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Forza X1, Inc. (Nasdaq: FRZA) is a forward-thinking company dedicated to revolutionizing the recreational boating industry with its all-electric sport boats. Forza X1 aims to produce affordable electric boats without compromising on performance, speed, or comfort. With an ambitious vision to inspire the widespread adoption of sustainable recreational boating, Forza X1 designs and manufactures fully integrated electric boats, utilizing advanced electric vehicle (EV) technology to power and control its proprietary outboard electric motors.
Forza X1's initial offerings include the FX1 Dual Console and FX1 Center Console models, each spanning 24 feet in length and utilizing a catamaran hull to reduce drag and enhance runtime. These boats are meticulously designed to appeal to the mass market, combining style and affordability.
The company is currently in the process of constructing a state-of-the-art manufacturing facility on an 11-acre property in Marion, North Carolina. The facility is expected to cover 60,000 square feet and will have the capacity to produce up to 550 boats annually. This significant step in Forza X1's expansion plan underscores the company's commitment to contributing to both the local community and the broader goal of marine electrification.
Recent leadership changes have seen Joseph Visconti, who boasts nearly 30 years of experience in product development and market strategy, step into the role of Interim CEO, with Daniel Norton appointed as President. Both leaders bring vast expertise and strategic insight, aiming to drive the company through its next growth phase.
Despite industry challenges, such as economic uncertainties and slow adoption rates of electric vehicles, Forza X1 remains resilient. The company is actively improving its outboard motor designs, enhancing durability, optimizing cooling systems, and increasing manufacturing efficiency. Furthermore, Forza X1 is exploring strategic partnerships to offer its electrification technology as a service to other marine manufacturers.
Forza X1 continues to host regular conference calls and webcasts to discuss its financial results and development efforts, maintaining transparency and engagement with its investors. For more information about Forza X1, Inc., please visit www.forzax1.com.
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