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Envirotech Vehicles (EVTV)

Participants
James Carbonara Hayden IR
Jim Reynolds President and Chief Executive Officer
Mike Menerey Chief Financial Officer
Craig Irwin Roth Capital Partner
Ed Woo Ascendiant Capital
Amit Dayal H.C. Wainright
Joseph Osha JMP Securities
Call transcript
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Operator

Good day, ladies and gentlemen, and thank you for your patience. Welcome to ADOMANI’s Q3 2018 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will be given at that time. [Operator Instructions].

conference recorded. this reminder a is being As I to you like to conference over turn the host, would now Investor Relations, Mr. Hayden from Carbonara IR. James Sir, you may begin.

James Carbonara

to facts with Harbor Mike call XXA Safe made begin All are be the within And day exception statements Reynolds, like President earnings statement. operator. historical to gain, Executive Act of Jim Financial With ADOMANI’s Officer; Officer. Chief welcome of would Section and call. call the reading XXXX XXE on the the of Act you, by Exchange and statements XXXX Chief Securities third of may Securities the on of forward-looking Thank considered Section this me call meaning the XXXX. and quarter of Menerey, once and good I the

that by be new circumstances, events or to any this projected the in assure not on Form included any this the does these update number with statements Although time-to-time we Securities current of of reflected expectations from call reports information, XX-K, will forward-looking except be expectations the the that report uncertainties forward-looking to prove assurance could law. and such other in to expectations, forward-looking only achieved. changes economic events on ADOMANI and reasonable and and statements operating statements will current that forward-looking ADOMANI’s you the as to cannot ADOMANI quarterly ADOMANI’s in reflect performance, reports cause other due undertake in are Also Commission. or of that ADOMANI subsequent expectations by factors believes call. subject ADOMANI on results are other factors of considerably from results Form are a technical basis can no XX-Q make filed or differ risk actual supplement date as such correct. Exchange and required assumptions Any to disclosed annual statements obligation risks, uncertainties, to made and earnings

of Now, please Reynolds, over the Officer to Jim, ADOMANI. I Executive Chief turn proceed. Jim will call President and

Jim Reynolds

James. you, And everybody, welcome. Thank

see can months million. first of brings That’s $X.X for release, June year sales to first for sales to at six third XXth, million. the XXXX Backlog you increase As earnings revenue was XXX% and nine months quarter from as were the of ending our September XXth compared $X.X an million. the of $X.X the

The when released, the that electric the bus of As dollar grant rural next backlog is grant. to $XXX,XXX California next days, from for has the was to and funds, the Board the million by the million. California by funding talk $XX very to scheme and school order larger is vehicle Energy significant received the of to grand Xth, of from we funds increased money the local the on is released awarded starting come be from XX% about vehicles small to $X.X Driving funding our we be school of which available released. program. HVIP And starting expecting a Resources Xth districts school district Commission electric the October things and just Air followed XX October a expected from be the phase per $XX the billion growth we're combination state air

XX have Bus of from dealer purchase Blue buses To will programs choice. next for additional electric of backlog in October put to expecting in received the increase Bird dealer its the sale funding year. drivetrain approximately this as to million. electric bus all-electric XXX Blue A-Z know to Such helped ADOMANI. contact these hard The perspective, we of QX and working that the both for be sales drivetrain the may result Bird X.X each early Bird position released by and Blue to of which bus grants, in potential lead been are We our the expected sales to grantee order orders from we

As buses partnership for XXX,XXX portion positioned the due more the designer of We buses revenue to units our part near-term XXX view manufacturer well in a future, sales the a opportunity. as of result, is of than Blue independent today. and operation potential we in Bird Blue of for approximately a buses we exclusive Bird, who with a leading substantial has school in the are believe and

