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Sevcon secures £32m Asia contract

Wednesday, December 10, 2014

NORTH-EAST based electric vehicle parts maker Sevcon has won a major new contract - which could be worth up to $50m (£32.2m) by 2020.

It comes as the Gateshead manufacturer posted strong annual results with revenues rising 18 per cent to $37.9m (£24.2m) and the company making profits of $1m (£640,000) compared to a loss in the previous year.

Sevcon told the NASDAQ it has signed a deal with a Tier-1 automotive supplier based in South East Asia to design, manufacture and supply an advanced motor controller for a new line of hybrid electric, four-door passenger vehicles.

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