A123 Systems revises 2011 revenue guidance downward due to Q4 reduction in orders from Fisker
04 November 2011
A123 Systems, Inc. revised revenue guidance range for the full year 2011 downward to the range of $165–$180 million, which would represent 70–85% revenue growth from 2010. A123’s previous 2011 revenue guidance range was $210–$225 million.
"While we continued to increase our production ramp in the third quarter, we are adjusting our 2011 revenue expectations due to an unexpected reduction in orders for battery packs from Fisker Automotive for the fourth quarter as it balances inventory levels from all suppliers.
Our relationship with Fisker remains strong, and we expect that this reduction in volume is temporary as we understand the Karma plug-in hybrid electric vehicle has received EPA certification as well as an all-electric range rating of 51.6 miles from the European regulatory body Technischer Überwachungs Verein (TÜV), clearing the way for vehicles sales. We are executing a plan that we believe will manage costs in the near term while allowing us to maintain the manufacturing and operational capabilities required to quickly ramp up production.
—David Vieau, CEO of A123 Systems
A123 will release its third quarter 2011 financial results for the period ended 30 September 2011 on 9 November 2011.
The first sign that AlGore's favorite charity, himself via Fisker), is not meeting projections. Fisker is telling it suppliers not to ship componenents for its supposed EVs.
Will Fisker ever really manufacture a single vehicle from its 2/3 Billion dollar boodle, that Al's corrupt influence got them?
Posted by: Stan Peterson | 07 November 2011 at 08:57 AM