The available is of Air the from As November. in addition funding XXX,XXX an of initiatives to amounts scheduled other in $X.X $XXX -- Board to vehicle by excuse additional in note, many potential states. Resources positioned California industry billion Volkswagen funding well million, me, a approval the electric in is advantage for take funding,

that of believe share our As growth; that based our backlog and an we on it. opportunity released, sales funding have will we to capture is

at the mentioned, beginning As great a represent the week a debut anticipated announced products. ADOMANI. Green next all-electric Even the opportunity California ADOMANI to electric truck, launch buses million delivery Convention exposition in the and school XX to Board commercial million area truck release $XXX from October planned Air and and represent Resources Community larger we market, Last cargo from also the California and of Pasadena is ADOMANI’s offerings. will Center on though, van $XX from cutaway X truck Energy of funding very the College be our display XXth. for School of Commission van week, zero-emission Summit the Class in the

our base, school districts. excited fleet we’re of zero-emission but expanding new mentioned, we line also As all-electric product not reach of offer an base to commercial vehicles a existing to customer only

$XX,XXX eligible businesses additional Class with a X to for of funding, are and in available towards vehicle up and Class small school districts disadvantaged $XX,XXX businesses With X to up for X,XXX the respectively vehicle, schools new XX,XXX located HVIP a and communities. to availability an

also districts, we multiple maintenance X that and vehicles these Class truck and price utilize will assumed facilities. delivery the by program, charging of school or of ADOMANI shipment competitive believe X schools, food also or of similar installed buses trucks products with state all-electric the services Blue vehicle the California incentive even gasoline diesel, recent of The infrastructure. Class to the vehicles. school all-electric be With be already first With Powered of powered CNG interest for purchase Bird to becomes

well the emissions costs on-road where a reduce While greenhouse a and fueling with parity operator a trucks performance rapidly plug, fueling stations as has considering California they CNG is and less maintenance the the perspective, same from operate. the electric zero-emission the cost offer and fleet utilizing recharging the in problem -- vehicle almost communities of drivers stations. important diesel-fueled has of By reduction gas JXXXX charging. in settings. in ownership the of standard diesel the similar, the nearly which total XXX reduced stations for districts past, the over Electric operating and range have and electric are XXX and in electric X,XXX or of for opportunity rural for delivery and It’s have a charging option Range a customer. product charging XXX is for anxiety, a becoming electric win-win of outnumber at suited in urban cars, been the will trucks school options The businesses zero-emission California. same between in in many MAKING one featured the charging the vehicle in plug driver stations the truck environment all-electric ADOMANI miles,

in US of in vehicles XXX,XXX XXX,XXX. unit and reminder, X Class unit XXXX, a sales of X Class the were were vehicles vehicles through As sales X

clear be excited is Our school to for X. need XX almost replacement so we're believe XX,XXX, very of a is market bus And to trucks door new this We these all about spending to XX,XXX markets. by is all-electric set there classes. in

vehicles by quality reduces engines. vehicles help reduce it The powered electric issues created dollar growing. vehicle gases we that to can change, serve As by internal climate overall greenhouse multi-million health electric improves air is market and lead combustion

by at point which we expressed, to might revenue. recognize the you performance key ADOMANI’s measure As deliveries, which have sales indicator

As the million. to the mentioned, compared Take XXXX. sales at up ago XX% from million revenue million the for was our September. QX million compared first October Xth look as to backlog, sales sales XXX% for it’s revenue year months up of $X.X nine zero six months $X.X Increased a revenue and approximately of totaled $X.X in to a $X.X

look quotes which coming and buses. today from XXX, the XXXX Blue you all-electric just dealer network, Bird that's at can for exceed if just school Additionally for zero-emission

a show recorded By second that the of increase resulted sales orders shipping and year will sales first as of purchase XXth number revenue generate first ADOMANI sales unknown addition time, the once half converted were recognize the of quotes at revenue million would $X.X of is this of meaning $X.X we in approximately XXXX. nine revenue. the in to result September months, backlog sales over in QX, in our the While to are deliveries XXXX half at purchase for of orders purchase the quotes in would full million XXXX, in in significant orders

approximately delivery before occur year that this However, or market that in cutaways. to to if There September due in sure in our summary, the trucks, and of launch might pushing our of which until this possible. manner about subject all-electric test increased and first the is million van, product vehicle customers. XXth it we of we a are to has our and enthusiastic timely $X we're receipt adequately is backlog to solution chance so out inspect at But our month efficient XXXX. zero-emission all get make position to In not the

partners feel to well-placed over this potential turn Menerey, market CFO, bus, through point, our to magnitude as we financials. and value. addition Mike overall our accomplish shareholder our growth At to and maximize In has the plan and school to its our business ADOMANI the of walk I’ll it

