XX% or there Your different And it's more talk are you and necessary to of have a vehicles and competitive not this about the than some approach. very made help you of manufacturing differently, price? be use materials maybe whether market in the the pricing put you in does out market that Can you different feel peers? bill through your

Fraser Atkinson

go sorry, -- the ahead, of terms in Brandon. Well,

Brendan Riley

the Yes. to going just GreenPower the to quickly I was also. uses talk strategy

couple buses, to in in battery cell of in it in other all, EVs the in now, a expensive Craig, the only right of of let's larger comes is some But these -- any systems, up and platforms. vehicles GreenPower say, what So our half thing we cost, you most batteries. of vehicle commonality, in battery all not cases, school not typically the makes have of if EV the and and the one with vehicles, but break across single component some expensive commonality most the almost module

gives advantage, that purchasing and cost let's a much better us say, factor So manufacturability. lower better,

we because across brand get attraction of of also all more we competitive We use lines, a so -- one lot buy our them. pricing, we just more motors

that we than EVs. at believe, to longer buses a And right just guys are We there have been -- supply GreenPower build these and really pressure vehicles. pricing the we that, getting you say with any But on would factor. have we have and announced not chain we we our is to. right now submitted us it, on EV have what existing look pricing than upward school costs, price better if space state-wide managing cost our been even for exponentially vendors much been are -- longer increases, into we contracts I comfortable we're these our has it for have not guys now, least making do So that at some because cost our at

aluminum other bit, out consider thing, with that to supplier's the competitors up Constellium, stabilized our for dip aluminum have. we've it make use the Craig, to relatively Fraser, aluminum stable, has our gone finding big us we're some And steel of being think of costs here relatively some I'll prices helped a not where had that, for is our really turn his the aluminum of especially exchanges, other increases immensely. should quickly. have I And on and LME we over The our comments.

Fraser Atkinson

Well, thank you.

I -- add our only built the it the with But incredible is probably build. get in with of aluminum Plus and fastener its relevant thing thing you an of up our some think that terms is extruded additional our Star that the and a are I'd one three Craig, of wouldn't important approach that weight. aluminum all BEAST the our a and most build, normally lighter brought you aspects traditional matter, gives is and that body EV most strength Nano for BEAST flexibility

So, it's stronger but lighter.

a So this. build of use we our competitors have don't as have as do. And like our none to competitors materials much

as vehicle, of us which that a up product And in does any so give XX on XX-footer seats for best BEAST, case part a a competitive of And that reason length. for of that bit with that a for able passenger of seats, is to to bus have class we're of the the the school that advantage that. can accommodate in

two more those the than that's has manage probably a some us structure stable to combination cost of of our allowed So competitors. for

Craig Irwin

you Thank for Understood. that.

& ability about ramp I'm there. we maybe or to in opportunity potentially take hundred I of would end for there's a I Workhorse, this the talk deliveries specifically units, Chassis provisions with couple cycle? tranche year? to that your Workhorse and Chassis should And a & & Cab quarter? But are your because about Is quarter, & confidentiality not a What Cab are single-digits, the us that's Cab ask Can am you in Chassis the to the of for calendar sure a Cab buses towards in hundred about say, seeing few next of something fair an right? there's it So, more. the deliveries Where start units Chassis?

Fraser Atkinson

I'll Brendan is in actually $XXX Well, building earnings of earlier million. talking start with what on was about which off call, the we're tranches

as in quite that believe July, delivery So but as correct, also far I -- we was early August. single-digit, and you're had in the follow-on your that

So more can. level what not can we do actually in is it's before July and components in start we on million. the we is that. in And build delivery But sort on in macro before all of we $XXX Cab -- or that line was. part that tranches of the need double before before a the build key of actual we Chassis & hand production But our significant supply we

got to have there up the then tranches all So back orders. have packs And battery make that to we we've sure electronics are have and we XXX we before. the XXX all

that Cab we've are where focused of all -- of managing they occurring the the and that there's group six that got stage is full-time of is one team, the multiple that components are to production on this, is a the up people So Chassis. there's of say level the our team managing -- key build a I when

and XXX ultimate working on build. other the of starting and the on key at fourth XXX, build, packs the we chain key in third said, And also the next the the in were were of the the so into with the on fifth -- battery terms Cab and Chassis of the we're actual as terms of Brendan the XXX we complete many XXX first that on electronics subcomponents XXX substantially end and tranche components but and go June, supply -- tranche

working that increased a two. -- will much is the result or in we're quarter that layered it's deliveries that very So, process next through over the

