The Shyft Group announces plans to invest in and expand the company’s facilities in Charlotte, Mich., which will enable production of commercial electric vehicles for its Blue Arc EV Solutions brand, launched last year. Shyft will invest approximately $16M for expansion and improvements in facilities as well as new equipment related to the production of EVs.The Charlotte campus, with seven facilities, is currently home to multiple Shyft product lines, including walk-in delivery vans, motorhome chassis, and work truck chassis. The addition of Blue Arc EV production will help support the company’s previous commitment towards employment levels on the Charlotte campus, with Blue Arc bringing a wide range of engineering, manufacturing and technical jobs to Charlotte. With the expansion, upgrades to facilities, and installation of new equipment, Shyft will have the capacity to produce up to 3,000 EVs per year in Charlotte. The company previously announced an initial customer pre-order for 2,000 Class 3, 4 and 5 all-electric delivery vehicles.
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks straight to you inbox with TipRanks' Smart Value Newsletter
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on SHYF:
- The Shyft Group Invests in Michigan to Build Blue Arc All-Electric Commercial Vehicles
- The Shyft Group Announces Quarterly Dividend
- Las Vegas, Electrified: Shyft Leadership to Present on Blue Arc EV and Reducing Transportation Emissions at Manifest 2023
- The Shyft Group to Announce Fourth Quarter and Full-Year 2022 Financial Results on February 23, 2023
- Shyft Group initiated with a Buy at BTIG