Significantly Expands Total Addressable Market: a Total of 296,000 Class 3 Trucks and 208,000 Class 4-7 Trucks Were Sold in 2016 in the United States
CORONA, CA / ACCESSWIRE / June 19, 2018 / ADOMANI, Inc. (NASDAQ: ADOM), a provider of advanced zero-emission and hybrid vehicle drivetrain solutions and purpose-built electric vehicles, announced today that it will enter the U.S. electric truck market. President and CEO Jim Reynolds, accompanied by COO Rick Eckert, will travel to China and Malaysia in early July to meet with ADOMANI®'s partner, Envirotech Drive Systems Incorporated (EVT), and to visit its production facility in anticipation of receiving four zero-emission all-electric Class 3 delivery trucks in early July for ADOMANI®'s entry in the U.S. electric truck market.
"Our primary goal for this trip is to meet with our electric vehicle partner, EVT, in preparation for the arrival and launch of our new zero-emission all-electric Class 3 and 4 trucks in the U.S. market. We are very excited about this opportunity, which would substantially expand our total addressable market," said Reynolds.
The initial four ADOMANI®-branded trucks will be tested internally and must be certified by the required California agencies before ADOMANI® can begin taking orders, which ADOMANI® currently anticipates will occur in the fourth quarter of 2018. The trucks will be designed to qualify for HVIP funding in California ranging from $50,000 to $80,000 per vehicle.
Eckert added, "Electric vehicles are gaining momentum globally, with China leading the market, and California taking the lead in the United States. The race is on for all-electric trucks of all classes since electric vehicles help reduce greenhouse gases that can lead to global warming, improve overall air quality and address health issues created by vehicles powered by internal combustion engines. California is a leader in clean air initiatives, and China has recently initiated many measures to address pollution as well. We believe that both markets need such vehicles and that there is an opportunity for ADOMANI® to help meet that demand."
About ADOMANI®
ADOMANI, Inc. is a provider of zero-emission electric and hybrid vehicles and replacement drivetrains that is focused on reducing the total cost of vehicle ownership. ADOMANI® helps fleet operators unlock the benefits of green technology and address the challenges of traditional fuel price instability and local, state and federal environmental regulatory compliance. ADOMANI® designs and causes to be designed advanced zero-emission electric and hybrid drivetrain systems for use in new school buses and medium to heavy-duty commercial fleet vehicles.
Cautionary Statement Regarding Forward-Looking Statements
Statements made in this press release that relate to future plans, events, financial results, prospectus or performance are forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. While they are based on the current expectations and beliefs of management, such forward-looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from the expectations expressed in this press release, including the risks and uncertainties disclosed in reports filed by ADOMANI® with the Securities and Exchange Commission, all of which are available online at www.sec.gov. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including statements containing the words "planned," "expects," "believes," "strategy," "opportunity," "anticipates," "outlook," "designed," and similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as required by law, ADOMANI® undertakes no obligation to update or revise any forward-looking statements to reflect new information, changed circumstances or unanticipated events.
CONTACT:
ADOMANI, Inc.
Kevin Kanning
V.P. of Investor Relations
(650) 533-7629
[email protected]
Hayden IR
James Carbonara
Partner
(646) 755-7412
[email protected]
ADOMANI, Inc.
Michael K. Menerey
Chief Financial Officer
(626) 483-3280
[email protected]
SOURCE: ADOMANI, Inc.