Exhibit 99.1

Envirotech Vehicles Announces Third Quarter 2022 Financial Results

Osceola, Arkansas, November 14, 2022, Envirotech Vehicles, Inc. (“Envirotech Vehicles” or the “Company”) (Nasdaq: EVTV), a provider of new zero-emission, purpose-built electric vehicles, today announced its results for the third quarter and nine months ended September 30, 2022.

Third Quarter 2022 Financial Results

Sales were $3,882,670 for the three months ended September 30, 2022, compared to $709,092 for the three months ended September 30, 2021. The sales increase was primarily related to the sale of 37 vehicles in the third quarter of 2022 compared to eight vehicles in the prior year period.

Total net operating expenses for the three months ended September 30, 2022, were $1,738,397, compared to $1,381,574 for the same period in 2021, as the Company continues to invest in its operations. The increase in expenses during the quarter is primarily related to increased headcount and sales and marketing expenses. Total net operating expenses included non-cash charges of $69,093 for the three months ended September 30, 2022.

Net income in the third quarter of 2022 was $126,749, or $0.01 per basic and diluted share, compared to a net loss of $850,475 or ($0.06) per basic and diluted share in the third quarter of 2021.

As of September 30, 2022, the Company had cash, cash equivalents, restricted cash and marketable securities of $4,659,538 and working capital of $20,246,804.

Phillip Oldridge, Chief Executive Officer of Envirotech Vehicles, commented, “In the third quarter, we generated a profit, the first in our company’s history. This achievement was driven by a more than 75% increase in vehicle deliveries relative to the second quarter, as we delivered 37 units, and is also a testament to our lean, cost-focused organization. We believe we could have hit our target of doubling deliveries on a quarter over quarter basis if not for shipping delays, but are nonetheless very proud to have navigated the myriad of challenges presented by global supply chains to have delivered a total of 70 vehicles this year as of September 30.”

“On the manufacturing front, we continued to make progress on refurbishing our Osceola, Arkansas facility during the third quarter,” continued Mr. Oldridge. “We performed extensive maintenance and upkeep inside and on the grounds of the facility. Further, we have secured our engineering, design and architecture teams as we pivot to commencement of construction inside the building to convert it to an electric vehicle manufacturing, production and assembly facility by 2024.”

“Looking ahead, legislative tailwinds and incentive programs are a big driver in these early days of what will be a generational shift to electric vehicles. As a result, we have hired a full-time grant writing firm, and have assembled a team of state and federal consultants to help ensure that we maximize our potential. As an example, we were excited to see the initial round of funding by the EPA to spur school bus electrification in the U.S., and we expect to be a beneficiary in 2023 and other future funding rounds as our school bus comes to market in the first half of next year. More broadly, we remain excited about large scale government fleet electrification opportunities, and have seen growing inquiries from prospective international customers as well. Going forward, growth may not be linear - and holiday shutdowns plus the impact on orders of the inherently lumpy state and federal funding programs would suggest we will see a retreat in fourth quarter 2022 deliveries relative to the third quarter - but we remain excited about the continued growing interest in and demand for our vehicles as we look out to 2023 and beyond,” concluded Mr. Oldridge.

Conference Call Information

The Company will host a conference call tomorrow, Tuesday, November 15, 2022, at 8:30 a.m. Eastern Time to discuss its results for the third quarter and nine months ended September 30, 2022.

To access the live webcast, please use the following link:

https://pr.report/zJK7SUWH

TTo participate by phone, please dial 877-545-0523 approximately five minutes prior to the scheduled start time and request the Envirotech Vehicles call. International callers should dial 973-528-0016. Participants may also provide the access code, which is 815808.

A replay of the teleconference will be available until Tuesday, November 29, 2022, and may be accessed by dialing 877-481-4010. International callers should dial 919-882-2331. The replay passcode is 47078.

About Envirotech Vehicles

Envirotech Vehicles is a provider of purpose-built zero-emission electric vehicles focused on reducing the total cost of vehicle ownership and helping fleet operators unlock the benefits of green technology. We serve commercial and last-mile fleets, school districts, public and private transportation service companies and colleges and universities to meet the increasing demand for heavy duty electric vehicles. Our vehicles address the challenges of traditional fuel price cost instability and local, state and federal environmental regulatory compliance. For more information visit www.EVTVUSA.com.

