# NFI New Flyer Industries



## londoncalling (Sep 17, 2011)

I tried to find a thread on this stock but was not successful. My apologies if there is one started elsewhere. There has been a lot of volatility across the market lately. This one seems to have been taken out to the woodshed recently on a what I would call an average quarterly report. I would admit that it has had a good run over the past few years. Anybody have any opinions as to whether or not this is just market volatility or is there more to its recent downtrend? I am definitely ready to deploy some funds into the market soon and have a few orders that I keep looking at. So far my orders haven't been triggered. Things are starting to get interesting to me across the market. Too bad interest can also cause some hesitancy as to what to buy and at what price. Perhaps I am more comfortable 10 years into DIY as I have seen swings of 5-10% in either direction for a few of my holdings. I see a lot of possible opportunities on the horizon. Is NFI one? Any reason for me not to dig deeper with my own due diligence at this time.


Cheers


----------



## heyjude (May 16, 2009)

Are you aware that New Flyer just announced it is moving some operations to the US to avoid being blacklisted by El Trumpo? 

https://www.cbc.ca/news/canada/manitoba/new-flyer-jobs-winnipeg-trade-u-s-layoffs-1.4899899


----------



## Pluto (Sep 12, 2013)

^ Yes
^^ always dig deeper with due dilligence. I'm not sure how much growth is left in this one, so staying away.


----------



## jargey3000 (Jan 25, 2011)

I too, have been watching this one for a while...closed yesterday @ 32.50.
pardon the pun, but would anyone consider taking a flyer on this one, at these levels?
div is something like 4.7%...


----------



## AltaRed (Jun 8, 2009)

I bought it very recently at slightly higher levels than current prices on the premise of the backlog in orders and bus fleets must be continually renewed (or at least maintained), i.e. more so than auto or auto parts manufacturing. The news some jobs are moving to the USA is not material other than severance pay and actually ongoing payroll will likely be less with US workers than expensive Canadians. A current P/E of 8 is compelling. What is not to like?

P.S. Don't get fixated on the dividend yield. That is a bad way to choose stocks. Choose the stock on its own merits and consider reasonable yield as one's lifeline to shore, being paid to wait.


----------



## jargey3000 (Jan 25, 2011)

AltaRed said:


> I bought it very recently at slightly higher levels than current prices on the premise of the backlog in orders and bus fleets must be continually renewed (or at least maintained), i.e. more so than auto or auto parts manufacturing. The news some jobs are moving to the USA is not material other than severance pay and actually ongoing payroll will likely be less with US workers than expensive Canadians. A current P/E of 8 is compelling. What is not to like?
> 
> P.S. Don't get fixated on the dividend yield. That is a bad way to choose stocks. Choose the stock on its own merits and consider reasonable yield as one's lifeline to shore, being paid to wait.


(aye,aye cap'n...not fixated on divvy...just thought I'd mention it) :very_drunk:
plus, of course, if /when the stock price rises, that div yield will (probably) drop, no?


----------



## AltaRed (Jun 8, 2009)

Without an actual dividend increase, yield does go down as market price goes up.


----------



## Pluto (Sep 12, 2013)

It might be a bit too early as there is no demonstration of an up trend yet.


----------



## AltaRed (Jun 8, 2009)

Pluto said:


> It might be a bit too early as there is no demonstration of an up trend yet.


Fair enough. Most times it is best to wait for an uptrend. Less important for me in this instance when I was selling another 'sliding' stock to take the tax loss and put it into this 'sliding' stock. It is all relative.


----------



## kcowan (Jul 1, 2010)

This is on my RSP! Coulda woulda shoulda sold at $60 and waited. But I woulda put the proceeds in another slider. Maybe not as steep! Hindsight is a great teacher...I still like its prospects and I think it got caught up in fear of the US actions. My cost was $10 after 5 years of 6.25% interest on their convertible.

On the positive side, my mandatory withdrawal will decline to almost half next year...


----------



## londoncalling (Sep 17, 2011)

I still have this on my watchlist. I was travelling Friday so I missed an opportunity to make some purchases. I will see what Monday brings. If the slide continues I plan to buy something. I've never quite been able to pull the trigger on TD so that is where my attention is currently. I think NFI still is worth a look and will continue to monitor.