Mike Menerey

Thank everyone. you, Good Jim. afternoon,

I'll Jim for brief of million three time three was September $X.X the ended $X.X and Cost But and earnings sales $X.X for XXth million respectively. be try the questions. and simply more mentioned, nine by seen million sales and You've nine release for the months. XX-Q months our as probably now. to with were million this, and $X.X

includes by valuation sales a primarily a in That note the $XX,XXX,XXX decrease of XXXX. quarter XXXX, a which third was the receivable same $XX.X the to There and a $X,XXX,XXX recorded $XX,XXX in ‘XX expenses quarter we of for $XXX,XXX million a the potential expense accrual and little that bad compared and or offset in periods million. related of reductions third bit first cost in of a administrative was were inventory compensation to non-cash in recorded related in For stock-based General months other sales for general nine to expense, that decrease the quarter. expenses. QX were no debt administrative was $XX.X of that

mentioned. XXth discussed. of comprised million $X.X include non-cash charges, debt shares general in bad and mentioned. increases and expenses expense bad warrant the the compensation XXth in of and $X.X of $X.X a compensation related partially to I a compared in three The of stock-based month requirements expenses ended Research compensation agreement XXXX. accounting months entered and million of administrative same approximately months bad September each compared by ended to year. and to during under year the result the September nine million expenses quarter at for Those all of September for period to and stock-based items, year in pursuant case year compared development that’s ended general last administrative product the $XXX,XXX a expenses by we which payment the for for and I of last were million, to June decreased was last million the development this $X,XXX approximately XXXX to $XX.X the were was of just X.X in total stock, just a compared for as the non-cash the XXXX, and quarter period June terms to including are quarter of item by expenses expense, purchase which significantly of as of essentially administrative third $XXX,XXX, the debt activity due three this months $XXX,XXX in valued I of expenses That’s third item months XX million charges, to operating reasons XXth for just the those $XXX,XXX both compared increased that offset ‘XX the a the $XX and increased to stock-based nine third the the flat by in expenses consulting for $XXX,XXX ended is essentially period non-cash year result of into XXXX last in last $X.X ended common debt primarily nine same includes the September by million. nine year in quarter both the of $XX.X to compared million settlement million decrease expanded The ended decrease expenses G&A item. in for decreased expense months issuance September period for million XXX,XXX GAAP XXth, lower XXth, a million. third months that Consulting three The the as the other XXXX so approximately expenses nine and two of $X General for and net Because XXXX. ‘XX $XX,XXX decrease $X.X $X.X of nine

compared September non-cash in total loss expenses of million XXXX loss XXXX for million, ‘XX related and loss respectively. for the net Our ended comp from $XX.X a were of year of of $XXX,XXX loss $XXX,XXX quarters for was quarter million, is Total non-cash included decrease which ago. net to the that third and and net the as $X.X expenses million $XX.X XX, to a $XX stock-based

net totals for months as a and of $X.X total loss September in This The we loss a million where stock-based XXth million. million loss $XX.X net comp. were XXXX. year the was total non-cash decrease $XX.X in in those loss expenses XXXX is million, of last in compared nine ended included for which non-cash million to $XX.X $X.X Our had related expenses $X.X million of to net

$X.X short-term XX, was of this $X.X is going ADOMANI of cash today. $X.X to $X.X cash, and of investments net which cash investments of most I But and to of of as compared what equivalents had a of and the debt September as million a think million million of I'm million million. short-term million equivalents debt mention at or $X.X aspect important $X.X XX, perhaps cash, and net XXXX XXXX September

