VOXX Automotive Corporation Provides Update on its Award from Oshkosh Defense to Support the U.S. Postal Service and Their Initiative to Modernize the Postal Delivery Vehicle Fleet
VOXX International Corporation (NASDAQ: VOXX) announced a significant multi-year award for its subsidiary, VOXX Automotive Corporation (VAC), from Oshkosh Defense, estimated at $50 million initially with a potential value exceeding $150 million. VAC will provide in-vehicle camera systems and other technology for the Next Generation Delivery Vehicle (NGDV) fleet for the U.S. Postal Service. Production is slated to begin in Fiscal 2023 Q3, with revenues expected to span four to five years. The USPS aims to deploy up to 165,000 vehicles over the next decade.
- Secured a multi-year award from Oshkosh Defense valued at approximately $50 million initially.
- Long-term potential contract value exceeding $150 million.
- Expected to begin mass production in Fiscal 2023 Q3, generating revenue over four to five years.
- Partnership with Oshkosh Defense enhances credibility and market position.
- Potential risks related to supply chain disruptions and logistics costs.
- Exposure to market volatility affecting the automotive electronics sector.
ORLANDO, Fla., Aug. 23, 2022 /PRNewswire/ -- VOXX International Corporation (NASDAQ: VOXX), a leading manufacturer and distributor of automotive and consumer technologies for the global markets, today provided updates on the multi-year award the Company's wholly owned subsidiary, VOXX Automotive Corporation ("VAC") received from Oshkosh Defense. The initial award is estimated to be approximately
In February 2021, Oshkosh Defense was awarded a 10-year, multi-billion-dollar contract from the U.S. Postal Service ("USPS") as part of their efforts to modernize its fleet and transform USPS into the Preferred Delivery Service Provider for the American public. Under the contract's initial
After a rigorous due diligence process, VOXX Automotive Corporation was selected by Oshkosh Defense to be the provider of in-vehicle camera systems for the new fleet of NGDVs. The VOXX 360 camera system is a new, 4-camera system, with an electronic control unit and touchscreen display. The VOXX 360 camera provides a birds eye view of the vehicle while in reverse and at the driver's command through a touchscreen display. It also comes equipped with an Event Data Recorder, which automatically turns on in the case of an event such as any form of car crash, vehicle shock, or tow. VOXX will also be supplying shock and tilt sensors as well as interior and exterior speakers. These new systems from VAC will be in all new NGDV's built.
VAC has received approximately
Commenting on today's announcement, Pat Lavelle, President and Chief Executive Officer of VOXX International Corporation stated, "This is another milestone for our Company and we are honored to be partnering with Oshkosh Defense and the USPS in this significant initiative to modernize the USPS fleet and enhance the environment through cleaner technologies. It is also a testament to our commitment to innovation as we continue to enhance our engineering capabilities and customize products and solutions for a growing range of customers. We have a number of new awards going into production now and in the coming years, and believe we are well positioned to capture additional business, not only in our Automotive segment, but across the board."
The NGDV vehicles will include air conditioning and heating, improved ergonomics, and some of the most advanced vehicle technology — including 360-degree cameras, advanced braking and traction control, air bags, a front- and rear-collision avoidance system that includes visual, audio warning, and automatic braking, shock and tilt sensors and speaker systems. The vehicles will also have increased cargo capacity to maximize efficiency and better accommodate higher package volumes stemming from the growth of eCommerce.
About VOXX International Corporation
VOXX International Corporation (NASDAQ: VOXX) has grown into a leader in Automotive Electronics and Consumer Electronics, with emerging Biometrics technology to capitalize on the increased need for advanced security. Over the past several decades, with a portfolio of approximately 35 trusted brands, VOXX has built market-leading positions in in-vehicle entertainment, automotive security, reception products, a number of premium audio market segments, and more. VOXX is a global company, with an extensive distribution network that includes power retailers, mass merchandisers, 12-volt specialists and many of the world's leading automotive manufacturers. For additional information, please visit our website at www.voxxintl.com.
Safe Harbor Statement
Except for historical information contained herein, statements made in this release constitute forward-looking statements and thus may involve certain risks and uncertainties. All forward-looking statements made in this release are based on currently available information and the Company assumes no responsibility to update any such forward-looking statements. The following factors, among others, may cause actual results to differ materially from the results suggested in the forward-looking statements. The factors include, but are not limited to the: risk factors described in the Company's annual report on Form 10-K for the fiscal year ended February 28, 2022, and other filings made by the Company from time to time with the SEC. The factors described in such SEC filings include, without limitation: the impact of the COVID-19 outbreak on the Company's results of operations, global supply shortages and logistics costs and delays; cybersecurity risks; risks that may result from changes in the Company's business operations; our ability to keep pace with technological advances; significant competition in the automotive electronics, consumer electronics and biometrics businesses; our relationships with key suppliers and customers; quality and consumer acceptance of newly introduced products; market volatility; non-availability of product; excess inventory; price and product competition; new product introductions; foreign currency fluctuations; and restrictive debt covenants. Many of the foregoing risks and uncertainties are, and will be, exacerbated by the COVID-19 pandemic, the War in the Ukraine and any worsening of the global business and economic environment as a result. The Company assumes no obligation and does not intend to update these forward-looking statements.
VOXX Automotive Contact: | Investor Relations Contact: |
Jonathan Frank, VP Marketing | Glenn Wiener, GW Communications (for VOXX) |
Email: jfrank@voxxintl.com | Email: gwiener@GWCco.com |
View original content:SOURCE VOXX International Corporation
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