Taiga Announces Fourth Quarter and Full Year 2023 Results

In This Article:

  • Produced 417 vehicles during the fourth quarter of 2023, resulting in 1,056 vehicles produced during the full year 2023

  • Recorded $6.1 million of revenue in the fourth quarter of 2023 and $16.1 million during the full year 2023

  • Began deployment of enhanced omnichannel sales model with distribution to key international markets in the U.A.E. and South America

  • Completed production launch on optimized high volume OrcaTM Performance PWC and NomadTM snowmobile product platforms achieving over 50 unit per week production on both product lines

MONTREAL, April 2, 2024 /CNW/ - Taiga Motors Corporation (TSX: TAIG) ("Taiga" or the "Company"), a leading electric off-road vehicle manufacturer, today reported its financial and operating results for the year ended December 31, 2023.

Taiga Motors Corporation Logo (CNW Group/Taiga Motors Corporation)
Taiga Motors Corporation Logo (CNW Group/Taiga Motors Corporation)

Taiga reported $16.1 million from the sale of 592 vehicles during the full year of 2023 and $6.1 million from the sale of 242 vehicles during the fourth quarter ended December 31, 2023. Nomad snowmobile production started in November 2023 for the 2023/2024 winter season.

During the quarter, Taiga continued to build its sales channels and commenced distribution to international markets in South America and the U.A.E. alongside the continued development of its Taiga Service Provider ("TSP") network to 40 locations across Canada and the United States as of December 31, 2023. To further accelerate its market penetration and better support customers in their local markets, the Company intends to further evolve its omnichannel model, by expanding sales through dealers alongside distribution and direct to customer sales.

Fourth Quarter 2023 Operational Updates

  • Produced 417 vehicles, of which 243 were Orca Performance watercraft and 174 were Nomad snowmobiles.

  • Sold and delivered 242 vehicles, including 119 Orca PWC and 123 Nomad snowmobiles.

  • Pre-order level stood at 2,442 as at December 31, 2023, as the Company focuses on maintaining a pre-order level and sales pipeline in line with its production plan.1

  • Taiga Service Provider (TSP) network growth in 2023, with 30 TSPs onboarded as of December 31, 2023, covering 40 locations in North America.

  • Initiated international PWC distribution in the U.A.E. and in South America as well as snowmobile deliveries across multiple fleet operators in Sweden.

  • Completed production launch on optimized high volume Orca Performance PWC and Nomad snowmobile product platforms achieving over 50 unit per week production on both product lines.

  • Launched the new Cloud Connected Mobile App, enhancing customers' experience and further solidify Taiga as a technology leader in the off-road industry.