----------



## jargey3000 (Jan 25, 2011)

one of the talking heads at stockchase rec it today. says cud go to $50
currently at 34.20


----------



## yyz (Aug 11, 2013)

You mean back up to $50? THe 52 week high is $61.25 and the 52 week low hit recently was $28.47


----------



## jargey3000 (Jan 25, 2011)

yes.... back up
I recall when NFI was one of the darlings here on cmf...along with cpg...


----------



## agent99 (Sep 11, 2013)

I have never owned NFI, except more than likely in a fund back when it was an income trust. 

Probably doesn't make much sense to chase individual small and mid cap stocks. I do still own a few and am trying to weed them out of portfolio. May be better to hold them as part of an etf or other fund? (I at present have no etfs!)


----------



## CPA Candidate (Dec 15, 2013)

I've been adding to this position; good long term prospects and very reasonable valuation.

As a typical TSX darling stock, everybody jumped aboard even though the valuation was very high at times. Of course, first hint of bad news and the air went out very fast. Typical euphoria to despondency when the underlying business hasn't changed significantly.


----------



## AltaRed (Jun 8, 2009)

And hence it will likely remain a volatile stock for years to come for that very reason. Can do no wrong....then it is in the penalty box....then back to can do no wrong, etc.


----------



## MrMatt (Dec 21, 2011)

They've got investor day, I think their prospects when public transit spending increases will be good.
Until then...








NFI Group Confirms 2020 Guidance, and Provides 2021 Guidance and 2025 Financial Targets at Investor Day


/CNW/ - (TSX: NFI) NFI Group Inc. ("NFI" or the "Company"), one of the world's leading independent bus and coach manufacturers, today: reaffirmed its financial...




www.newswire.ca





Their EBITDA looks really nice for this size of company.
it's important to note they have operations and customers in North America and Europe.


----------



## AltaRed (Jun 8, 2009)

I believe the European play was simply an acquisition of the British double decker bus company which may, or may not, pay dividends for them. I am not sure how well that translates to buses in the EU. Regardless, I believe they have a strong position in the NA market and once transit authorities start buying more buses again, and especially electric if Biden is successful, NFI is positioned as one of 3? such players in this market.

I am currently underwater in this holding and suffered the dividend cut but this remains a long term hold. The pandemic is merely a temporary setback that will resolve itself before the end of 2021.


----------



## MrMatt (Dec 21, 2011)

AltaRed said:


> I believe the European play was simply an acquisition of the British double decker bus company which may, or may not, pay dividends for them. I am not sure how well that translates to buses in the EU. Regardless, I believe they have a strong position in the NA market and once transit authorities start buying more buses again, and especially electric if Biden is successful, NFI is positioned as one of 3? such players in this market.
> 
> I am currently underwater in this holding and suffered the dividend cut but this remains a long term hold. The pandemic is merely a temporary setback that will resolve itself before the end of 2021.


I think the pandemic drop hit them hard, but they recovered really fast IMO

You have to consider
1. Public transit is not very popular during pandemic, which will delay things.
2. Governments that would buy these products are broke, due to the pandemic. It will be hard for them to bring up the cash.

I think once those two isues get addressed, this industry could skyrocket.
1. People being okay with public transit, and it becoming a political priority
2. Money becomes available, either federal or other sources.


Since you're underwater (I'm not) how do you think their relative position is to the competition.

also I like electric commercial vehicles, since the technology is transitioning into them being incredibly competitive and even superior to the ICE options. Particularly for buses, also garbage trucks and delivery vehicles.


----------



## AltaRed (Jun 8, 2009)

I think EV will make major inroads on municipal service vehicles in particular, e.g. garbage trucks and buses especially, both city and inter-city coach. NFI is a competitive player in this field and fills a hole in my Cdn equity industrial sector and I believe it will remain competitive throughout North America. I don't buy individual stocks ex-Canada so don't have an opinion on other players.

I think NFI should stick to this segment and not try to compete in the intra-city commercial delivery truck business, e.g. UPS, Canada Post, etc. The bigger auto makers have bigger sticks to own this business.

As I mentioned, I see momentum in this sector by the end of 2021. That is perfectly fine with me. I don't invest on a quarterly, or even annual, basis.

