Shyft Group’s Blue Arc to launch medium-duty electric vans, trucks By Investing.com

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Shyft Group’s Blue Arc to launch medium-duty electric vans, trucks

Published May 30, 2023 14:56

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SHYF

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PCAR

+1.06%

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DAN

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The Shyft Group Inc (NASDAQ:SHYF), a Michigan-based manufacturer specializing in medium-duty specialty vehicles, is preparing to introduce a range of electric trucks and vans under the brand name Blue Arc. Production for the new vehicles is set to start in the upcoming fall season.

"That's our wheelhouse - it's a segment we know and understand," Chief Executive Daryl Adams said in an interview.

"We knew the traditional manufacturers would have their EVs in the (light duty) Class 2 space," Adams said. "We also knew that in (heavy duty) Class 6, 7 and 8, Peterbilt, PACCAR (NASDAQ:PCAR), Navistar, they're all going to have theirs eventually, so we stayed in our lane."

Shyft said it plans to start pilot production this summer of its first Blue Arc vehicle, a step-in van, in Charlotte, Michigan, not far from its Novi headquarters.

"The potential volume in the 'walk-in' vehicle space isn't that big," Adams said. "There's a lot of variety there, but not a lot of volume. So the key for us is partnering, which we've done with high-quality automotive suppliers like Dana, Bosch and Akebono."

According to Adams, Shyft Group has already received an advance order for 2,000 Blue Arc vehicles from one of its major dealer/distributors.

Shares of SHYF are down 1.23% in afternoon trading on Tuesday.

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Shyft Group’s Blue Arc to launch medium-duty electric vans, trucks

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