BRP revenues set a record for a single quarter in the period ended July 31, 2022, at $2.439bn, up 28% compared to the same period in 2021. Normalized EBITDA of $418m was slightly higher compared to the same period last year and also represented a record performance for a single quarter. BRP retail sales increased on a high single-digit percentage basis and posted market share gains for SSV in North America despite limited product availability. Normalized diluted EPS of $2.94 was an increase of $0.05 per share or +2%, while diluted EPS of $2.94 was 20%/$0.48 per share up on the same period last year. North American retail sales for powersports products decreased by 14% due to limited product availability, driven by supply chain disruptions.
The BMW Group has announced a $1.7bn investment to build electric vehicles at a new plant adjacent to its existing U.S. manufacturing facility at Spartanburg, South Carolina. Some $700m of that investment will go into a new Envision AESC high-voltage battery assembly facility at nearby Woodruff, SC. The new facility will encompass over 1 million sq. ft. and produce next generation batteries for fully electric vehicles. Around 300 new jobs will be created on site.
Gamechanger is an overused word, but Chinese auto manufacturer Leapmotor's first mass production model with CTC technology may well be a genuine case - and one with profound implications for how electric motorcycles and scooters are built. CTC stands for 'Cell to Chassis' - a technology where the chassis acts as the storage venue for the electric power. The battery module is integrated into the vehicle body. Very different to using the battery cluster or its case as a stressed member and a concept with major implications for design options and charge cycles.
Norton has announced that it will not now be putting either of the previously announced, affordable and much anticipated Norton Atlas middleweights into production any time soon (if ever - the Nomad and the Ranger). First unveiled in April 2019 towards the end of the now infamous Stuart Garner era, the Atlas was set to be an all-new, entry-level, retro-styled naked 650 cc, liquid-cooled parallel twin, co-developed with China's Zongshen. Now though, under the ownership of India's TVS conglomerate, the plan has been canceled - which will likely leave Zongshen and its domestic Chinese engine customers with a clear run at the platform, if not the brand names. Those who had paid deposits prior to the January 2020 closure of "Garner Norton" will have to seek redress from the bankruptcy liquidators. After the sale of Norton to TVS, interim CEO John Russell had originally told customers, in writing, that "Norton will build the Atlas," with production commencing in the second half of 2021, but present CEO Robert Hentschel has now confirmed that those plans have been abandoned.
Eugene, Oregon based Arcimoto has announced that its 'Deliverator' EV has been named the 'Overall Electric Vehicle of the Year' in the annual AutoTech Breakthrough Awards.
Sources: AMD, IDN, FT, Reuters, PSB, MPN, BDN, MCN, AP, Bloomberg, MSNW, Electrek, electricmotorcycles.news, RideApart.com, Motor1.com, Cycle World, motorbikewriter.com