Added: Their Investor Day presentation is a challenge to get through https://www.nfigroup.com/site-content/uploads/2021/01/NFI-IR-Day-2021-Presentation-Slides.pdf


----------



## MrMatt (Dec 21, 2011)

AltaRed said:


> I think EV will make major inroads on municipal service vehicles in particular, e.g. garbage trucks and buses especially, both city and inter-city coach. NFI is a competitive player in this field and fills a hole in my Cdn equity industrial sector and I believe it will remain competitive throughout North America. I don't buy individual stocks ex-Canada so don't have an opinion on other players.
> 
> I think NFI should stick to this segment and not try to compete in the intra-city commercial delivery truck business, e.g. UPS, Canada Post, etc. The bigger auto makers have bigger sticks to own this business.
> 
> As I mentioned, I see momentum in this sector by the end of 2021. That is perfectly fine with me. I don't invest on a quarterly, or even annual, basis.


Oh I agree, stick to the bus niche and excel.

For delivery vehicles I think a Dodge Caravan is a great super cheap vehicle, and there are loads of used ones out there cheap.

Going forward, I think a purpose build vehicle like the Sprinter or the Ford Transit make the most sense.


https://www.ford.ca/commercial-trucks/e-transit/2022/



I can just imagine the future of putting quick chargers at the loading dock for inner city delivery.


----------



## doctrine (Sep 30, 2011)

I thought NFI would be a good trade especially given their capacity to build electric buses. I nearly bought in at $17-18. I think I'll stay away now, but they have a relatively bright future. It's not a slam dunk by any means as there are challenges for the company and for the customers as well as competition, but it will get there I believe. If something crazy happened like a merger with a SPAC-type company or PE for a big capital injection to boost electric production, the stock could go to the moon.


----------



## londoncalling (Sep 17, 2011)

NFI Group Inc. (NFI) | TSX Stock Price | TMX Money 

Stock down 23% bringing it to a price level seen back in January of this year. The company released updated guidance on Friday indicating major supply chain issues. All the price appreciation from general market excitement and the hype around buses switching to EV has been erased.

NFI provides update on supply chain disruptions and 2021 guidance (tmx.com)


----------



## AltaRed (Jun 8, 2009)

It clearly cannot catch a break but it will rebound for those who have the patience to wait.


----------



## MrMatt (Dec 21, 2011)

londoncalling said:


> NFI Group Inc. (NFI) | TSX Stock Price | TMX Money
> 
> Stock down 23% bringing it to a price level seen back in January of this year. The company released updated guidance on Friday indicating major supply chain issues. All the price appreciation from general market excitement and the hype around buses switching to EV has been erased.
> 
> NFI provides update on supply chain disruptions and 2021 guidance (tmx.com)


The demand is there, they have a good product with customers and plans in the UK/US & Canada.

It's just they're accounting for supply chain disruptions. 
Go to Lenovo Canada, legion laptops have "4 month delivery" for some models due to supply chain stuff.
Go try to buy a SUV at your local dealer, it's getting better, but they still have shortages.

It's not like their sales are falling, they're just being adjusted due to supply chain problems, and they're telling us NOW, rather then when they miss their estimates.


----------



## MrMatt (Dec 21, 2011)

AltaRed said:


> It clearly cannot catch a break but it will rebound for those who have the patience to wait.


Spoken like a Ford stockholder.


----------



## AltaRed (Jun 8, 2009)

They are suffering supply chain issues like other manufacturers. It's not due to lack of orders.


----------



## KaeJS (Sep 28, 2010)

I sold this a while ago.
Not a fan of it.

I see the potential, but I rather have my money elsewhere. I agree this could be a decent entry for a longer term play, but I'm already out.

I have looked at it just now again after seeing this thread, I am still not convinced. If it dipped out of the 20's, I may reconsider. I am not a buyer at current prices but maybe in the future if the deal deepens.


----------



## londoncalling (Sep 17, 2011)

NFI Group Inc. Announces Increase to Previously Announced Bought Deal Financing for Gross Proceeds of Appro... (tmx.com) 

SP down over 6% this morning on the news. Trading halted.


----------



## londoncalling (Sep 17, 2011)

__





NFI Announces Fourth Quarter and Full Year 2021 Results and 2022 Guidance | NFI Group


All figures quoted in U.S. dollars unless otherwise noted: Performance Highlights: 2021 Q4 revenue of $695 million; 1,087 equivalent units ("EUs") delivered, with 31% coming from battery- and fuel cell-electric vehicles ("ZEBs"). Full year sales of $2.3 billion; 3,783 EUs delivered, with 18% ZEBs.




www.nfigroup.com





I wasn't expecting good results this quarter from NFI but was surprised with the poor performance for 2021. Management seems to be securing sales and a lot of the issues are pandemic and supply related. Will have to take a closer look this evening.


