Off-road electric vehicle manufacturer Taiga today announced the layoff of 70 employees, in addition to temporarily halting production of its vehicles. The Quebec company, which sells snowmobiles and electric watercraft, announced the cuts while revealing its results for the 4e quarter and the year 2023.
Taiga justified these measures by the “current economic context and the exceptionally mild winter which has negatively affected the snowmobile sector”. The company is seeking to reduce its operating expense and said in a statement that the company “does not intend to provide any forward-looking guidance, production or sales outlook with respect to the fiscal year itself.” ending December 31, 2024 or any other later period.
As part of its 2023 financial year, Taiga reported sales of $16.1 million, up sharply from the $3.2 million earned in 2022. However, cost of sales also increased, from $29.2 million. million dollars in 2022 to 43 million last year.
“This pause in production will allow Taiga to focus on selling its inventory in its key markets of the United States and Canada, while beginning to develop our new dealer sales model,” said by email to Duty the director of marketing, brand and communications, Annick Lauzon. Customers can continue to obtain Taiga vehicles from inventory.
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