• 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 December 31st, 2020.  Continued demand for fleet electrification with orders from 57 global commercial operators enrolled in Taiga's fleet program.
  • Expanded manufacturing operations into a new facility in Montreal which has more than double the previous production footprint for the next year.  
  • 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 2025.
  • 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.

Taiga Motors (CNW Group/Taiga Motors Corporation)

"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 alike.

"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 indicated.

  • 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 million.

Operational Update

  • 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 Montreal facility.
  • Doubled headcount with over half of the employees being engineers.
  • 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.

Conference Call
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 question-and-answer period.

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 949-574-3860.

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 event.

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       

About Taiga
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 https://www.taigamotors.ca.

Forward-Looking Statements

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

Copyright 2021 Canada NewsWire

Taiga Motors (TSX:TAIG)
Historical Stock Chart
From Sep 2022 to Oct 2022 Click Here for more Taiga Motors Charts.
Taiga Motors (TSX:TAIG)
Historical Stock Chart
From Oct 2021 to Oct 2022 Click Here for more Taiga Motors Charts.