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VIVOPOWER INTERNATIONAL PLC

(VVPR)
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VivoPower Shares Rise 10% After Manufacturing Deal With Toyota

06/23/2021 | 08:37am EDT

By Chris Wack

VivoPower International Plc shares were up 10% to $8 after the company said it entered into an exclusive manufacturing collaboration with Toyota.

The company said Toyota Australia intends to integrate VivoPower's conversion kits to electrify its iconic Land Cruiser vehicles during the build process, turning chassis originally destined to be diesels into emission-friendly electric vehicles with VivoPower batteries and electric motors.

In an update note issued after the news broke, international equity research house Edison declared the five-year exclusive deal "a major milestone" and "a strong endorsement," supporting revenue and dialing down risk as VivoPower prepares to hyperscale.

"It is a real step change for VivoPower to move from re-kitting existing vehicles to being an integrated part of the manufacturing process," said Edison lead analyst David Larkham.

The deal follows two years of collaboration and field trials in the harsh environment of the Australian mining sector. While the letter of intent isn't the final contract, it is binding and the end agreement is expected to lock out VivoPower competitors from working with Toyota Australia to electrify Land Cruisers.

Toyota sells about 400,000 Land Cruisers a year worldwide, with more than 25,000 sold in Australia in 2020 and more than 10 million in total sales since its launch in 1951.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

06-23-21 1037ET

Stocks mentioned in the article
ChangeLast1st jan.
TOYOTA MOTOR CORPORATION -0.52% 9805 End-of-day quote.23.22%
VIVOPOWER INTERNATIONAL PLC -1.20% 6.59 Delayed Quote.-28.99%
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Financials (USD)
Sales 2021 41,6 M - -
Net income 2021 -1,36 M - -
Net cash 2021 5,24 M - -
P/E ratio 2021 -76,1x
Yield 2021 -
Capitalization 112 M 112 M -
EV / Sales 2021 2,56x
EV / Sales 2022 1,85x
Nbr of Employees 204
Free-Float 44,3%
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Mean consensus -
Number of Analysts 1
Last Close Price 6,59 
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Managers and Directors
Tser Fah Chin Executive Chairman, President & CEO
James Tindal-Robertson Group Finance Director
Matthew Cahir Independent Non-Executive Director
William Langdon Independent Non-Executive Director
Peter Jeavons Independent Non-Executive Director
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