Nationwide Access to Innovative EV Solutions
and Significant Financial Incentives for Customers
NOVI,
Mich., Sept. 5, 2024 /PRNewswire/ -- The
Shyft Group, Inc. (NASDAQ: SHYF), the North American leader in
specialty vehicle manufacturing, assembly, and upfit for the
commercial, retail, and service specialty vehicle markets, has
announced that its Blue Arc™ Class 4 EV truck has received both
Zero-Emission Powertrain Certification (ZEPCert) and a Heavy-Duty
Greenhouse Gas (GHG) Enhanced Electric Executive Order from the
California Air Resources Board (CARB). These certifications allow
Shyft's Blue Arc trucks to be sold across all 50 states, providing
customers with access to cutting-edge, commercial-grade EV
solutions.
"Achieving ZEPCert and GHG certifications validates the
performance and reliability of our zero-emission powertrains,
boosting confidence in the durability and efficiency of our EV
trucks," said John Dunn, President
and CEO of the Shyft Group. "This underscores our commitment to
delivering advanced, environmentally responsible solutions that
facilitate the transition to electrified fleets and contribute to a
greener future."
In addition to these certifications, the Blue Arc EV truck is
now listed as an eligible purchase in the Hybrid and Zero-Emission
Truck and Bus Voucher Incentive Project (HVIP). This program offers
substantial financial incentives, with additional adjustments for
small fleets and disadvantaged communities, promoting the adoption
of cleaner, quieter, and more efficient commercial trucks through
point-of-sale discounts. Customers in states with zero-emission
truck regulations can also benefit from a range of other state and
federal incentive programs, resulting in significant cost savings
and a faster return on investment for fleet operators transitioning
to electric vehicles.
About The Shyft Group
The Shyft Group is the North
American leader in specialty vehicle manufacturing, assembly, and
upfit for the commercial, retail, and service specialty vehicle
markets. Our customers include first-to-last mile delivery
companies across vocations, federal, state, and local government
entities; the trades; and utility and infrastructure segments. The
Shyft Group is organized into two core business units: Shyft Fleet
Vehicles and Services™ and Shyft Specialty Vehicles™. Today, its
family of brands include Utilimaster®, Blue Arc™ EV Solutions,
Royal® Truck Body, DuraMag® and Magnum®, Strobes-R-Us, Spartan® RV
Chassis, Red Diamond™ Aftermarket Solutions, Builtmore Contract
Manufacturing™, and Independent Truck Upfitters. The Shyft Group
and its go-to-market brands are well known in their respective
industries for quality, durability, and first-to-market innovation.
The Company employs approximately 3,000 employees and contractors
across campuses, and operates facilities in Arizona, California, Florida, Indiana, Iowa, Maine,
Michigan, Missouri, Pennsylvania, Tennessee, Texas, and Saltillo,
Mexico. The Company reported sales of $872 million in 2023. Learn more at
TheShyftGroup.com.
This release contains information, including our sales and
earnings guidance, all other information provided with respect to
our outlook for 2024 and future periods, and other statements
concerning our business, strategic position, financial projections,
financial strength, future plans, objectives, and the performance
of our products and operations that may constitute "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. We intend the forward-looking statements to be
covered by the safe harbor provisions for forward-looking
statements in those sections. Generally, we have identified such
forward-looking statements by using words such as "believe,"
"expect," "intend," "potential," "future," "may," "will," "should,"
and similar expressions or by using future dates in connection with
any discussion of, among other things, the construction or
operation of new or existing facilities, operating performance,
trends, events or developments that we expect or anticipate will
occur in the future, statements relating to volume changes, share
of sales and earnings per share changes, anticipated cost savings,
potential capital and operational cash improvements, changes in
supply and demand conditions and prices for our products, trade
duties and other aspects of trade policy, statements regarding our
future strategies, products and innovations, and statements
expressing general views about future operating results. However,
the absence of these words or similar expressions does not mean
that a statement is not forward-looking. Forward-looking statements
are not historical facts, but instead represent only the Company's
beliefs regarding future events, many of which, by their nature,
are inherently uncertain and outside of the Company's control. It
is possible that the Company's actual results and financial
condition may differ, possibly materially, from the anticipated
results and financial condition indicated in these forward-looking
statements. Management believes that these forward-looking
statements are reasonable as of the time made. However, caution
should be taken not to place undue reliance on any such
forward-looking statements because such statements speak only as of
the date when made. We undertake no obligation to publicly update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise, except as required by
law. In addition, forward-looking statements are subject to certain
risks and uncertainties that could cause actual results to differ
materially from the Company's historical experience and our present
expectations or projections. In addition, forward-looking
statements are subject to certain risks and uncertainties that
could cause actual results to differ materially from the Company's
historical experience and our present expectations or projections.
These risks and uncertainties include, but are not limited to the
risks and uncertainties described in "Item 1A. Risk Factors" in our
Annual Report on Form 10-K for the year ended December 31, 2023, and those described from time
to time in our future reports filed with the Securities and
Exchange Commission (SEC), which are available
at www.sec.gov or our website. All forward-looking
statements in this release are qualified by this paragraph.
Investors should not place undue reliance on forward-looking
statements as a prediction of actual results. We undertake no
obligation to publicly update or revise any forward-looking
statements in this release, whether as a result of new information,
future events, or otherwise.
CONTACTS
MEDIA
Sydney Machesky
Director, Corporate Communications
Sydney.Machesky@theshyftgroup.com
586.413.4112
INVESTORS
Randy
Wilson
Vice President, Investor Relations and Treasury
Randy.Wilson@theshyftgroup.com
248.727.3755
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SOURCE The Shyft Group, Inc.