Sevcon Adds to On-Road Project Pipeline with Four New Contracts
August 02 2017 - 11:55AM
Starts shipments to a Chinese Auto OEM
Sevcon, Inc. (Nasdaq:SEV) today reported that it has started
shipments to a Chinese automotive manufacturer, supplying its Gen5
based controller. The production shipments commenced in July. The
Company estimates that if the customer’s production schedule
advances according to plan, the contract would be worth up to $40
million in revenue to Sevcon over the life of the program, which
runs through 2021.
The Company also announced new orders from three
European high-performance automobile manufacturers. The first
of the three orders is to provide engineering services for the
development of another hybrid supercar, the second provides
engineering and hardware supply for Formula E work and the third
provides engineering and pre-production services for electric
vehicles. In sum, revenues from these engineering services
contracts are estimated at approximately $4.8 million.
Assuming successful development, start of production for all three
OEMs would begin in 2018 and end in 2021.
About Sevcon, Inc.
Sevcon is a global supplier of control and power
solutions for zero-emission, electric and hybrid vehicles. Its
products control on- and off-road vehicle speed and movement,
integrate specialized functions, optimize energy consumption and
help reduce air pollution. Sevcon’s Bassi Division produces battery
chargers for electric vehicles; power management and uninterrupted
power source systems for industrial, medical and telecom
applications; and electronic instrumentation for battery
laboratories. The company supplies customers from its operations in
the U.S., U.K., France, Germany, Italy, China and the Asia Pacific
region, as well as through an international dealer network. Learn
more about Sevcon at www.sevcon.com.
Forward-Looking Statements
Statements in this release about the Company’s
Chinese shipments and new orders, and the anticipated benefits to
the Company, are forward-looking statements that are based on
management’s present expectations and involve risks and
uncertainties that could cause actual results to differ materially
from those projected. Important factors that could cause these
statements not to be realized include that we may not be able to
successfully complete the development of the controllers contracted
by particular customers, the manufacturers for whom we are
performing development work may decide not to commence production
or purchase from us, and the markets for the particular vehicles
may not develop as the manufacturers hope. Additional important
factors are set forth under “Risk Factors” and elsewhere in the
Forms 10-K and 10-Q we file with the SEC.
Contact:
David Calusdian
Sharon Merrill Associates
1 (617) 542 5300
SEV@InvestorRelations.com
Matt Boyle
President and CEO
1 (508) 281 5503
matt.boyle@sevcon.com
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