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GP Stock: 11 Things to Know About EV Play GreenPower Motor and the Berkshire-Linked Deal

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.

A 3D rendering of a green truck in front of a blue sky.

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.

Article printed from InvestorPlace Media, https://investorplace.com/2021/02/gp-stock-11-things-to-know-about-ev-play-greenpower-motor-and-the-berkshire-linked-deal/.

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