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ECD Automotive Design, Inc. (NASDAQ: ECDA) stands as a premier custom-car builder, specializing in the restoration and modernization of classic British motor vehicles such as the Land Rover Defender, Land Rover Series IIA, Range Rover Classic, and Jaguar E-Type. Founded in 2013 by three British automotive enthusiasts, ECD has grown into the world's largest Land Rover and Jaguar restoration company, known for its bespoke luxury builds.
Main Operations:
- Restores and modernizes classic vehicles with a focus on Land Rovers and Jaguars.
- Customization includes engine upgrades, including Chevrolet V8s, Land Rover V8s, Cummins diesel engines, and new electric drivetrains.
- Every vehicle is hand-built in 2,200 hours by master-certified craftsmen at their 100,000-square-foot facility in Kissimmee, Florida.
Recent Achievements:
- Launched a mobile design studio to bring the customization experience directly to clients across the U.S.
- Introduced the ECD Beach Runner, a versatile vehicle based on the Land Rover Defender 110 platform.
- Expanded into the classic American muscle car market by acquiring assets from Brand New Muscle Car, enabling ECD to produce bespoke Ford Mustangs among other classic models.
- Increased production capacity through manufacturing efficiencies and a third production line focused on classic Ford Mustangs.
- Generated $15.1 million in revenue in 2023, a 22.5% increase from the previous year.
Customer Experience:
- Clients design their vehicles through an immersive luxury experience, choosing every detail from the powertrain to the upholstery.
- Launched a state-of-the-art vehicle configurator, allowing customers to design their dream vehicle from any device.
Financial Condition:
- Reported a net loss of $1.6 million for 2023, compared to $1.4 million in 2022, with improved gross margins due to efficiency gains.
- Operating income improved to $(1.6) million in 2023 from $(1.9) million in 2022.
- Cash and equivalents increased to $8.1 million as of December 31, 2023.
Future Outlook:
Eager to tap into the $15 billion market ecosystem for high-end and collectible cars, ECD aims to consolidate the luxury classic car market and expand its product base. With its strong brand and innovative approach, ECD is poised to become a leading player in the resto-mod industry, offering not just restored vehicles but complete luxury experiences.
ECD Automotive has unveiled Project Red Phoenix, a custom-built Defender 110, delivered to a new owner in Denver, Colorado. This high-performance SUV features a GM 6.2L LS3 V8 engine with 430 HP, a 6-speed manual transmission, and heavy-duty axles. Its rugged design includes a 6-point external roll cage, top-mounted spotlights, and a 10,000 lb. winch.
The interior boasts luxury with Corbeau Trailcat seats in brown leather, a MOMO custom steering wheel, and advanced electronic upgrades like a touchscreen infotainment system, JL audio speakers, and Apple CarPlay. The vehicle also offers safety features such as a backup camera and blind spot assistant.
ECD highlights its new online vehicle configurator, allowing users to design their custom vehicles from any device, marking a step forward in their industry-leading solutions.
ECD Auto Design, known for luxury builds, integrates cutting-edge EV powertrains into classic Mustangs, highlighting innovation and customization. The Mustang EV model offers a range of powertrain configurations, fast charging, cruise control, changeable drive modes, and an interactive touchscreen display.
ECD Auto Design (ECDA) announced its 2023 financial results, showcasing a 22.5% revenue increase to $15.1 million and a 150% rise in gross profit to $4.2 million. The company also achieved an adjusted EBITDA of $1.1 million and reiterated its 2024 revenue expectation of $33 million, a 118% jump over 2023. The recent acquisition of Brand New Muscle Car assets further expands ECD's product line. Despite a net loss of $(1.6) million, ECD remains optimistic about its profitable growth strategies, focusing on production efficiency, market consolidation, and branding in the luxury classic car sector.
ECD Auto Design, the world's largest Land Rover and Jaguar restoration company, expands product line to include classic Ford Mustangs after acquiring Brand New Muscle Car assets. This marks a significant milestone as ECD's first American build. Each Mustang is fully customizable with over 2 million configurations, reflecting clients' unique styles. The company promises unparalleled craftsmanship and dedication to excellence in creating one-of-a-kind masterpieces.
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