$X.X not greater X again a X of times September increase XXXX So X times to our XX, numbers September year a And the of they ago. than about this year that. ago. was end well at at times Again that compared were $X.X a million capital on a but year are is working -- million

the today. open our James, noticed take short that release items. and earnings point? after the up failed for We’re my to do guys want their you stuff of any about to questions some posted our only see that talk you been blogs supports the They want sellers to If of release, those XX-Q have position. this to them. concludes That it remarks at happy of

Operator

[Operator Thank you. instructions].

comes Our Partner. first question from Capital Craig Irwin of Roth

Your open. now line is

Craig Irwin

evening, my Good taking gentlemen. Thanks questions. for

wanted and customer ‘XX? efforts it Ride-and-Drive know have you has update number I this customers and quantify something past is we to total an for potential events that at in Do with an partnership on there. quotes On number of where first of been the times pipeline at touches the look update can So specific the you've us calls us of as -- and us of Blue California help on different with number resulted number with you the Bird. have out you start an update given in you the including expansion in making

Jim Reynolds

thanks of for state for Well, that Texas or that the at given that But lose quotes lot that us multiple to that. XXX quotations now, of the on you past all feel or and quotes opportunities once for It's XX number kind that Ride-and-Drives same us we question. to give local and we been into the confident number turn yet sales by pretty of the because soon projects entities. in of the are federal be as Bird’s outstanding, as the a difficult But time, York across going on Florida set the we regarding surpassed they they're because stature and the in will Blue either of leadership. and country and Ride-and-Drives number have industry California buses have a New for of are funded have has their funded, and track Craig,

Craig Irwin

That’s really encouraging.

out XX, like little something are you be I -- there whether maybe was on bus are seeing elephants customer. from buys? ADOMANI a us would a you maybe large at mean can thinking give order for a look there, many large single So XX color potentially XX, initial I customers elephants

Jim Reynolds

the you they as to discussed all a in are -- put basket. than have want we is buses the you or by this rates one lot know driven Craig funding. the past more And Look, funding district, one any agencies in have of just one while in reluctant to two

all-electric be million are leader sections state in, we the like So it multiple have a a the $XX each buses funding into be who in four be typically They one. $XX.XX with and have the Commission. number first but districts district have had California broken into might that for allocated Energy and to there claimed out of whatever the million

number combine or only is So XXX be the there that will the it may -- with you each when be know, in so buses area each in reduce buses money. HVIP area, I going don’t to XX

XXX it’s dealers their through that it units six customer one different this disseminate will are it orders. different for That’s that for will They in districts. Bird. area orders for Blue to types five then we order to good those one and doesn’t those think to last drivetrains. getting we time. drivetrains order in for But install of XX going came units school XX So The buses, customers. that probably when ship That news a of an be an two we order is build and of because maybe buses considered be through multiple us customer. the saw We was it going the buses. I affect types and will There will one large two to are XX that a lot from go at be we Blue Bird may that XXX get

Craig Irwin

to backlog, that. backlog And portion the fourth quarter? breakdown complete the in $X.X is million you is again for slips how relative us Can about for you drivetrains the maybe ask the wanted much what also Thank I versus vehicles? strong. from

Jim Reynolds

right scheduled now. $X.X That's Complete $X.XX projection be now will I million for be and so to million our right vehicles or drivetrains. think is other

Craig Irwin

the And million $X.X talking fourth about specifically backlog? quarter are or you the

Jim Reynolds

about talking are out that in quarter. million We fourth backlog the go $X.X will the

Mike Menerey

million. X.X Would be

Craig Irwin

Okay.

Jim Reynolds

still $X fourth the that of plus are the million year. quarter go out we Well, in to backlog, and balance out quarter go million at the up to looking next of of first $X.X in

Craig Irwin

Okay, thank you for that clarification.

then So and you flow. really that mentioned strong the sheet of balance cash was your sort comments on in the

for us of contribution items was? assets. what assets that current specifically for was you quarter? in One What the you the in other a nice maybe reduction a benefited $X.X describe other million current during you was Can the that

Jim Reynolds

because Primarily the in to we on the the of third from transfer sales cost shipments deposits quarter. prepaid of had drivetrains the

Craig Irwin

well? current remaining is then And Okay. the primarily assets, also that other prepayments as

