It seems all throughout this recession, the automotive industry has been the focus; as it has gone, so goes the nation. When figures emerge showing this car maker or that car maker posting better earnings, windstorms result from the collective sigh of relief emitted by investors everywhere.
Perhaps all the turmoil over whether European governments could pay their bills overwhelmed any feelings of well-being, but one hybrid vehicle company created a gale of its own mid-November.
Azure Dynamics Corporation (TSX: AZD, OTC: AZDDF), announced Wednesday it was hooking up with Ford Motor Company (NYSE: F) to roll out the newest electrified commercial vehicle product on the market, the Ford Transit Connect Electric wagon. The wagon is a logical next step for Azure and Ford which first introduced an electrified Transit Connect in December 2010.
"With the addition of the new Transit Connect Electric wagon, we expand our product portfolio and offer our commercial customers more versatility to meet their transportation needs with fully electric operation," said Scott Harrison, Azure Dynamics chief executive officer.
"As a derivative of our successful Transit Connect Electric cargo van, the wagon shares a common electric drive integration and glider helping to keep additional development cost low."
Since its introduction last December, more than 450 Transit Connect Electric vans have been purchased by many hard working commercial vehicle fleets including AT&T, Canada Post, DHL, FedEx Express, and Post Norway to name a few.
Other early adopters of Transit Connect Electric include energy providers and private businesses seeking to better understand and utilize the benefits associated with electrified transportation.
Azure, based in Oak Park, Michigan, is a world leader in the development and production of hybrid electric and electric components and power train systems for commercial vehicles. Nor were Wednesday’s tidings the only positive ones for the company, for on Monday, it reported a 579% improvement in third-quarter revenues over the prior-year quarter, to $12.4 million U.S.
Azure did report a third-quarter net loss, however, of $9.8 million, or $0.01 per share, compared to a loss of $6.7 million, or $0.01 per share, in the third quarter of 2010.
The company’s shares hit a 52-week high on the Toronto Stock Exchange Thursday to nine cents Canadian, a jump of 5.9% from the previous day’s reading. They backed off on the Over-the-Counter Bulletin Board, though, to nine cents U.S., from a 52-week high of 9.4 cents U.S. the day before.
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