Taiga reports increase for Q3
Taiga Motors Corporation, an electric off-road vehicle manufacturer, recently reported its financial and operating results for the third quarter ending September 30, 2023. Taiga reported $4.2 million from the sale of 147 vehicles during the third quarter ending September 30, 2023, showcasing revenue growth of 222% compared to the third quarter of 2022.
Taiga’s production experienced a significant ramp up with the introduction of the Orca Performance PWC model which was engineered for manufacturing efficiency, utilizing a sheet molding composite for high volume manufacturing and a sixth generation tractive unit with greater part integration. As a result, Taiga has been able to double its quarterly manufacturing capabilities and produced 365 Orca personal watercrafts during the third quarter while achieving the 50 vehicles per week milestone.
During the quarter, Taiga continued to expand its Taiga Service Provider (“TSP”) network and as of September 30, 2023, Taiga’s TSP network included 31 locations to provide deliveries and after-sales service across Canada and the United States. Taiga initiated deliveries in California, which results in the TSP network now covering top key boating and EV markets in Canada and the United States. The Company is now focusing on scaling its TSP network and driving sales. Along with expanding the TSP network, Taiga is also working on improving its production schedule to better align with seasonal consumer retail timings. As such, the Nomad snowmobile is expected to begin its production run imminently for the upcoming 2023/2024 winter season.
“The third quarter was another step towards establishing Taiga as a leader in powersport electrification. We launched the Orca Performance and with it, we were able to ramp up our production to double the prior quarterly throughput. The Orca Performance personal watercraft was designed for scalability in order for Taiga to leap forward in mass-market powersport electrification and drive mass adoption at a competitive price,” said Sam Bruneau, CEO of Taiga. “The next phase for us at Taiga is to continue to build on our production momentum and I’m excited to announce that we produced our historic 1,000th offroad EV in November 2023. We’re also working hard to improve our supply chain, ramp up our TSP network and invest in marketing as we further grow our brand.”
Read Taiga’s full Q3 results here.