Jim Reynolds

Yes, prepaid and stuff, the insurance alike, yes. standard

Craig Irwin

last Okay. color any is that maybe from pretty was, share the in debt can me. this us but bad small you what occur? with could Excellent, the something is counterparty And then it XXX,XXX question excellent. -- potentially item to was

Mike Menerey

in because and not, it whether to in certainly We We quarter, receivable against to took of get borrower reserve know or not. some approach work a there’s actually statements going whether work us third discussed against that entire or note lot $XXX,XXX is don’t that the the to ‘XX. a in a we we recorded our have will conservative we’re issued the there to It’s financial certain note we for do repaid. June with and the collect of was doubt

that. undertaking We’re

plan being a place have executed right in that’s We now.

know turn but don’t this out. We reserve, need the may time. at we just it didn’t So

be So we’ve to decided conservative.

Jim Reynolds

don’t see And it we repeating itself.

Operator

Instructions]. [Operator

from comes of next Our Woo Ascendiant question Capital. Ed

Your line is open.

Ed Woo

base I at districts? for road that quarter. Thank buses the and taking you my school congratulations installed Yes. the curious are was many today question various just how on on what’s car, the your -- ADOMANI

Jim Reynolds

shipped XX, that’s less Right been been than in has and it’s it’s most now, because of installed. process

go up the So to and gets is good very installed sales range that while we get -- limited, base then at for to the from the customer. lead the bit has experience. get dealer dealer, it a a districts additional XXX. But we’re to before drivetrains experience the install once But it, because it’s then because back our Blue through the to has school and to the important perspective, has ship it’ll it, because it will be PDI to out of to test little Bird XX to

ship So the there a time customer we the between, time lag receives product. is actually the and

Ed Woo

are roughly transit many actually or the pretty now Do all much at in you they are still? how any have idea customer

Jim Reynolds

the had approval and at and their receive We an about I with September to with transport be event and units those seven Blue are seven in deployed Bird to believe ones school dealer first districts children.

Ed Woo

it’s your out know I you have hands customers’ what’s what’s you your feedback know so want seven. far? that awesome I And the mentioned into maybe them But feedback? only But to they general Great. experience. get that so

Jim Reynolds

we S-X be require So going design have the additional almost to support to is The some very technical or and the right are but and certified. far doing and drivers Highway of were carry transport design get their limited to that the immediately forward But the them. product it’s more. feedback now that looking work they’re to happy approved testing, away. training Patrol the something they their Bird the great. seems that and is California to which products very Blue That They right implemented work always by of positive, endorsement, chance into children builds some been we getting And doing received out warranty then great. now ability districts that happened to There’s that’s route.

Ed Woo

just last my chain. supply And Great. question on then is

lot China. at from impact tariffs? been parts get all Has your You any there the of a from

Jim Reynolds

our I tariffs mean but as the guess the we have aren't quasi-concerned that sub-contractors through down today. resolved that I in-house of be -- in place we're if that impact things inventory none yet, we repurchased now we're are -- Not, road will that on there

that be the and months today to concerned come. for in several will about okay we're we're But future. we So

Ed Woo

Great. Well, you thank good and luck.

Jim Reynolds

Ed. Thank you,

Operator

Thank you.

Amit Our next Wainright. Dayal comes H.C. of question from

These open. California? line Jim. XXXX, all you. first the funding - is mentioned up are these coming electric for XXX Mike. Hi, of catalysts the Q Your quarter Hi, buses Amit you Thank Dayal by in

Jim Reynolds

put [Cook you’re has has million, units million York pulled million, talking they're now million, a when. California. replace it out, school going $X These that Volkswagen buses internally a in not County] and Ohio has of $X which sure they'll money own also with about $XXX lot we're money But it generated with exactly is Indiana the -- going states are to has funding over throw into like that money we’re There $X.X they’re funds. their New to that had

money, to the over they're Now Volkswagen opportunities to with. start state-generated and they're Volkswagen multiple but money funds. getting the Well all not also country everywhere, projects the that they rely with have only on going

Amit Dayal

or Got also are revenues there different it. from next from And coming the the you quarters, backlog, states? California are these only again the two over operate