Cautionary Statement Regarding Forward-Looking Statements

Statements made in this press release that relate to future plans, events, financial results, prospects or performance are forward-looking statements. While they are based on the current expectations and beliefs of management, such forward-looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from the expectations expressed in this press release, including the risks and uncertainties disclosed in reports filed by Envirotech Vehicles, Inc. with the Securities and Exchange Commission, all of which are available online at www.sec.gov. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including statements containing the words “planned,” “expected,” “believes,” “strategy,” “opportunity,” “anticipated,” “outlook,” “designed,” and similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as required by law, Envirotech Vehicles undertakes no obligation to update or revise any forward-looking statements to reflect new information, changed circumstances or unanticipated events.

Contact Information

ICR, Inc.

New York, NY

Telephone: (646) 200-8873

Email: envirotech@icrinc.com

Envirotech Vehicles

Susan Emry, Executive Vice President

Telephone: (870) 970-3355 ext. 1001

Email: sue.e@evtvusa.com

ENVIROTECH VEHICLES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(unaudited)

	September 30, 2022			December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents	$	2,623,099		$	4,846,490
Restricted cash		60,131			60,035
Marketable securities		1,976,308			8,002,700
Accounts receivable		7,804,369			1,428,030
Inventory, net		3,603,852			3,850,541
Inventory deposits		4,812,439			4,503,079
Prepaid expenses		709,621			332,514
Total current assets		21,589,819			23,023,389
Property and equipment, net		305,617			272,113
Goodwill		51,775,667			51,775,667
Other non-current assets		78,374			236,639
Total assets	$	73,749,477		$	75,307,808
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	161,545		$	238,464
Accrued liabilities		1,154,026			1,280,020
Notes payable, net		27,444			31,788
Total current liabilities		1,343,015			1,550,272
Long-term Liabilities
Other non-current liabilities		—			2,427
Notes payable, net		18,234			13,245
Total liabilities		1,361,249			1,565,944
Stockholders’ equity (deficit):
Preferred stock, 5,000,000 authorized, $0.00001 par value per share, none issued and outstanding as of September 30, 2022, and December 31, 2021		—			—
Common stock, 350,000,000 authorized, $0.00001 par value per share, 15,021.088 and 14,912,189 issued and outstanding as of September 30, 2022, and December 31, 2021, respectively		150			149
Additional paid-in capital		83,923,350			81,866,075
Accumulated deficit		(11,535,272	)		(8,124,360	)
Total stockholders’ equity		72,388,228			73,741,864
Total liabilities and stockholders’ equity	$	73,749,477		$	73,307,808

See Accompanying Notes to Unaudited Consolidated Financial Statements.

ENVIROTECH VEHICLES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	For the Three Months Ended						For the Nine Months Ended
	September 30, 2022			September 30, 2021			September 30, 2022			September 30, 2021
Sales	$	3,882,670		$	709,092		$	7,078,870		$	1,368,151
Cost of Sales		2,046,491			469,611			3,998,533			930,977
Gross Profit		1,836,179			239,481			3,080,337			437,174
Operating expenses:
General and administrative		1,619,210			1,344,840			6,142,194			2,766,989
Consulting		94,187			36,734			264,505			142,092
Research and development		25,000			—			112,412			—
Total operating expenses, net		1,738,397			1,381,574			6,519,111			2,909.081
Income (loss) from operations		97,782			(1,142,093	)		(3,438,774	)		(2,471,907	)
Other income (expense):
Interest income, net		30,200			8,116			37,956			2,357
Other income, net		(1,233	)		285,902			(10,094	)		288,186
Total other income (expense)		28,967			294,018			27,862			290,543
Income (loss) before income taxes		126,749			(848,075	)		(3,410,912	)		(2,181,364	)
Income tax expense		—			(2,400	)		—			(220 ,700	)
Net income (loss)	$	126,749			(850,475	)		(3,410,912	)		(2,402,064	)
Net income (loss) per share to common stockholders
Basic and diluted	$	0.01		$	(0.06	)	$	(0.23	)	$	(0.23	)
Weighted shared used in the computation of net income (loss) per share
Basic and diluted		15,013,236			14,715,694			14,981,836			10,349,101

See Accompanying Notes to Unaudited Consolidated Financial Statements.