Category Archives: Sales figures

UK Hotel & Resort Group Places Large Order With Club Car

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The De Vere hotel and resort group based in the UK recently completed an order with Club Car for 227 electric vehicles. The order includes 203 Precedent i2 golf cars plus a range of turf utility vehicles and Café Express mobile refreshment vehicles. The De Vere real estate portfolio consists of 11 golf properties and 16 courses.  Club Car management points to deal as a sign of continuing growth in the demand for golf cars in the European golf market where historically the number of golfers that want to ride golf cars has been a minority.  Learn more:  Todaysgolfer.co.uk

GreenGo Tek Electric Wins South Carolina EV Contract

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GreenGo Tek's Electric Van

GreenGo Tek Electric of Michigan has won a contract to supply the state of South Carolina with ten all electric vans.  The E-Dyne passenger vans are LSVs.  The contract could potentially include the purchase of ten additional vans in an optional second year.

The E-Dyne van is powered by either a 6-kW (8-horsepower) or an optional 25-kW (33.5-hp) electric motor and comes packing a 72-volt or an optional 96-volt absorbed glass mat (AGM) battery pack. Top speed for the E-Dyne is listed at 25 miles per hour and total range is a quaint 40 miles. The E-Dyne can be configured as an eight-seat passenger van or a two-seat cargo van.

The vans will be used for a wide variety of applications from parking meter enforcement to  campus maintenance.  Learn more:  Green.autoblog.com

Polaris Reported Record Earnings

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Polaris Industries recently reported record earnings for the first quarter of 2011.  Management reported sales of $537.2 million  and net income of $47.3 million for the quarter compared to $361.7 million and $19.8 million in the first quarter of 2010.  For the full year 2011 management expects sales to increase 17%-20% compared to 2010.

I listened to the earnings conference call and here are some of the highlights as it relates to the STOV markets.

  • Off-road vehicles which includes UTVs and ATVs exceeded expectations
  • International sales were up 21% in part do to side by side sales increasing 50% in Europe where these vehicles are supplanting ATVs as they have been in North America
  • Polaris is gaining market share in UTVs and ATVs as they outperform the market domestically and internationally.
  • Management reports side by side sales increasing more than double the overall market rate
  • RZR XP 900 launched in January is selling well
  • Bobcat branded vehicles they supply “ramped up nicely” and is gaining retail momentum
  • Military sales which includes some STOV products doubled in the first quarter
  • Diesel product started nicely and is expected to slowly but steadily develop with good opportunities in the UK, military and single fuel use segments such as farming and construction
  • Off-road parts, garments and accessories sales increased 22% in Q1

Kandi Technologies Coco Sales Figures Questioned

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A recent article by Sharesleuth raises questions about the veracity of Kandi Technologies sales figures of their Coco electric vehicle.  Sharesleuth compared the overall Coco sales figure of over 3,700 to what they could piece together from calling the limited number of dealers in the US.  Their figures point to less than 1,000 vehicles sold in the US, a main Coco market.  Other figures that raise doubts include:

  • Kandi said it sold 2,110 Cocos in its very first year on the market, which would have ranked it among the top companies in the industry.
  • Although one of Kandi’s investor-relations representatives said the company took orders for 1,200 orders Cocos in Oklahoma in 2009, state records show that only 328 buyers claimed tax credits for Coco purchases.
  • Kandi’s most recent SEC filings contain lower 2009 sales numbers for the Coco and other vehicles than the company originally reported — without any corresponding adjustments to revenue or earnings.
Kandi did not respond to any of the questions Sharesleuth sent them.  Learn more:  Wallstcheatsheet.com

Polaris Acquires GEM

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Yesterday Polaris Industries announced that they will acquire Global Electric Motorcars, LLC (GEM) from the Chrysler Group.  GEM has annual sales estimated to be $30 million and has been the leading LSV manufacturer.  IMS estimates their annual sales volume to be around 3,000 units, although they have been under pressure lately as more manufacturers have entered the market.  The sale will take about two months to complete and will strengthen Polaris’s On-Road division.  Polaris also recently acquired Indian Motorcycle.   Learn more:  Tradershuddle.com

