GreenPower Motor Had A 48% Revenue Decline In 2020 and Recent Events Suggest Revenues Won’t Improve In 2021

• California massively cut its EV voucher program (HVIP) for 2021 which GreenPower Motor (GP) receives most of its revenue from.
• Biden ordered Buy America compliance loopholes to be closed – bad news for GP which imports its vehicles and parts from Asia.
• Over 90% of GP’s sales are to a single customer, Green Commuter, and GP leases most of their vehicles out to them on GP’s financing.
• Except for Green Commuter sales, none of GP’s major sales announcements have led to significant sales.
• With the lockup expiry passed on 2/24/21, we have a $5 one-year price target on GP.

See the full report on Seeking Alpha here.