GreenPower Motor (NASDAQ:GP) stock is soaring higher on Friday following news of a deal with a Berkshire Hathaway (NYSE:BRK.A,BRK.B) company.
Source: Shutterstock
Here’s everything possible investors in GP stock need to know about the company and its deal connected to Berkshire Hathaway.
- GreenPower Motor is an electric vehicle (EV) company that focuses on transportation vehicles.
- That includes “transit buses, school buses, shuttles, cargo van and a cab and chassis.”
- It was founded in Vancouver, Canada, and operates mainly out of facilities in southern California.
- The company is new to the public market having only completed its initial public offering (IPO) for GP stock in August 2020.
- The deal pushing GP stock up today has it signing an exclusive purchase agreement with BRK.A’s Forest River.
- Forest River is a manufacturer in the cutaway bus, motorhome, and truck industries.
- The deal with GreenPower Motors has it supplying the company with up to 150 of its EV Star Cab and Chassis.
- This will have Forest River using the EV Star CC in a new line of zero-emission product offerings.
- GreenPower Motors says that it expects to deliver the first six units this quarter.
- The remaining units will be sent out over the next 36 months with a run rate determined by the third quarter of 2021.
- Financial details of the deal between the two companies were not revealed.
GP stock was up 7.6% as of Friday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
