The electric vehicle industry is known for its flashy announcements and extravagant events, but one company is quietly making waves in the business while turning a profit.

In stark contrast to the approach of Tesla, which garners attention through grand unveilings, GreenPower Motor has taken a more understated route. The CEO of Tesla, Elon Musk, enjoys hosting large events to announce new vehicle releases or showcase their capabilities. In fact, thousands of people tuned in to a livestream on November 30th to watch the first customers drive off in their sleek, $100,000 Cybertrucks.

Nevertheless, GreenPower Motor's latest delivery event doesn't generate the same level of buzz. The company is set to deliver its inaugural fleet of four all-electric school buses from its manufacturing facility in West Virginia. Each driver represents a different school district that will benefit from these environmentally friendly buses. Fraser Atkinson, the CEO of GreenPower, expressed his excitement about this milestone, stating that it marks a significant achievement in the production of purpose-built, all-electric school buses in the United States.

Only a mere 24 months ago, GreenPower joined forces with Governor Jim Justice to announce their plans to manufacture school buses in West Virginia. Today, they have realized their vision by taking over an 80,000-square-foot plant in South Charleston. Now fully operational, the plant is producing its first batch of buses, starting with the smaller NANO BEAST, which measures 25 feet in length. Subsequently, GreenPower will build the larger 40-foot buses known as BEAST.

In addition to school buses, GreenPower also manufactures all-electric commercial vehicles, including cargo vans. Financial analysts on Wall Street project sales of approximately $60 million for 2023 and around $90 million for 2024 for this small-cap company.

GreenPower Motor may not seek the limelight like its competitors, but its contributions to the electric vehicle industry are significant.

GreenPower Stock's Steady Performance Sets It Apart

Despite recent delivery news, GreenPower stock has remained relatively unaffected. During premarket trading on Tuesday, shares showed little activity. Meanwhile, both S&P 500 and Dow Jones Industrial Average futures saw a modest increase of about 0.2%.

Closing at $2.86 on Monday, GreenPower stock has witnessed an impressive year-to-date increase of approximately 65% and a 30% surge over the past 12 months. This notable performance is in stark contrast to many other electric vehicle (EV) start-up stocks that have struggled due to higher interest rates. For instance, Nikola shares experienced a considerable decline of around 67% over the same 12-month period.

The contrasting performance highlights the advantages of GreenPower's approach. The company has quietly and steadily made its mark, consistently generating positive gross profits from the production of buses and commercial vehicles. In early 2021, its market capitalization reached a peak of approximately $600 million.

Nikola, which also focuses on commercial vehicles, attained a significantly higher market capitalization of nearly $25 billion in mid-2020 after a successful merger with a special-purpose acquisition company. However, it has yet to achieve positive gross profits.

Currently, Nikola maintains a market capitalization still higher than that of GreenPower, sitting at around $710 million compared to GreenPower's market cap of approximately $70 million.

In terms of sales, GreenPower boasts a more impressive track record. Between 2020 and 2023, including estimates for the fourth quarter, GreenPower is projected to generate cumulative sales of approximately $124 million over this period. On the other hand, Nikola is expected to generate roughly $91 million during the same timeframe.

Given Wall Street's anticipated substantial sales growth for Nikola, with analysts projecting sales of about $240 million in 2024, the disparity in current value between the companies can be attributed, in part, to this growth potential.

Nevertheless, perhaps GreenPower should consider embracing a more flamboyant approach to garner attention and potentially enhance its valuation.

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