Canadian-based GreenPower with its assembling plant right here in Porterville is set to become the “Tesla of Buses,” according an article recently posted on NASDAQ.com and InvestorPlace.
The article stated the company, worth less than $200 million now, has the potential to be worth as much as $10 billion in the future.
GreenPower listed on the NASDAQ in 2019 and has continued to grow in value since its listing. The NASDAQ is a listing for electronic trading that includes mostly technology and up and coming companies. GreenPower can definitely be referred to as an up and coming company.
Since its listing, $38 million in capital has been generated that could possibly be used to expand the Porterville facilities' expansion capability. The Porterville facilities design, build and distribute battery-electric full-size buses, school buses and shuttle buses. There's also a nine-acre piece of property in Porterville that can be used for expansion.
While the electric bus market is still small and GreenPower is still an obscure, small company, there will be a trend for more electric buses. The article featured on NASDAQ.COM and InvestorPlace considers GreenPower to be the leader of that trend.
There's expected to be a huge growth of electric buses in the next decade. The number of what's considered medium to heavy duty electric commercial vehicles (Cvs) sold in the U.S. Was just 3,600 in 2020. But that number is expected to grow by 7,000 perent to 250,000 by 2030.
So the electric commercial transportation market is expected to be one of the biggest growing industries in the 2020s.
GreenPower makes three types of electric Cvs: an electric shuttle bus known as the EV Star, an electric transit bus and an electric school bus.
The EV Star sits up to 25 people, has a 118 kWh battery pack and can go 150 miles on a single charge. The company's biggest transit bus can seat up to 100 people with a 500 Kwh battery pack and can go up to 200 miles.
The school bus is dubbed the BEAST — Battery Electric Automotive School Transportation. GreenPower's Cvs have been approved by the Federal Transit Administration.
GreenPower began in Porterville in 2015 and began delivering vehicles in 2017.GreenPower has signed contracts with UCLA, San Diego Airport Parking Co, GreenCommuter and Sacramento Regional Transit. GreenPower delivered 13 vehicles in 2018 and 68 in 2019.
Many customers have made substantial re-orders with GreenPower, which also continues to sign new customers.
GreenPower has signed more than 100 contracts so its on its way to doubling the number of vehicles it delivers every year. GreenPower could deliver several hundred vehicles by 2022.
GreenPower controls 3.5 percent of the CV market. The article in InvetorPlace and NASDAQ.COM projects GreenPower to control 10 percent of that market by 2030.
The article stated the company could deliver as many as 25,000 vehicles in 2030 at an average price of $200,000. That could mean revenue of potentially $5 billion in 2030.
With a 30 percent profit margin that could mean $500 million in net profits, which means a potential $10 billion valuation. So the article states GreenPower's stock could rise by more than 40 times over the next decade.