Craig Irwin

offline. rest questions. the for the on positioning Congratulations you and Understood. of and I'll my take the Understood. progress taking Well, thank my great questions

Operator

Thank Sullivan Maxim Group. from the you. Tate from Please next go ahead. And question is

Tate Sullivan

as you. EV then Workhorse. Workhorse earlier -- And Workhorse side, on well, delivery entail cabin when well, the Workhorse from in call on that CCs, does terms Brendan Can too, the determination the the there following of what I that please? cabin mean up I testing just I'm sure integration any mentioned your it's taking on CCs of mean of Thank in be the the more of top those chassis. putting

Brendan Riley

very Yes. Tate, question. a good that's

and for the some duty to things has drivable door folks, cycles. to vehicles. uniform what into So, are you a requested including that's other into so around customers. make believe prototypes with have That's then a sure doors integration some for going making has developed finishing the out. compelling developed they Van shifter, They're the of have for out integration driving been the back we're packages in walking vehicle Step kind well Workhorse We've the in delivering the what and cab knob can body -- here But around received. has these there product tweaking That the there's driver the roll-up regen been other be or other and the that, shifter through really that is line And always just delivery they're back integration for to similar sliding some Amazon see the drive talking you rotary vehicles and new or front, and that Their very just largely get by WXXX that's a their Workhorse the the to in those about FedEx the ready that's compelling their door itself, typically or and and production I some pop their incorporating companies, new vehicles you mean for currently into of back some vehicle line now and their the themselves. vehicle. vehicle, a hinge and been with. allows and that more and up a there. assembly is newest door have a features sliding open UPS the features integrating and introduced improvements

we that As of to we manufacturing a have concerned, that far and -- line that it are been of that actually coming out for a before that they're as number mass deliveries they're keeping getting they've they kind small the with already vehicles were. starting schedule delivery as them, gotten we've first have start

technicians off and out GreenPower procedures. with their sending the and the tranche So of all all that's things work right we're all races. teams, engineers of aligned making through gotten are doing, to They've kind now. with the where sure that vehicles the then WXXX. we go production the they're to And first of we're their is for some processes

line and So we leave clip, their be to running to to at very be full we we them expect soon announce going when will that. to doing -- expect it be but they're to where

Tate Sullivan

South Thank the you you. care most there? for to that mean, have facility it both ahead the ramps in -- product West Is employees talk get bus potentially you both mean both And meaningful in California? number school add in have can And you and about of -- your for -- in I to lines. I facility Virginia

Fraser Atkinson

make have a baseline sure modest appropriate the very Well, we try in we employee with essential positions to very, that training. we ramp, everything do relatively employees are

started So our hiring we've already West South Virginia facility, employees. Charleston

supply product have chain We expect year, next to for for time incoming supply California well school as and folks. And inspectors quality our XXX just manufacturing the XXX for this chain to as control folks facility QA/QC buses. our by employees

I nice ramp would by up that expect steady to our number. a time quadruple year next this and to So workforce

Tate Sullivan

Thank you.

Fraser Atkinson

You're Thanks Tate. for welcome, questions. the

Operator

The from go next Please question is Tyler DiMatteo BTIG. from ahead.

