Net revenue was USD 31.3 million in 2024, an increase from USD 22.1 million in 2023. The increase was driven by higher vehicle and spare parts sales, especially in the U.S. market, where sales surged from USD 0.4 million in 2023 to USD 19.3 million in 2024.

Delivery will start in Q1 2025 with production set to take place in Zhejiang, China. The company views this as a pivotal milestone that not only reinforces its presence in Japan but also sets the stage for additional orders and expanded market share.

The company announced that its Logistar 450 electric van has received approval from the California Air Resources Board (“CARB”) and a certificate from the Environmental Protection Agency (EPA), meaning that the van qualifies for state and federal funding.

The company announced that its Logistar 300 electric van has received approval from the California Air Resources Board (“CARB”) and a certificate from the Environmental Protection Agency (EPA), meaning that the van qualifies for state and federal funding.

The company announced its full-year financial results for 2023, which included a net loss of USD 54.2m (2022: USD110.1m) and a net revenue of USD 22.1m in 2023, an increase of 147% from USD 8.9m in 2022. The increase was primarily due to an increase in vehicle sales and spare parts sales, including the delivery of 250 autonomous delivery vans in China.

Designed for intracity and short-haul applications, the semi-tractor is powered by fully electric motors, which are in turn powered by a 218-kWh lithium-ion phosphate battery pack. This battery pack provides the truck with 155 miles (249 km) of range and is capable of DC fast-charging in just 90 minutes.

The Jacksonville assembly plant will produce the LS400, Teemak, and Metro, electric commercial trucks and will carry out pre-delivery inspections before the vehicles head to the Southeastern region of the USA.

The company launched two new models in its electric truck and van range. The first was a heavy-duty truck, the LM864H, a class 8 HFC 6×4 semi-tractor and the second was the Logistar 300 electric van (class 3). Both vehicles are scheduled to be available in Q3 2023.