CVG Continues to Lead the Way in the Electric Vehicle Market

Rhea-AI Summary

CVG (NASDAQ: CVGI) has secured development and production contracts for 11 hybrid and electric vehicle customers in Europe and North America since 2020. This growth has led to an annualized business volume exceeding $200 million. The company has leveraged its expertise in off-road vehicle electrical systems to create a new product line and enhance its engineering capabilities. CVG aims to significantly contribute to the electric vehicle market and greenhouse gas reduction, with a focus on hydrogen fuel and electric hybrids, delivery vans, and battery systems.

Positive

• Secured over $200 million in annualized business in less than two years.
• Established partnerships with 11 new hybrid and electric vehicle customers.
• Developed a new product line and enhanced manufacturing and engineering capabilities.

Negative

• None.

NEW ALBANY, Ohio, Feb. 08, 2022 (GLOBE NEWSWIRE) -- CVG (NASDAQ: CVGI) is pleased to report that since 2020, it has secured the development and production business for 11 additional hybrid and electric vehicle customers in Europe and North America, to deliver the electrical backbone on electric commercial and passenger vehicles.

CVG began this initiative in 2020 as it deliberately leveraged its decades of off-road vehicle electrical system know-how, developed a new product line, implemented new electrical manufacturing equipment, implemented a new electrical engineering department, and began leading the way with the design and deployment of electrical systems in the global electric and hydrogen fuel vehicles market.

“The Electric Vehicle revolution is here, and CVG is committed to help shape the future of transportation,” said Rich Tajer, SVP and CCO. “As our partnership with leaders in this space continue to grow, we expect to have an impact on reducing global emissions.”

In less than 2 years, CVG has developed and secured platform positions on many vehicles globally including:

• Hydrogen fuel vehicles
• Hybrid plug-in vehicles
• Electric delivery vans
• Electric passenger cars
• Electric bus
• Electric hybrid systems
• Electric commercial trucks
• Electric refuse trucks
• Electric material handling equipment
• Electrical battery systems
• Hydrogen fuel battery systems
  

In all, CVG has landed over $200 million of annualized business, at planned volume, with 11 separate customers in these areas in less than two years. The company is rapidly augmenting our NA and EU footprint to produce these products and ramp up our first customers.

Growth in the electric vehicle segment enables CVG’s commitment to reducing global emissions and furthering industry advancements into more complex and more value-added products and services.

Company Contact

Christopher H. Bohnert

Chief Financial Officer

CVG

IR@cvgrp.com

About CVG

CVG is a global provider of components, assemblies and systems to the traditional commercial vehicle market, the electric vehicle market, and the warehouse automation market. Information about the Company and its products is available on the internet at www.cvgrp.com.

Forward-Looking Statements

This press release contains forward-looking statements that are subject to risks and uncertainties. These statements often include words such as “believe”, “anticipate”, “plan”, “expect”, “intend”, “will”, “should”, “could”, “would”, “project”, “continue”, “likely”, and similar expressions. In particular, this press release may contain forward-looking statements about the Company’s expectations for future periods with respect to its plans to improve financial results, the future of the Company’s end markets, including the short-term and long-term impact of the COVID-19 pandemic on our business, changes in the Class 8 and Class 5-7 North America truck build rates, performance of the global construction equipment business, the Company’s prospects in the wire harness, warehouse automation and electric vehicle markets, the Company’s initiatives to address customer needs, organic growth, the Company’s strategic plans and plans to focus on certain segments, competition faced by the Company, volatility in and disruption to the global economic environment (including inflationary pressures and continued supply chain disruptions) and the Company’s financial position or other financial information. These statements are based on certain assumptions that the Company has made in light of its experience as well as its perspective on historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. Actual results may differ materially from the anticipated results because of certain risks and uncertainties, including those included in the Company’s filings with the SEC. There can be no assurance that statements made in this press release relating to future events will be achieved. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on behalf of the Company are expressly qualified in their entirety by such cautionary statements.

Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/952b3007-4b08-4c68-aef7-e6932cd73489
https://www.globenewswire.com/NewsRoom/AttachmentNg/11fa6f6c-c4c4-4051-be3f-8c0750339969 

FAQ

What recent achievements has CVGI reported in the electric vehicle market?

CVGI has secured contracts for 11 hybrid and electric vehicle customers, leading to over $200 million in annualized business.

How is CVGI contributing to the reduction of global emissions?

CVGI is focused on developing electrical systems for hybrid and electric vehicles, which are aimed at decreasing greenhouse gas emissions.

What types of vehicles are included in CVGI's recent contracts?

The contracts include hydrogen fuel vehicles, electric delivery vans, electric passenger cars, and electric hybrid systems.

When did CVGI start its initiative in the electric vehicle market?

CVGI began its electric vehicle initiative in 2020.

What is CVGI's stock symbol?

The stock symbol for CVGI is CVGI.