Sevcon (SEV) Reports Motor Controllers Agreement with Tier-1 Automotive Supplier Based in South East Asia
- Wall Street rallies, snaps longest weekly losing streak in decades
- 'Always Bet on Michael': Dell (DELL) Stock Soars After Crushing Estimates, Analysts Say Results are Impressive
- Credit Suisse Says Tesla (TSLA) Stock Offers an Attractive Entry Point, Sees Nearly 60% Upside From Here
- Citi Downgrades US Equities to Neutral on Recession Risk
- Elon Musk Says Recession Could Last 12 to 18 Months, But 'Actually a Good Thing'
Sevcon, Inc. (Nasdaq: SEV) today reported that it has entered into an agreement with a Tier-1 automotive supplier based in South East Asia, to supply motor controllers for a new line of hybrid electric passenger cars.
Under the contract, which could produce up to $50 million of revenue through 2020, Sevcon, who has been working with the supplier for some time, will design, manufacture and supply an advanced motor controller for a new line of hybrid electric 4-door sedans. Sevcon expects initial prototypes for fleet test vehicles to be available in June 2015. Thereafter, Sevcon will supply controllers as ordered by the customer, with production shipments expected to begin in the first quarter of 2016.
"Following last month's announcement of our Chinese joint venture's first success, signing this contract with a respected Tier-1 supplier in the Far East is another milestone for our growing on-road electric vehicle business in the Asia Pacific region," said Sevcon President and CEO Matt Boyle. "It is also an example of how our electrification focus is enabling us to capitalize on the global automotive industry's transition from internal combustion to hybrid electric drivetrain technology. One of the first variants of the new generation of products that we plan to roll out over the next several years, this controller is designed to provide the advanced motor control functionality required for hybrid electric passenger car applications, while also complying with the latest EV safety requirements."
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Immersion (IMMR) Files Complaint Against Meta Platforms / Facebook With U.S. District Court for the Western District of Texas
- Vallon Pharmaceuticals Inc. (VLON) Announces 3.7M Share Offering by Selling Stockholders
- Not so Big: Big Lots (BIG) Tumbles as Sales Miss Estimates, Analyst Says COVID-19 Helped Company to Over-earn
Create E-mail Alert Related CategoriesCorporate News, Hot Corp. News, Management Comments, Momentum Movers
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!