UQM Technologies received US$2.62 million in orders for hybrid and electric vehicle propulsion systems during the fiscal first quarter. These orders are more than double the comparable orders received during the first quarter last fiscal year and exceed the sales value of like hardware for all of last fiscal year.
The orders are for propulsion motors, generators and power electronic controllers to drive both electric and hybrid electric over-the-road vehicles. Deliveries under the orders began during the fiscal first quarter ended June 30, 2008 and will continue through December 2008.
The increase in orders for this portion of our business during the first quarter exceeded our expectations and is expected to continue. These orders consist of increased system purchases by existing customers as well as from a growing number of new customers selecting our products for their electric and hybrid electric vehicle programs.—William G. Rankin, UQM Technologies’ President and CEO