GreenPower Motor Company Inc (NASDAQ:GP) jumped more than 50% in premarket trading on Friday after the company unveiled plans to establish a new manufacturing facility in Santa Teresa, New Mexico.
The zero-emission vehicle maker said its decision was influenced by New Mexico’s growing electric vehicle ecosystem, the Santa Teresa Foreign Trade Zone designation, and a package of state-level financial incentives. As part of the agreement, New Mexico has committed $14.6 million in strategic investments to support the project.
“We are excited about yesterday’s announcement of an agreement with the state of New Mexico for the establishment of GreenPower’s new manufacturing facility in Santa Teresa, New Mexico,” said Fraser Atkinson, Chief Executive Officer of GreenPower. The company expects the site to generate around 340 permanent jobs once fully operational.
The incentive package includes $5 million from the New Mexico Local Economic Development Act program, $4.6 million in job training incentives, $1.36 million through the Rural Jobs Tax Credit, and $3.65 million under New Mexico’s High-Wage Jobs Tax Credit program.
GreenPower will also benefit from Santa Teresa’s Foreign Trade Zone status, which offers streamlined customs processes and more efficient import and export operations. Atkinson described this advantage as “a game changer in the current environment,” noting that it allows for improved financial planning by reducing uncertainty around tariffs.
The announcement aligns with broader state efforts to accelerate EV adoption. New Mexico is advancing major electrification initiatives, including contracts to convert more than 5,000 state fleet vehicles to electric and a planned $400 million investment over four years to support comprehensive fleet electrification under the state’s “Electrify New Mexico” program.
Martin Heinrich, a U.S. Senator for New Mexico, welcomed the development, calling it “a big win for New Mexico,” and adding that producing electric heavy-duty vehicles domestically helps create high-quality jobs while promoting cleaner transportation solutions.