----------



## AltaRed (Jun 8, 2009)

Supply issues constraining their production rates is the key issue, and that is not likely not to improve until end of year.


----------



## londoncalling (Sep 17, 2011)

Toronto's TTC awards contracts for up to 565 buses to NFI (tmx.com) 

The company continues to pick up contracts but until these awards result in an increase in earnings the share price will struggle. Share price popped today but a couple of good quarters are needed for the market to take note. I continue to hold and hold off on adding when the share price drops. I think I will wait to average down until the company's efforts show results on the balance sheet.


----------



## doctrine (Sep 30, 2011)

I find they struggle to translate revenue into profits, but its a nice contract win. A better buy at $15-16 than $25-30, as you can be rewarded if they are successful with a higher share price, maybe as much as 100% higher. As opposed to some (unnamed...cough..tech..cough..) companies where they have such a high valuation, that they have to be wildly successful to justify their current share price.


----------



## londoncalling (Sep 17, 2011)

I have gone back and forth on averaging down on this one for several months. I have queued up orders in the $14 range a couple of times but not clicked send. It is definitely at a better price point than when I bought previously. At this point it has become a longer turnaround play for me. I am going to try and hold off until the May earnings release and guidance. It may pop back up into the 17-18 range but still a better price than a year ago. 



doctrine said:


> I find they struggle to translate revenue into profits,


This is the part that I can't figure out. They seem to be struggling more than others in the manufacturing space(auto parts, machinery etc) which are still down but not to the same extent on a 1, 3 and 5 year basis. NFI being the big fish in the bus space continue to pick up contracts. Perhaps they are buying contracts while they weather the storm. This is ok in the short term but not great should problems continue. In the meantime I will continue to go back and forth on this position. The good thing about having 40 stocks is a bad pick or two won't blow up your portfolio. The downside is big wins don't have the same effect either. As such you have to have more winners than losers.


----------



## MrMatt (Dec 21, 2011)

NFI just isn't cool. I don't think they'll see a huge stock price increase any time soon.

But I'm okay with that, what they manage to execute they do well, their product seems okay (though a bit quiet).

Maybe the stock will be another Ford, in which case I'm happy to wait.


----------



## londoncalling (Sep 17, 2011)

I am not running to the exit either. They will likely turn things around before the market takes note and the share price appreciates.


----------



## AltaRed (Jun 8, 2009)

NFI had bad timing on the UK purchase which has burdened them debt wise and caused them to be in technical violation of their debt covenants. That's a hard place to get out of and especially so when they have significant supply chain issues (hard to compete with the big boys on securing chips for example). I think they are hooped for at least 2022 and perhaps most of 2023 if interest on their debt does not get them first. 

I have a partial position I will dump by the end of this year to offset a big cap gain...for whatever the share price is come the Fall. It is my only holding in the entire portfolio in the red.


----------



## londoncalling (Sep 17, 2011)

NFI Group

*Credit Facility Covenant Relief and Focus on Cash Conservation*

NFI continues to advance negotiations with its banking partners and expects to obtain covenant amendments on its credit facilities. Discussions have been supportive, and detailed plans are being evaluated that would see new covenant levels appropriate for NFI’s updated financial projections.

NFI’s liquidity position is currently over $600 million as of April 28, 2022. The need for covenant amendments is primarily being driven by lower trailing Adjusted EBITDA combined with the Company's anticipated financial performance and debt profile making it a calculation issue, rather than a liquidity or cash consumption related challenge.

NFI estimates that its current liquidity is more than adequate to support the Company’s operations as it works through the current supply chain disruption, including planned temporary heightened investments in work-in-process inventory for vehicles being built that are awaiting module installation.

Management believes that, with the anticipated covenant relief, the Company's cash position and capacity under its existing credit facilities, combined with anticipated future cash flows and access to capital markets, will be sufficient to fund operations, meet financial obligations as they come due, and provide the funds necessary for capital expenditures, dividend payments and other operational needs. See “Forward-Looking Statements”.

Down 16% so far this morning. I expect the dividend to be eliminated at the next earnings report in May. NFI is at the mercy of its chip suppliers and creditors. My guess is an announcement this bad this close to their earnings date means even worse news to come. 

