Sevcon Wins Substantial Contract for Automotive Drivetrain
02 Fevereiro 2017 - 8:00PM
Sevcon, Inc. (Nasdaq:SEV) today reported that it has been
contracted by a Sino/European manufacturer of pure electric
vehicles for an on-road development & production program.
This is Sevcon’s sixth major project in the development
pipeline.
Sevcon had been working with the customer
throughout 2016 to help optimize the drivetrain for the project.
Sevcon will now develop an inverter based on its existing Gen5
technology. Start of production is expected to be in the fall
of 2018. Over the initial three-year production period,
revenues are likely to total in the range of $150 to $200 million.
The agreement contains two near-term milestones, including
the initial product sample and proof-of-concept in the current
second quarter of fiscal 2017, and performance testing in the
customer’s vehicle in the fourth quarter of fiscal 2017.
“This new long-term program is further
confirmation of both the success of our strategy and the strong
reputation that Sevcon has developed with on-road automotive
manufacturers,” said Sevcon President and CEO Matt Boyle. “We
have been investing aggressively in engineering talent, and that
strategy is resulting in a continuously growing on-road project
pipeline. We look forward to reporting further progress as we add
to our pipeline and move our six major development projects toward
production.”
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
StatementsStatements in this release about Sevcon's
product development and sales and its future financial results are
forward-looking statements subject to risks and uncertainties that
could cause actual results to differ materially from those we
anticipate. In particular: the new contract contains nonbinding
terms for the production and sale of product in the customer’s
discretion if the development phase is successful and Sevcon may
not receive the orders it expects under the new contract; capital
markets are cyclical and weakness in the United States and
international economies may harm our business; global demand for
vehicles incorporating our products may not grow as much as we
expect; our customers' products may not be as successful as those
of other entrants who are supplied by our competitors; we may not
be able to attract and retain the level of high quality engineering
staff that we need to develop the new and improved products we need
to be successful; we are dependent on a few key suppliers and
subcontractors for most components, sub-assemblies and finished
products, and we may not be able to establish alternative sources
of supply in time if supplies are interrupted; and companies we
acquire may be more costly to acquire and integrate, or may not
generate as much revenue and earnings, as we anticipate. Please see
the Company's most recent Forms 10-K and 10-Q on file with the SEC
for further information regarding Sevcon's risk factors.
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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