Smith Electric Vehicles U.S. has a bright outlook for 2010. The makers of the popular all electric mid-size Newton delivery vehicle sees opportunity ahead for next year and there are numerous reasons why the company has a positive outlook. The company will begin to ramp up production to double its current output beginning in February of 2010, but beyond that, there is even more room for possible expansion.
Early next year, the Senate will discuss a measure called S.2854, referred to as the Kohl-Hatch Heavy Duty Truck Tax Credit Bill. Within the bill are tax credits to buyers of electric trucks in the specific weight class that Smith produces vehicles in. The tax credits are large, awarding buyers from $15,000 to $30,000 per truck purchase. These credits could help make Smith EVs more competitive with diesel trucks.
An additional bill is also pending before congress. This appropriations of a spending bill would give the USPS $65 million to use towards the purchase of electric delivery vehicles. Take a guess at which company is already on the approved spending list? Smith Electric Vehicles.
Smith Electric Vehicles may be a small company compared to the big truck makers such as Ford and Daimler, but their chance for expansion is huge and their timing may be perfect. If both the spending bill and tax credit bill are passed, demand for Smith EVs would likely expand. The company is currently racing to fulfill current orders and has a backlog. Additional incoming orders would lead to a necessary expansion and the creation of additional jobs here in the states.