Tyler DiMatteo

Hi. an could some that other the inflation the speak on wanted guys taking the I follow-up you tax to of Can potentially you the bus side? for to I benefits questions. the $XX,XXX just reduction know especially gave school that credit. on Good morning. example. see, and comments Thanks you as

Fraser Atkinson

to the by pages. the XXX Well, the through all we're programs build, still sifting different offers, way, that of build

-- there's will through, beneficial federal what to be a five that in and market. bus that the a the lot of bringing pushing years. is But -- EPA there it's act side -- more is the right now infrastructure school is for EPA of driver terms So the very billion on funding the big program the over the but lot of a above with next year over program is $X.X

Tyler DiMatteo

Okay.

up So then. on I guess following that

far in GreenPower? experience incentives? how in versus incentives So of the Canadian program, terms your up Like EPA compare two so those like of stack do for would how the US positioning the you

Fraser Atkinson

the that And and found a that legs support driver gets backing really funding. I regionalized commercial terms like is the wasn't wasn't there have the ago, really is of And was directed or one is when months to say thing as think big in federal our some provided isn't -- federal what two space with a Cargo, program we that EV funding growth Well, past big Star Cargo+, federal -- EV in that that a is has been has I commercial the it that space. Star programs, there California our federal NY.

program, one of eligible other the the Canadian Canada. only that vehicles X vehicles the Transport listed suite on case of Star the couple of in where a of by we're dominant there program, Class Class Xs are EV So

with taking can program different just that XXth. as of a in engaged fleet that's advantage terms introduced a number program, have the fact of stack we so And of well you And as that really been July operators that it. was

the vehicle. Star British a the an and XX% generate federal the utilize the voucher for of our -- voucher on So EV price program Columbia get of of could to province or $XX,XXX then in example, purchase incentive additional up

So that those that's a of programs able driver today. near-end utilize both we're to

$XX,XXX the purchases for Reduction kick December the doesn't Act, XX, On after in Inflation credit XXXX. until

So to fall that January it can tool this X, deliveries sales occur utilize great that be that on will credit. becomes XXXX, a literally program a for

Tyler DiMatteo

it Fraser. to Thanks great. the there. Really color Okay, I'll the turn queue. appreciate back

Operator

will Private next question the And John [ph] from Jay from come [ph]. Investor

Unidentified Analyst

satisfy view get you to to buildup? a Good are in you're be to in order these of have hold of form going lot the of And money signs inventory up, of. I'm to progress, morning, to inventories it going sort guys. in might what showing build of have but what

Michael Sieffert

with happy go-to-market in of groups the pretty of or inventory level terms current the we're groups. Well, different

school with what are timing the bus Same have, the more as level. to terms an So talked in maintaining adding of side, ready more drawing inventory the to a situation that's delivered. are we of vouchers cargoes not see be or down cargos that with aligned about we we with is the

to the of we have. of priority So And other market the with substantially all months, deliver the that expect that number with to opportunities we next cabin deploy chassis, the cabin secondarily, over the Workhorse. approximately chassis. have then XX we there's likewise, cargo And is vans

a the these or down So drawing as in be adding building number different of continually to opposed up to categories, inventory. across we just additional expect

if categories additional part. And with to is first three terms in better financing two requirements as comments that is debt visibility there a orders have that in utilize Michael the on And facilities have that next second on substantial other the uptick we school in that's then referred working traditional could part the increased earlier, much fall in winter? structures vehicles of we of months. or So buses, been this will to his is, which with this

Unidentified Analyst

of as where good. and get you sales unfold the terms that that capital are accordingly. will I act you then Very you with satisfy sense in the

Fraser Atkinson

Exactly

Unidentified Analyst

Very good. Well, thank you I it. appreciate

Operator

this over gentlemen, like session. remarks. would I closing concludes for back our and Ladies conference to turn question-and-answer to management the any

Fraser Atkinson

through customers can different thanks, we So the addressing. our that Green strong we have current work of have position as excited for deliver with and various the believe to balance that about, very take we markets we of are requirements very in advantage -- well that our vouchers asked customer We're call. the into now can approved we're Power's product base we be as we believe last just for. product everyone, vouchers listening caller product delivered our earnings that And about and positioned offerings

providing and in to with in Thanks for next look the the we shareholders our too time stakeholders our exciting us next and call. listening So for forward quarter update. to

Operator

now sir. you, today's you presentation. for attending The Thank concluded. conference Thank has

You disconnect. may now

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