TAIGA MOTORS CORPORATION Management Commentary
'The third quarter marked another strong step forward as we achieved important program milestones for our watercraft and snowmobile platforms with the goal of beginning initial customer deliveries in the coming months,' said Taiga CEO
'The engineering teams have been hard at work navigating the challenges associated with global supply shortages, and we have managed to further innovate through this difficult period. We have introduced proactive enhancements to our software platform enabling us to rapidly deploy new electronic designs in a highly hardware-abstracted environment. Upwards of 20 printed circuit board re-designs towards long term component availability were made during this quarter alone, confirming the speed at which impactful re-designs can be implemented thus giving us a competitive edge at deploying new innovations as we scale.'
'Our focus remains on three key areas of the business including innovating product & manufacturing, continuing to build a world-class team to deliver on our ambitious roadmap, and growing worldwide pre-orders. The recently announced launch of our North American charging network and the ongoing work to build our new production facility are prime examples of this plan in action. The future of off-road is electric, and the work we're doing today directly supports our mission to accelerate no-compromise access to the outdoors for all.
Pre-orders for new Taiga vehicles are cancelable and the deposit fully refundable, and there can be no assurance that such pre-orders will be converted into sales.
Third Quarter Financial Results (All amounts in Canadian dollars unless otherwise indicated)
Results compare 2021 third quarter (
Cash and cash equivalents of
Research & Development (R&D) expense increased to
General & Administration (G&A) expense increased to
Sales & Marketing (S&M) expense increased to
Net loss for the quarter ended
About Taiga
Taiga is a Canadian company 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 demand from recreational and commercial customers who are seeking better ways to explore the great outdoors without compromise. 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 new production facility, the anticipated performance of the charging network, the ability to roll out additional off-road charging stations within the anticipated timeframe, market trends, overall market growth rates and the Company's growth rates, the Company's future objectives and strategies to achieve those objectives, expected timelines for achieving mass production capabilities, the anticipated performance of customer experiences 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 further supply chain disruptions, and the impact of such disruptions on ability to fulfil orders, pre-orders for the Company's vehicles being cancelled and those described in the management's discussion and analysis for the three and nine month periods ended
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.
Contact:
Media & press
E: press@taigamotors.ca
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