Overall portfolio now in the red for the year.


----------



## MrMatt (Dec 21, 2011)

londoncalling said:


> NFI Group
> 
> *Credit Facility Covenant Relief and Focus on Cash Conservation*
> 
> NFI continues to advance negotiations with its banking partners and expects to obtain covenant amendments on its credit facilities. Discussions have been supportive, and detailed plans are being evaluated that would see new covenant levels appropriate for NFI’s updated financial projections.


Of course NFI is going to say that they've been supportive.
Realistically if the contracts are looking solid I expect lenders will want a bit of a sweetener, but should continue to support them, or they'll get a bailout from a government. It would be bad for an actual EV company, which is selling vehicles to go under right now.

The supply chain is something I hope lenders would be willing to accept as a reasonable excuse.

A coworker of mine jsut got their Buick, ordered in August, and it doesn't have the module (yet) for the heated seats and steering wheel, due to supply chain problems (they don't care, it's summer)


----------



## londoncalling (Sep 17, 2011)

NFI Announces First Quarter 2022 Results (tmx.com) 

"Due to disruption to the Company's North American control module supply, NFI anticipates a temporary increase in work-in-process inventory as the Company builds and holds contractually sold transit buses during the second and third quarter. As those vehicles are expected to receive control modules in the third quarter and are then planned to be delivered through the late third quarter and throughout the fourth quarter, management expects WIP will be reduced by year-end."

More confirmation that any possible turn around won't take place till next year. I plan to average down before the end of year. This report didn't have any surprises for those that follow the stock. I was wrong in that the dividend was not eliminated but is still likely in my view. 

"In addition, NFI received $22 million in Canadian and UK government wage subsidies, to assist with the retention of skilled personnel, in the first quarter of 2021 and has not received any grants in 2022 Q1. "

I remember having discussions with one board and CEO in the construction sector over a year ago about the challenge they would face if business didn't pick up as CEWS wound down.


----------



## londoncalling (Sep 17, 2011)

Share price continued to fall with the rest of the market. I had an order in just above $10.20 that never hit (52 week low 10.39). The SP has climbed back up to $13.50 on lower volume. I am not considering jumping in at these levels but may do so if there are some positive announcements over the summer. Would also entertain a purchase if it heads back down to $10ish. It would be a very speculative play for me. This is a very jittery market right now and there are better stocks to buy. If the B of C and US fed maintain trajectory or rate hikes we will have a very bumpy market.


----------



## londoncalling (Sep 17, 2011)

Bus maker NFI to close North Dakota plant to cut costs (msn.com) 

DE:US released its quarterly today and ended the day down 14%. It is somewhat reassuring that other companies are seeing the supply chain struggles reflected in their SP. However, if companies like DE and CAT are adjusting their guidance further down it does not bode well for the sector overall. Supply chain issues have been further hampered by the lockdown in China. Some are beginning to question if this is an attempt to bring down the US economy. The S&P fell below 20% for the year interday. Canada is only down 6%.


----------



## kcowan (Jul 1, 2010)

My worry is that closing the ND plant may have further implications with NAFTA or Chinese imports.


----------



## KaeJS (Sep 28, 2010)

KaeJS said:


> I sold this a while ago.
> Not a fan of it.
> 
> I see the potential, but I rather have my money elsewhere. I agree this could be a decent entry for a longer term play, but I'm already out.
> ...


Checked up on the company again after seeing this thread (again).

I can't wrap my head around it still and I'm glad I sold when I did in the 20's.

In the single digits, it would be a bargain. I thought I would have already re-entered at this point, but I just can't. At $9, I think it would be something to consider.


----------



## londoncalling (Sep 17, 2011)

@kcowan There is still a plant in Minnesota so I am hopeful that doesn't have a major effect on the buy american initiatives in the US. I haven't been able to determine if the plant closure is temporary or permanent. It doesn't sound temporary. Wouldn't a permanent closure signal that the order backlogs aren't as many as one thought and the supply chain issues although real are not the only issue?

@KaeJS I may throw more good money after bad and consider buying in at $10 after looking into the closure a bit more. If there is some good news come fall and it heads upwards from here I would average down.


----------



## kcowan (Jul 1, 2010)

Yes I guess we won't know until the order backlog becomes obvious. These are trying times for such marginal companies!


----------



## MrMatt (Dec 21, 2011)

kcowan said:


> Yes I guess we won't know until the order backlog becomes obvious. These are trying times for such marginal companies!


