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PORSCHE AUTOMOBIL HOLDING SE

(PAH3)
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Aeva announces customer deal; shares soar even after results disappoint

05/13/2021 | 06:54pm EDT
Test vehicles and sensors are seen from Aeva Inc, a Mountain View, California-based startup

May 13 (Reuters) - Aeva Technologies Inc said on Thursday it signed a deal to develop a sensor for a self-driving car to be made by an "undisclosed large company," and its shares rose 13% even as it reported that its loss ballooned and sales came in far below forecasts.

Aeva reported first-quarter revenue of $300,000, down from $500,000 a year earlier and far below analysts' estimate of $1.38 million, according to Refinitiv estimates. Its adjusted operating loss more than doubled to $15.6 million from $6.1 million a year ago.

Founded by two ex-Apple Inc engineers, Aeva makes a sensor that helps self-driving cars navigate through the use lidar technology that uses lasers, much like radar uses radio waves. The company became publicly traded through a reverse merger earlier this year and was one of several lidar firms to do so.

Aeva said on Thursday it had signed a "foundational agreement with an undisclosed large company to develop best-in-class lidar" for the customer's autonomous driving program.

Aeva's shares were up 13% at $8 in after-hours trading after the results and customer announcement.

In an interview, Aeva Chief Executive Soroush Salehian said the company could not disclose when it would go into mass production with the undisclosed customer but that "there's going to be increased activity as we work toward production.

"This has a huge potential," he said, "and based on what we know, it could be one of the largest programs in the industry."

Aeva has deals with automotive suppliers Denso Corp and ZF Friedrichshafen AG to mass-manufacture its sensors.

Earlier this week, the company said it added to its advisory board Apple senior executive Steve Zadesky and Volkswagen AG Senior Vice President Alex Hitzinger, who was also once part of Apple's self-driving car Project Titan. Porsche Automobil Holding SE, Volkswagen's majority voting shareholder, is also an investor in Aeva. (Reporting by Stephen Nellis in San Francisco; Editing by David Gregorio and Richard Chang)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. 1.20% 148.56 Delayed Quote.10.63%
DENSO CORPORATION 1.86% 7232 End-of-day quote.17.90%
PORSCHE AUTOMOBIL HOLDING SE 1.00% 92.5 Delayed Quote.64.01%
VOLKSWAGEN AG -0.10% 208.6 Delayed Quote.36.86%
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Financials
Sales 2021 118 M 139 M 139 M
Net income 2021 3 983 M 4 687 M 4 687 M
Net cash 2021 370 M 436 M 436 M
P/E ratio 2021 7,06x
Yield 2021 3,74%
Capitalization 28 328 M 33 323 M 33 337 M
EV / Sales 2021 237x
EV / Sales 2022 213x
Nbr of Employees 908
Free-Float 50,0%
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Mean consensus OUTPERFORM
Number of Analysts 12
Last Close Price 92,50 €
Average target price 111,88 €
Spread / Average Target 20,9%
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Managers and Directors
Hans Dieter Pötsch Chairman-Management Board
Wolfgang Porsche Chairman-Supervisory Board
Lutz Meschke Head-Investment management
Ulrich Lehner Member-Supervisory Board
Ferdinand Oliver Porsche Member-Supervisory Board
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