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Enova Warns of Coming Revenue Hit

13 October 2006

Enova Systems, developer of drive systems and related components for electric, hybrid-electric, and fuel-cell-powered vehicles for original and retrofit applications, warned today that slow orders and delivery delays will have a substantial impact on its anticipated revenues for 2006.

The company had already cautioned on announcing its second quarter results in August that customer relationships “had moved more slowly than originally anticipated” and that the revenue outlook for 2006 would depend on securing a number of orders during the third quarter, for which proposals had recently been submitted, as well as securing further orders.

Enova now states that although it is working with major companies (either as customers or in the evaluation phase), these relationships are continuing to convert into hard orders too slowly.

In addition, where orders have been secured, certain customers, including customers under the Advanced Energy award announced in July 2006, are not requiring delivery of the products be made in 2006 calendar year. These factors combined will have a substantial impact on anticipated revenues for 2006.

Among its other projects, Enova is the provider of the hybrid drive system for the IC hybrid school bus, which also offers a plug-in configuration. (Earlier post.)

October 13, 2006 in Hybrids, Sales | Permalink | Comments (13) | TrackBack (0)

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Comments

That is really too bad! It didn't help at all that the gas prices took a dive recently. If they had stayed high, or even spiked a bit instead, I'm sure we would see a much much larger push for these Enova systems. A look at the very recent drop in interest in fuel efficient cars and surge in interest again in huge inefficient autos seems to prove this point.

If president Bush was really worried about our addiction to oil he would buy 100 of these hybrid bus and give 2 each to every state as a demo project.

It would cost only a fraction of the money that we waste on IRAQ every week.

Come on Bush if you really think plug in hybrids are a good thing then support the companies that are building them TODAY.

Quit talking about how hydrogen is going to save us 20 years from now. We need change NOW.

Kyle Dansie

KJD:

I don't think he is listening and he needs cheap gas for the coming election. Hybrids don't vote.

He represents what the majority of Americans want and voted for. Americans have to change, not necessarily the President. In a democracy, people have the President they deserve. G... could have been elected if.....

Lets start working on ourselves and our neighbours and stop blaming the people we elected twice in a row.

No doubt school districts should demand the cleaner hybrid technology with fed assistance, e.g. "No child left behind -inhaling idle school bus particulate matter"

Harvey:
I would agree that gas prices will stay low until after the November elections, then they will go back to 3 or 4 dollars a gallon or more. How many people can see though this scam is another subject.

As for "the majority of Americans", I seem to remember in 2000 that another person got more votes than Bush. He did not win that election. Bush got 49% of the vote and stole the election through voter fraud and a corrupt supreme court. That court then appointted him the winner.

So yes 49% of the people got what they deserve. The rest of us got.........

As for myself I ride a bike to work often. Other days I ride an electric scooter that is recharched by wind generated electricity from the grid. On sunny days I recharge with solar power.

For days when I need to travel further I drive the Prius. It's a great car that will get even better in years to come.

As for "Blaming people", I would say this. If we are addicted to oil, why does Bush continue to give tax breaks to big OIL.

We should give tax breaks to alternatives and tax the hell out of middle east oil.
Kyle Dansie

If oil imports are a problem, then why not an oil import fee that goes towards renewables, to get us off foreign oil? If we spent the $100B that we spend in one year in Iraq on ethanol plants, we would not need any foreign oil for our cars....ever.

Let's see:

1) The hurricaine season was a wash.
2) The Iranian situation changed.
3) The summer driving season came to an end.
4) The switchover from MTBE to ethanol went okay, after weeks of steep inventory drops in the spring.
5) Both oil and gasoline inventories kept rising, with levels well above the averages at multi-year highs.
6) When the supply picture stopped looking bad, speculators left the market because it was clear prices could go no higher.
7) The price naturally dropped.

OMG conspiracy!

Please.

Cervus,

Now stop making sense with the facts!

Let's see:
1) Liberals do not control the weather. Neo-cons do not control the weather.
2) Bush backed off on Iran and North Korea has the bomb. IRAQ is a mess. Boy do I feel safe.
3) Summer driving season will start up again next spring same time every year.
4) MTBE should have been outlawed 10 years ago but was not.
5) Saudi keeps oil pumps running at 100 percent to help best buddy Bush.
6) Speculators are scum you are right.
7) Price drops till elections are over. Watch out come spring time.

OMG people re-elect republican fools.
OMG people re-elect democrat fools.

Please.

Now stop making sense with the facts!

Chomsky calls it "memorizing the believable storyline". It's like those daily economic reports you hear attributing the movement of the market to this or that cause. It's nonsense.

Go back and try and find a correlation between petroleum supply, demand, and prices - especially over the past few years. There really is none, certainly not to the extent that would explain the wide price movements.

Another example - the recent 90% shutdown of the Alaska pipeline. What did that do to prices? Nada. Yet when BP said it was taking its Prudhoe fields offline for a few months - whamo - up shot the price.

It's such a shock, isn't it, that in an oligopolistic system that price can be influenced? Real shock.

When was this 90% shutdown, pizmo?  (I couldn't find news of it.)  How long was it expected to last?  A shutdown lasting hours or days would have little effect on supplies or prices - the pipeline is capable of ~2 million bbl/day, and it's averaging less than 900,000.  Any backlog from short shutdowns will be made up very quickly.

KJD - does it get hot under that tin foil hat?

Nothings changed re: the Iranian situation.
Nothings changed re: the N. Korean situation for that matter
Yes, the markets are good pricing mechanisms in the short term. If we had an natl. energy and security policy with any teeth (carbon tax, foreign oil independence program) the market would certainly adjust.

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