(Montreal) Taiga Motors is banking on an acceleration in the production rate during the last three months of the year in order to achieve its 2023 production objectives, already revised downwards twice.
The snowmobile and watercraft manufacturer delivered 351 recreational vehicles in the first nine months of the year. The Montreal company aims to deliver 1,000 in 2023.
The big boss of Taiga believes that the company will be able to accelerate the pace to reach this target. “We see that operations are on a good run in the fourth quarter, which gives us good hope of reaching production of 1,000 (vehicles) or more for the year,” said Monday the president and CEO and co-founder, Samuel Bruneau, during a conference call with analysts to discuss third-quarter results.
The company had twice lowered its delivery forecasts for the current financial year. Initially, the company planned to deliver 2,500 to 3,000 recreational vehicles. In March, it revised this forecast to a range of between 1,700 and 1,900 vehicles. Then, in October, she reduced the target to 1,000.
Taiga delivered 147 vehicles in the third quarter ended September 30, compared to 40 in the same period last year. The company thus more than tripled its revenues, which reached 4.2 million.
The company’s net loss was 20.2 million, compared to 15.5 million in the same period last year.
The stock lost 1 cent Monday morning on the Toronto Stock Exchange, to trade at $1.13.
Company in this report: (TSX: TAIG)