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By Sam Boughedda
Investing.com — Workhorse Group, Inc. (NASDAQ:) and GreenPower Motor Company Inc. (NASDAQ:) announced the signing of a multi-year supply agreement Tuesday.
The agreement will see the electric vehicle companies facilitate the manufacturing and delivery of medium-duty Class 4 step vans into the North American market.
Over a 21-month schedule, GreenPower will deliver 1,500 EV Star cab and chassis to Workhorse starting in July 2022. The chassis will be used to produce Workhorse’s new Class 4 W750 step van line, which is expected to enter production in the third quarter of 2022.
Workhorse said the agreement includes deposits based on delivery thresholds and also contains a renewal option.
Workhorse will have exclusive rights in the U.S. and Canada to sell the vans — under the Workhorse brand — based on the GreenPower-supplied base vehicle. They will also offer a Workhorse after-sales and support service.
Workhorse is trading 7% above Monday’s close following the news, while GreenPower is down 2.13% despite an initial rise.
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