- Strong product demand as Taiga's order book increased 86% to
2,312 units pre-ordered as of July
31st, 2021, versus 1,246 at
2020. Continued demand for fleet electrification with
orders from 57 global commercial operators enrolled in Taiga's
- Expanded manufacturing operations into a new facility in
Montreal which has more than
double the previous production footprint for the next
- Announced $50 million in
government support for a mass-production facility that is expected
to increase Taiga's production capacity to 80,000 units by
- Successfully completed qualifying transaction with Canaccord
Genuity Growth II Corp. ("CGGZ") and received gross proceeds of
approximately $151 million.
MONTREAL, Aug. 16, 2021 /CNW Telbec/ - Taiga Motors
Corporation (TSX: TAIG) ("Taiga"), a leading
electric off-road vehicle manufacturer, reported its financial and
operating results for the second quarter ended June 30, 2021.
"The first half of 2021 was marked by transformational growth
and several milestone achievements, most notably our successful
transition into a public company," said Taiga CEO Sam Bruneau. "Since going public we've seen an
increase in awareness and demand from fleets and individuals
"In the second quarter, our team demonstrated an impressive
agility to mitigate supply chain issues resulting from COVID-19 and
the global microprocessor shortage by designing around a new chip
architecture allowing us to begin customer deliveries on both our
product lines this year. We have also made additional investments
in automation to increase production capacity in a new Montreal facility to better meet the rapidly
growing demand for our watercraft and snowmobiles.
"Looking ahead, we have the necessary resources to execute on
our expanded production efforts and will continue to be capital
efficient as we make investments in our new mass-production
facility and scale up production over the coming months. As
the only mass-production electric powersport vehicle manufacturer,
we will continue to push technological boundaries to further
accelerate off-road electrification."
Second Quarter Financial Results (All amounts in
Canadian dollars unless otherwise indicated)
Results compare 2021 second quarter (June
30, 2021) to 2020 second quarter (June 30, 2020) unless otherwise
- Cash and cash equivalents of $125.5
million at June 30, 2021
compared to $7.8 million at
December 31, 2020.
- Research & Development (R&D) expense increased to
$1.5 million compared to negative
264,000 in the same period last year.
- General & Administration (G&A) expense increased to
$2.3 million from $114,000 in the same period last year.
- Sales & Marketing (S&M) expense increased to
$754,000 from $36,000 in the same period last year.
- Net loss for the six-month period ended June 30, 2021 was $55
- Redesigned manufacturing processes and sourcing of new chip
supply to address the global semiconductor shortage.
- Online custom configuration launched for watercraft clients
scheduled to receive units this year.
- First pilot production watercraft units off the line in new
- Doubled headcount with over half of the employees being
- New Montreal Facility - On April 30,
2021, the Company entered into a lease agreement for a new
133,000 square foot facility that will serve as its head office and
interim production plant.
- Mass Production Facility - On July 20,
2021, Taiga announced government commitments for
$50 million towards the construction
of a mass production facility. The facility will have an
annual production capacity of up to 80,000 units and 3
gigawatt-hours in battery pack and module production.
Taiga management will hold a
conference call today (August 16,
2021) at 10:00 a.m. Eastern
time (7:00 a.m. Pacific time)
to discuss these results.
Taiga management will host the presentation, followed by a
Toll-Free Dial-In: 877-407-6184
International Dial-In: 201-389-0877
Please call the conference telephone number 10 minutes prior to
the start time. An operator will register your name and
organization. If you have any difficulty connecting with the
conference call, please contact Gateway Investor Relations at
The conference call will be broadcast live and available for
replay here and via the Investor Relations section of Taiga's
website. The presentation will be conducted in English, and the
Company will make a French transcription available after the live
A telephonic replay of the conference call will be available
after 1:00 p.m. Eastern time on the
same day through August 23, 2021.
Toll-free replay number: 877-660-6853
International replay number: 201-612-7415
Replay ID: 13722300
Taiga is a Canadian company, founded in
2015, that is reinventing the powersports landscape with
breakthrough electric off-road vehicles. Through a clean-sheet
engineering approach, Taiga has pushed the frontiers of electric
technology to achieve extreme power-to-weight ratios and thermal
specifications that outperform comparable high-performance
combustion powersports vehicles. The first models released
include a lineup of electric snowmobiles and personal watercraft to
deliver on a rapidly growing recreational and commercial demand for
those who are seeking better ways to explore the great outdoors
without compromise. For more information, visit
This press release contains "forward-looking information" within
the meaning of applicable securities laws, including statements
with regards to the production capacity of the Shawinigan Facility,
the expected production times and customer demand for Taiga's
products. Forward-looking statements generally, but not always, can
be identified by the use of forward-looking terminology such as
"outlook", "objective", "may", "could", "would", "will", "expect",
"intend", "estimate", "forecasts", "project", "seek", "anticipate",
"believes", "should", "plans" or "continue", or similar expressions
suggesting future outcomes or events and the negative of any of
these terms. Forward-looking information involves known and unknown
risks and uncertainties, many of which are beyond the Company's
control, that could cause actual results to differ materially from
those that are disclosed in or implied by such forward-looking
information. These risks and uncertainties include, but are not
limited to, the effective functioning of the configurator, further
supply chain disruptions, and the impact of such disruptions on
ability to fulfil orders, and those described under "Risk Factors"
in the final non-offering prospectus dated March 26, 2021, of Taiga (formerly Canaccord
Genuity Growth II Corp.).
Forward-looking statements reflect management's current beliefs,
expectations and assumptions and are based on information currently
available to management. Readers are cautioned not to place undue
reliance on forward-looking statements, as there can be no
assurance that the future circumstances, outcomes or results
anticipated or implied by such forward-looking statements will
occur or that plans, intentions or expectations upon which the
forward-looking statements are based will occur. By their nature,
forward-looking statements involve known and unknown risks and
uncertainties and other factors that could cause actual results to
differ materially from those contemplated by such statements.
All forward-looking statements included in this news release are
qualified by these cautionary statements. Unless otherwise
indicated, the forward-looking statements contained herein are made
as of the date of this news release, and except as required by
applicable law, Taiga does not undertake any obligation to publicly
update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise.
SOURCE Taiga Motors Corporation