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Shyft Group expands EV support with Amerit Fleet Solutions

Published 05/23/2024, 12:52 AM

NOVI, Mich. – The Shyft Group, Inc. (NASDAQ: SHYF), a leader in specialty vehicle manufacturing for the commercial sector, has announced a partnership with Amerit Fleet Solutions to provide round-the-clock maintenance for its Blue Arc™ electric vehicle (EV) trucks across the United States.

This collaboration aims to enhance the customer experience by ensuring that Blue Arc EV trucks have continuous support, thereby reducing downtime and maintaining fleet operations. The maintenance program by Amerit complements Shyft's existing service infrastructure, which includes on-site dealer services and access to a dedicated Blue Arc EV Tech Support team.

Shyft's in-house tech support team, consisting of over 30 certified technicians and engineers, focuses on vehicle development, validation, and testing. This ensures that customers receive high service standards at all touchpoints, including a proven parts ordering system that facilitates maintenance and repairs.

The company has also established a select network of dealerships equipped with technicians trained and certified by Shyft's Blue Arc engineering team, allowing for convenient vehicle servicing at dealership garages. This integrated service model is designed to provide a seamless transition to EV technology for Shyft's last-mile customers and drivers.

The Blue Arc platform is recognized for its commercial-grade, purpose-built EV chassis, designed to meet the demanding duty cycles of commercial vehicles. It features contributions from Tier 1 suppliers such as Akebono, Bosch, Dana, Hendrickson, and Modine (NYSE:MOD), which deliver best-in-class solutions.

Recently, Shyft secured an order for 150 Blue Arc EV Trucks from FedEx (NYSE:FDX) for its U.S. pickup and delivery fleet, demonstrating a mutual dedication to reducing carbon emissions. During testing in Memphis, the Blue Arc truck successfully operated 8-10 hour routes in high temperatures and showcased its capability to regenerate power through its regenerative braking system.

The Shyft Group, with a 50-year history in last-mile delivery vehicles, is recognized for its quality, durability, and innovation. The company employs approximately 3,000 people and reported sales of $872 million in 2023.

This strategic partnership with Amerit Fleet Solutions is part of Shyft's commitment to providing comprehensive support for its customers as they transition to environmentally friendly EV technology.

The information for this article is based on a press release statement.

InvestingPro Insights

In tandem with The Shyft Group's (NASDAQ: SHYF) strategic moves to bolster its electric vehicle (EV) support infrastructure, the company's financial metrics and market performance reflect a nuanced picture. With a market capitalization of $438.61 million, Shyft is positioned as a mid-sized player in the specialty vehicle manufacturing sector. Notably, the company's stock has experienced significant volatility, which could be a point of interest for investors looking for dynamic growth opportunities or those with a higher risk tolerance.

One of the InvestingPro Tips highlights that Shyft has maintained dividend payments for 37 consecutive years, indicating a strong commitment to returning value to shareholders. This consistency is particularly noteworthy given the company's recent investments in the burgeoning EV market. Moreover, Shyft's liquid assets have also been reported to exceed short-term obligations, providing a cushion for operational flexibility and potential growth investments.

From a valuation standpoint, Shyft's price-to-earnings (P/E) ratio stands at a high 3748.83 based on the last twelve months as of Q1 2024. This elevated multiple suggests that investors may be pricing in future growth expectations for the company, especially as it dives deeper into the EV space with initiatives like the Blue Arc platform and partnerships for enhanced service capabilities.

For those interested in deeper financial analysis and additional strategic insights, InvestingPro offers a suite of tips, with 9 additional tips available for The Shyft Group at https://www.investing.com/pro/SHYF. Readers can take advantage of a special offer using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, providing even more value to those looking to make informed investment decisions.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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