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GreenPower Motor Announces Current Vehicle Production, Deliveries for the Quarter Ended December 31, 2020 and Doubling School Bus Production

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VANCOUVER, BC, Jan. 13, 2021 /PRNewswire/ -- GreenPower Motor Company Inc. (NASDAQ: GP) (TSXV: GPV) ("GreenPower"), a leading manufacturer and distributor of zero-emission, electric-powered medium and heavy-duty vehicles, today announced its vehicle deliveries for the quarter ended December 31, 2020:

Vehicle Type

Quarterly Vehicle deliveries

EV Star1

15

EV Star +

1

EV Star Cargo +

1

Total Deliveries

17


1 – Fourteen of the EV Star deliveries in the quarter were recorded as leases

In addition, Greenpower provides an update on the units completed and in production as of December 31, 2020:

Vehicle Type

Completed and in Production

as of December 31, 2020

EV Stars (all models)

68

EV 250 low-floor transit

5

BEAST school buses

20

EV 350 and school bus

2

Total Vehicles

95

Brendan Riley, President of GreenPower commented, "During the most recent quarter we continued to ramp production considerably and that trend is expected to continue as we align with an anticipated increase in deliveries in the late spring and summer of 2021." Riley continued, "In the fall of 2020, we announced a production run rate of five GreenPower all-electric school buses per month which we are now increasing to 10 on the back of the strong response we are seeing in the sales channel. With regard to our EV Star, we are on track with our previous production guidance with higher volume deliveries expected in the current quarter and accelerating thereafter as the logistical constraints of the pandemic further abate. In sum, we continue to ramp aggressively and expect substantial increases in both production and deliveries across the school bus, transit, cargo and delivery and cab and chassis markets throughout 2021."

The vehicle deliveries for the third quarter and production summary as of December 31, 2020 as described herein are preliminary and subject to change. Greenpower's final deliveries for the quarter, vehicle production, and full financial results and commentary will be included in our third quarter financial statements, MD&A, and earnings release which are scheduled to be issued in February.

Greenpower's vehicle deliveries and vehicle production are measures of business performance however they should not be relied on as indicators of Greenpower's financial results or financial performance for the quarter. Greenpower's actual financial results will depend on a number of factors other than vehicle deliveries, including but not limited to cost of sales, operating expenses, foreign exchange movements, changes in capital structure and other factors.

About GreenPower Motor Company Inc.
GreenPower designs, builds and distributes a full suite of high-floor and low-floor vehicles, including transit buses, school buses, shuttles, a cargo van and a double decker. GreenPower employs a clean-sheet design to manufacture all-electric buses that are purpose built to be battery powered with zero emissions. GreenPower integrates global suppliers for key components, such as Siemens or TM4 for the drive motors, Knorr for the brakes, ZF for the axles and Parker for the dash and control systems. This OEM platform allows GreenPower to meet the specifications of various operators while providing standard parts for ease of maintenance and accessibility for warranty requirements. For further information go to www.greenpowerbus.com

Forward-Looking Statements
This document contains forward-looking statements relating to, among other things, GreenPower's business and operations and the environment in which it operates, which are based on GreenPower's operations, estimates, forecasts and projections. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as "upon", "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict or are beyond GreenPower's control. A number of important factors including those set forth in other public filings (filed under the Company's profile on www.sedar.com) could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. GreenPower disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. © 2021 GreenPower Motor Company Inc. All rights reserved.

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SOURCE GreenPower Motor Company