Jim Reynolds

The almost -- California. backlog XXX are is now well completely the right

once I or don't another units we the -- two sell the one think that’s buses, buses, sell in and some we place one the drivetrain. But we deliver don't not Washington that else. again, are

always Bird, D. C us sells know going. the goes dealer let’s to it or us bus gives Blue a don't They Bird it's order the where type us is when something Blue and So tell whether

to all two, state. they that building, other California, could states. know shipping, don’t know are drivetrains we’re that different we three come in going buses They be which which We could So don't we spread dealers what orders. over we’re receipt know

Amit Dayal

market, the where regards then these of trucks And your what timeline to efforts Understood. around be one road? of entering could sort you actually the rough in anticipate on truck do

Jim Reynolds

at either at in paperwork of those be before, they the and Once problems, is except do this brake shouldn't, the if we any to done, which week which we'll brake don't week a required they have Board, and But the get brake don't any issue done to showing We and have different couple has additional times vehicles be six of so and certification CARB it will two going next the find towards -- Air tests submit Pasadena to homologation, problems review they'll done that tests. now The Resources tests. week next of sold. early the hope have the find attach a to have Order November. orders there. to to for they done certain chassis. an are California they it. Once able many Executive vans and Ford to districts -- legal end we’ll following If trucks year. are school starting two those mid-November everything them And Order get been We Executive to it's be be facility, vehicles couple to HVIP vehicles once take are or Arizona be be of them the that we’ll funding to show what's those but to maybe by will they late done, we late

will Q to hear. I by with one Good question this them of then happening - able just this. would Amit next we deliveries me. hopefully realize final get interesting. this to be be the early year. first So taken quarter That’s and orders from And Dayal didn’t

On year. costs Are last over expected front, these down further obviously quarter? we levels the in these third G&A the have or the to come saw the stabilize drop at

Mike Menerey

comp didn’t I'm I expenses were the about Amit, stock-based or talking catch sorry, this? the total you G&A

Amit Dayal

comp stock-based as this like higher? G&A stabilized going the here be further to cash initiatives will move they or maybe you Excluding ramp -- are expenses, sort of the

Mike Menerey

is relates and item as to higher which it go particular will they one commission expense. Well,

are trucks things, As going are we we outselling commissions. and to be paying

on We the drivetrain. aren’t paying commissions currently

fairly expect of creep most part them the we will The go here up. and But will up So for that to steady. rest there. them stay

Jim Reynolds

few else I here think on a maybe we sales people accounting. be will and adding somebody

will a to dramatic, million but a It overhead. So thousand people few to hundred nothing few just be we $X be adding are would I going year like adding a nothing imagine. our

Operator

question next Our of comes JMP from Securities. Joseph Osha

is line Your open.

Joseph Osha

referred mostly I I other LFP. “Ultra-fast assume to if that I battery you see I chemistry lithium referred are some chemistry. you may to with I with also But and titanate oxide also going start is questions. some it which wanted to charging” see

I'm what asking of seeing? and So curious are to you what this kind for are mix as really at your costumers point

Jim Reynolds

Well as XX,XXX foot chemistry really the concerned I aren't customers think elevation as with what for there want look performance. you is, down much the they the

and speed at driving chemistry they you asking lifecycle charging different the batteries looking they what’s If me aren’t is the that. the type and change basic know are additional they we they that for the we which very for because much that they're cycles. and are, really But chemistries of might chemistry if questions bit, driving concerned the customer yet and NMC. battery will discussion. do letting not charging, with batteries They go understand but thank So different with the available have really a are don't

Joseph Osha

perhaps I geek enthusiastic, and -- I'm so I Well out I it. apologize, it of

they for? way of investment infrastructure? a you are Let this come charge are they the they ask what it ask me seeing down you in rapid you What then. Where Are more to Are seeing terms are on make focused full your them for? in different customers range? willing looking

Jim Reynolds

They it's in because think that not fill-ups. mind, everybody's and on between Well, go a that’s and bus. the can they XXX I foremost range diesel miles question first know is Okay.

