Fourth quarter: Taiga Motors doubles its loss

Off-road electric vehicle manufacturing company Taiga posted a net loss of $11.3 million for the fourth quarter of fiscal 2021, compared to a loss of $5.1 million in the prior quarter.

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Taiga’s cash position was $87 million as of December 31, 2021, compared to $110 million as of September 30, 2021.

“The fourth quarter represented a milestone for Taiga. After overcoming supply chain challenges and other hurdles, we manufactured our first series of electric snowmobiles and began our first-ever deliveries on March 18, 2022. This achievement marks the shift to electrification in the motorsports industry,” said Taiga President and CEO Samuel Bruneau.

As of December 31, 2021, Taiga’s pre-order backlog stood at 2,356 units, an increase of 161% from 901 units as of December 31, 2020.

During this quarter, the company also tripled its workforce, reaching 187 full-time employees, regarding half of whom work in engineering.

Taïga also launched a network of off-road charging stations and went public.

Due to the shortage of semiconductors globally, the company says it has managed to source other materials for its vehicles and procure chips for 1,000 units. “However, 2022 production will be limited by other factors, including the availability of raw materials and other components, optimization of the manufacturing process and volume-related cost savings,” it said. .