Comment:  GEM is strong in the commercial LSV segment particularly in government and fleet sales to end user such as parks and universities.  Polaris already has their Breeze LSV for the consumer personal transportation market and an LSV version of their Ranger EV which originally targeted the military segment but has commercial applications as well.  The acquisition gives Polaris probably the most recognized brand in the LSV market and saves them time and money spent developing a brand of their own.  GEM has not substantially changed their vehicles in recent years so they will definitely benefit from high level and continuous innovation that Polaris puts into their product lines, as witnessed by their model development in the UTV market.  In addition, Polaris has an existing network of dealers that is around ten times the size of GEM’s current network.  The acquisition could add a real boost to the level of competition in the LSV market.

Another question is whether Polaris will be seeking more acquisitions in this space.  While GEM is more oriented to the commercial market, a company like Tomberlin produces LSVs targeting the consumer market.  Tomberlin’s management has a relationship with Polaris from helping them develop some of their off-road products in the past.  Tomberlin also has other products such as the Vanish electric UTV, electric ATVs and the Schwinn brand of scooters that could supplement Polaris’s existing product lines .

NEVs On The Increase In Hawaii

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A recent story reports that Hawaii currently has 268 registered taxable electric vehicles in use. Approximately 250 of the vehicles are NEVs and the remaining are highway capable vehicles.  In the last year the total number of electric vehicle grew 51% which works out to be about 90 vehicles.  The state government has established a goal of using clean energy for 70% of the transportation needs.  Since it is an island, Hawaii is a good fit for NEVs and other electrics because of the shorter travel distances required, a mild climate which improves battery performance and a less expansive area for building out EV charging infrastructure.  Learn more:  Dailyjournal.net &  Hawaii.gov

Kandi Technologies Receives Large EV Order For Italy

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Kandi Technologies has received a purchase order from Share corporation of Italy for 1,000 electric vehicles.  Share was founded in 2010 to reinforce and develop new industrial and commercial activities, including the marketing of electric cars with zero emissions.  This EV order fits into the plans of the Rome city government to introduce more EVs into the city to reduce pollution and protect ancient sites.  Kandi’s management expects the Italian market to serve as a launching point for further expansion into Europe.  Learn more:  Coalgeology.com

RMD Technologies Takes First Order For Their Electric UTV

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RMD Technologies UTE

RMD Technologies Utility Terrain Electric (UTE) Vehicle

RMD Technologies recently announced that they had received their first order for their Utility Terrain Electric (UTE) vehicle.  The five vehicle order came from a rental company in Las Vegas where the vehicles will be rented to tourists on an hourly basis for driving around the Vegas Strip.  The UTE is classified as a low speed vehicle.  Originally started as an electronics recycling services business, RMD Technologies has branched out into alternative energy vehicles and uses a high percentage of recycled materials in their vehicles.  Learn more:  Globenewswire.com

Fairplay Recalls LSVs

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Fairplay Electric Cars has announced a recall of some of their EVE LSVs for the 2010 and 2011 model years.  The recall affects 1,632 vehicles manufacturered between July 31, 2009 through Dec. 27, 2010, according to the National Highway Traffic Safety Administration.

A fuse specified to be in the 12V accessory circuit was not built into the wiring harness. The fuse value on the input to the voltage reducer was too large to prevent possible damage.  There was no fuse inserted in the 12-volt circuit. Without this fuse for protection, a short in any portion of the 12V wiring can melt wire insulation and pose a fire risk.

Fairplay will be contacting owners regarding the recall starting Feb. 17th or they can be reached at (866) 557-0342.  Repairs will be made by dealers free of charge.  Learn more:  Safercar.gov

 

KYMCO To Launch 700cc UTV In The US

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Kwang Yang Motor Co., Ltd. (KYMCO), the largest powered two-wheeler manufacturer in Taiwan recently announced major 2011 marketing initiatives including the introduction of a 700cc UTV in the US market.  The company which took over the remaining share of KYMCO US in 2010 expects to sell 1,000 UTVs in the US this year.  Management expects UTVs to eventually replace ATVs in the market.  Total revenue for the company is about $1 billion a year.  Learn more:  News.cens.com