And so. a anxiety, them We’re more telling don’t than XX that gives though at and they need or day. a or XXX XX them look they that even

here’s about rapid quickly how the as charging, as and need you they them to the can the But what questions then we here’s that be a explained charged. units, of gets, vehicle range charging your far lot expectation. we As get about

night charge exactly. the charge the trickle fits it and six have nobody their opportunity hours and and charging in morning, take to plug in of between your hours seven let routes it to or when is You afternoon at there, routes in your needs

So routes while with really rapid opportunity they what of the is, ask get? if there of I charging, is about I they’re it And do and concerned between charge charging can what overnight. range kind two

Joseph Osha

Makes sense. Thanks.

Are winner. be platforms? talk When Bird now probably question planning see this across sure ignorant. Second I the you across is different just then classes, of which and you I’m the look Blue to understand. they make the sorry, light-duty, is Vision platforms want present you three are -- the prop GX, those site, which is I different to there’s all about, three engine the Electric, RE the at

Jim Reynolds

A, and Bird. is and Bird, part venture Type now GX Girardin of The is Micro it between Blue joint that the a

that’s So A bus. Type

right install where they’ll don’t They’ll chassis. make that need and FXXX transmissions it difference. solution range think dealing the besides is out of on quicker biggest them product the you the with C out, you the on van chassis. it, transmission, is then vehicle, to and which the the to them the and we school D mostly don’t don’t great chassis any the What will build body bring will really and to be labor offering a chassis engine, -- all XX need, for the plan a it much engines out do drivetrain electric just is a which just bodybuilders, Bird mount that. We’re on they’re also Typically shouldn’t gasoline Type Ford like now mount offer and you bus what nor supply a A top the the the the And on the and don’t we actually diesel spend about take we fuel bodybuilders and for offer electrified the or from companies with is bus will one pretty parts body and buy truck chassis. market tank, Blue the and they start. directly their they’ll product. It shuttle we’re of but is decontent the electric you the But are, going take they lines the they the

Bird we other some that Micro Micro forward. a be approach with going exclusive drivetrain. will negotiation point Bird we’ll market their or whether might for company, current go supplier think So I have

be we the So it for business But an somewhere option be that line. in will down may us. not

Joseph Osha

And get wondering feedback then just competitive I’m two I questions. can your if on.

a what competitive axle and quite The integrated or motor. seeing? just product you seeing Line run-in you’re competitors too was those I secondly, that of out And who saw down bit? first then the is, comment -- Long on two two seeing you’re Electric could maybe Beach those had which in might Meritor not an wondering interesting I’m if what

Jim Reynolds

dealer-based competitor, make sales think a I a can product. approach I Well, approach. comment from a to they They a direct good on think marketing they’re I Lion, good gone have

they will I merit, some think they have sell some product.

about business -- versus do lot or there. salespeople, better five -- stations, Lion’s like What so we don't I and dealers years. people repair with Bird numerous sales their a know like not a four, I and XX the XX warranty been XX but and country, years in So I leader people for product is Blue XXX across the XXX think so probably

Blue a be especially forward industry have with going company not they're business the their of fuel alternative lot said to them a eminently up in they'll is like than one in industry the have Bird there's is. that and leader teaming but involved one for think I rather be champion that's an sales the and so leaders,

Joseph Osha

Got it.

Mike Menerey

don't other Type they that light about Cs. a make The Lion have They D. is point only electric Type

us. standpoint, that to Type for complete a Cs. competitors the from are they They're So not competitor

Joseph Osha

you. on transactional Noted, was to since borrowed … made seen They a Beach, space thank Long quite And have they bunch I of that -- the you at up. as curious turn whether then a Meritor, boot

Jim Reynolds

much but seen since them I at AT&T, industry Meritor name saw out I a not there then. certainly is haven’t well-known. household

niche find I a think for themselves they’ll somewhere. market

Joseph Osha

much, Okay, guys. Thanks alright. so

Operator

your today’s and the Thank for and you. And there questions Thank gentlemen, are a you no participation concludes day. queue, further ladies wonderful conference. in have this