Yes, but being marginal is where the big change in fortunes can come.
I'm hoping that creditors will be a bit patient.

Programs like the EPA "clean bus" initiative are dumping a LOT of money, and NFI and others should benefit... if they can figure out supply chain problems.


----------



## AltaRed (Jun 8, 2009)

I think marginal players like NFI end up at the back end of the line when it comes to accessing chips when there is such a shortage. It hurts them disproportionately and I think creditors and shareholders know that. The question really is when will this chip crisis break and how long does everyone 'wait' for the breakthrough. I think NFI has some good EV product. It is just that they need to be able to get them out the door and on the streets.


----------



## londoncalling (Sep 17, 2011)

NFI Announces Second Quarter 2022 Results (tmx.com) 

Looks like there may be some good news on the horizon. Stock up 8.7% on the day. A quick glance at the report didn't really shed much light other than things aren't absolutely dire. Long ways to get back to 52 week highs and unlikely that will happen any time soon if it all.


----------



## londoncalling (Sep 17, 2011)

NFI provides preliminary third quarter 2022 results and updates full year guidance (tmx.com)

The backlog problems continue to the point that production has been halted. To me that signals majore concerns about financial solvency. Down 18% on the day. Perhaps throwing good money after bad but I placed an order this evening at a price even lower than here. At this point I see NFI as either an acquisition target or insolvent. I doubt that there will be a government bailout. As a shareholder I would be ecstatic but as a taxpayer I would be angered.


----------



## AltaRed (Jun 8, 2009)

I bailed about 1-2 months ago or so on the premise supply problems were going to linger and increased costs of debt servicing potentially could bury them. I think the premise of this business is good long term but I don't think NFI can last long enough to see it through in their present form.

I will continue to watch this space for opportunities at the heavy duty EV level, e.g. buses, garbage trucks, cargo trucks, last mile delivery vans.


----------



## londoncalling (Sep 17, 2011)

I was aware of your decision to harvest a tax loss with NFI. I concur 100% on your post above. This company is in a lot of trouble. It is a highly speculative play on EVs and how many life preservers the banks will throw them while they navigate the choppy waters of supply. My order was executed today a penny above the low for the day. Likely catching a falling knife and bordering on trading as I may add or sell my position as it moves up or down. Definitely, not what I would consider investing.


----------



## MrMatt (Dec 21, 2011)

AltaRed said:


> I bailed about 1-2 months ago or so on the premise supply problems were going to linger and increased costs of debt servicing potentially could bury them. I think the premise of this business is good long term but I don't think NFI can last long enough to see it through in their present form.
> 
> I will continue to watch this space for opportunities at the heavy duty EV level, e.g. buses, garbage trucks, cargo trucks, last mile delivery vans.


What are the other leaders in this.

I've been saying for a long time, the local heavy duty applications are the best use case for electrics if you want to address oil usage.
A single garbage truck will emit as much as a small neighbourhood every single day.


----------



## AltaRed (Jun 8, 2009)

BYD and Lion Electric would be two independents I would watch.


----------



## londoncalling (Sep 17, 2011)

NFI provides update on credit facilities amendments and financing support from the Government of Manitoba a... (tmx.com) 

NFI is thrown a lifeline from the Gov't. The company has finally eliminated the dividend. This is something that should have been done instead of cutting it in April.


----------



## londoncalling (Sep 17, 2011)

NFI receives new contract for up to 166 zero-emission buses from Manitoba's Winnipeg Transit (tmx.com) 

More life support for NFI. Shareprice up 10% on the day. Orders keep being placed which is good news. Would prefer to hear about contracts being fulfilled. NFI may manage to stickhandle through the supply chain issues as demand softens across the overall economy their may be less competition for chips.


----------



## MrMatt (Dec 21, 2011)

londoncalling said:


> NFI receives new contract for up to 166 zero-emission buses from Manitoba's Winnipeg Transit (tmx.com)
> 
> More life support for NFI. Shareprice up 10% on the day. Orders keep being placed which is good news. Would prefer to hear about contracts being fulfilled. NFI may manage to stickhandle through the supply chain issues as demand softens across the overall economy their may be less competition for chips.


Supply chain is still a disaster.
Our city is going to roll out green boxes, and change collection schedules, but they can't get any confirmed delivery date on the new garbage trucks.


----------

