Lightning eMotors, Inc. (NYSE: ZEV) is engaged as an electric vehicle technology company, which focuses on the design, engineering, and manufacturing of zero-emission vehicles for fleet customers. Shares of the commercial EV company are rallying 16% through early trading on Thursday, February 3, 2022. Over the past three months, Lightning eMotors has seen average daily volume of 916,410 shares. However, volume of 16.46 million shares or dollar volume of around $83.62 million, has already exchanged hands through early trading Thursday.
Shares of Lightning eMotors are gaining after the company announced it has entered into a collaboration agreement with General Motors (NYSE: GM) to develop all-electric medium-duty commercial trucks and vehicles. The agreement makes Lightning eMotors the first GM Specialty Vehicle Manufacturer (SVM) to provide Class 3 through Class 6 all-electric commercial vehicles.
Under the terms of the agreement, Lightning eMotors will electrify medium-duty truck platforms, which will be provided by General Motors, at its Loveland, Colorado manufacturing facility. This will allow the collaborative team to build out EV shuttle buses, school buses, commercial trucks, delivery tricks, ambulances, and more. Once the chassis are completed, they will be shipped to commercial vehicle manufacturers.
Through its flexible manufacturing approach, Lightning eMotors is able to provide scale and cost-effective electrification of specialty trucks. As a result, the customer sees operating cost savings, better performance, and zero tailpipe emissions.
“We are thrilled that GM is working with Lightning eMotors to make GM’s medium duty truck platform the basis for new electric vehicles,” said Lightning eMotors’ CEO and co-founder Tim Reeser. “GM’s inclusive approach to electrification is a great match for Lightning’s position and role as a leading powertrain supplier in the commercial vehicle space. Commercial vehicles and commercial vehicle powertrains are complex, with thousands of unique components, requiring years of custom software development and on-road testing—and Lightning has products in fleet use today and ready for customers to roll out this year.”
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