Envirotech Vehicles Inc (OTCMKTS:EVTV) Stock In Focus After Recent News

Last Friday there were a number of stocks that had managed to record meaningful gains and one of those was the Envirotech Vehicles Inc (OTCMKTS:EVTV) stock, which ended the day with gains of as much as 6% for the day.

Trading Data     

On Friday, EVTV stock moved up 6% to $0.3150 with more than 365K shares, compared to its average volume of 303K shares. The stock moved within a range of $0.3001 – 0.3150 after opening trading at $0.3001.   

About The Company

Envirotech Vehicles Inc is involved in the development of zero-emission electric vehicles which are custom built. The vehicles in question are manufactured in such a way that the cost of owning the vehicle is reduced and at the same time helps those who operate fleets of electric vehicles the opportunity of getting the advantages of green technology. The company is mainly involved in providing its vehicles for lost mine and for commercial fleets at a time when the demand for heavy-duty electric vehicles is on the rise.

The company claims that its vehicles take care of one of the biggest problems for commercial fleet operators, the instability in fuel prices.

New Jersey Zero Emissions Incentive Program Approves Voucher Purchase of $97,750 for One Envirotech Vehicle

It is well known that the incentives provided by local governments can often come as a boost for electric vehicle ownership and Environtech Vehicles had such a boost this past Friday. The company announced on the day that the New Jersey Zero Emissions Incentive Program had awarded a voucher valued at as much as $97750 to those who purchase a Class 4 C5000 cutaway logistic van that is manufactured by Environtech. An incentive of that nature can often come as a massive boost for vehicle sales and hence, the rally in the Environtech Vehicles stock was perhaps understandable. It is now going to be interesting to see if the stock can manage to add to its gains over the course of the coming days or not.

Up until now, those who have bought the particular Environtech Vehicles model have managed to get as much as $2749000 in the form of voucher grants and that works out to a total of 32 vehicles. The Chief Executive Officer of the company Phillip Oldridge noted that the model has been gaining considerable traction in the market thanks to the incentive program. He went on to note that the incentive is available to every customer across the state of New Jersey.

Phillip Oldridge, CEO of Envirotech Vehicles, commented, “We continue to gain traction as an approved vendor for the NJ ZIP program with yet another voucher approval for the purchase of one of our state-of-the-art Class 4 cutaway vans. We are pleased to be able to offer our vehicles to businesses throughout the state of New Jersey that are looking to modernize their fleets with environmentally friendly, zero-emission transportation alternatives, and we look forward to additional opportunities as an approved vendor of the Program.”

Technical Data

EVTV stock is trading above the 20-Day and 50-Day Moving averages of $0.29 and $0.29 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.27.