Orders for additional "Powered by ADOMANI®" all-electric drivetrain systems for zero-emission all-electric school buses, complete school buses and e-trikes all contribute to the backlog.
CORONA, CA / ACCESSWIRE / April 30, 2019 / ADOMANI, Inc. (NASDAQ: ADOM), a provider of advanced zero-emission and hybrid vehicle drivetrain solutions and purpose-built electric vehicles, announced today new orders exceeding $7.2 million, creating a 46% increase in its previously reported April 4, 2019 backlog of $12.9 million to $18.9 million. ADOMANI's product portfolio currently includes electric drivetrain systems, vehicles, including trucks and vans, and the recent addition of e-trikes and low speed vehicle products. ADOMANI expects to deliver the current backlog of drivetrain systems, complete school buses, and other vehicles during 2019.
The growth in electric vehicle adoption, available funding incentives for EV purchases, and consumer demand for fuel efficient and environmentally friendly transportation solutions may all be drivers for future EV sales. Electric vehicle sales in California for 2018 increased by 62% over the previous year. With a significant portion of approximately $800 million available incentives for the purchase of zero-emission trucks, vans, and buses in the state, more businesses can afford to make the transition to all-electric vehicles that help lower their total cost of ownership while helping California meet its greenhouse gas reduction goals.
Jim Reynolds, President and CEO of ADOMANI stated, "As school districts, cities, counties and fleet operators move from diesel and gas-fueled vehicles to all-electric vehicles, it is rewarding to see the ADOMANI products receiving notice and market acceptance. It is exciting to see a high level of interest and new orders from customers as they see the benefits of adding zero-emission electric vehicles and drivetrain systems "Powered by ADOMANI®" to their fleets." Reynolds continued, "Our diversified product offerings and experienced sales, operational and marketing staff, along with the Blue Bird dealer network, is paying off for us. This has been a real team effort. We are also very pleased to see the school districts, when presented the opportunity to see our additional ADOMANI zero-emission all electric vehicles, including trucks, cargo vans and chassis, realize how their communities can be improved by a reduction in greenhouse gases that our many vehicles provide. We believe our ability to deliver all-electric vans, trucks and cutaways that meet customer expectations for quality and timeframe gives ADOMANI a competitive edge in the commercial EV space. When you have the technology, the product, and can deliver within an acceptable amount of time, you increase your success rate and that is what we are seeing," Reynolds concluded.
About ADOMANI®
ADOMANI, Inc. is a provider of zero-emission electric and hybrid drivetrain systems for integration in new school buses and medium to heavy-duty commercial fleet vehicles, as well as re-power conversion kits for the replacement of drivetrain systems in combustion-powered vehicles. ADOMANI is also a provider of new zero-emission electric and hybrid vehicles focused on reducing the total cost of vehicle ownership, and helps fleet operators unlock the benefits of green technology and address the challenges of traditional fuel price cost instability and local, state and federal environmental regulatory compliance. For more information visit www.ADOMANIelectric.com
Cautionary Statement Regarding Forward Looking Statements
Statements made in this press release that relate to future plans, events, financial results, prospects or performance are forward-looking statements. 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.
INVESTOR RELATIONS CONTACTS:
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
(951) 407-9860, ext 205
[email protected]
SOURCE: ADOMANI, Inc.