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Major contracts to boost Gateshead firm Sevcon by £126m

Tuesday, August 30, 2016

Four major projects are expected to boost sales by more than £126m for Gateshead company Sevcon.

The electric vehicle innovator's president and chief executive officer Matt Boyle has told investors of the four major projects it currently has in its on-road development pipeline, totalling £126m.

One of the projects is a £28m contract with a British supercar company, announced earlier this year, while a second is with a South East Asian tier one supplier, which could be worth up to £35m.

Sevcon is unable to reveal further specifics on the remining contacts, but Mr Boyle said Sevcon is in further talks with one of the four on an additional deal, which could add a further £30m to the pipeline.

Mr Boyle said Sevcon's world-leading electric drivetrain expertise has put it in a strong position to capture a large share of the growing global, on-road electrification market.

Electrifying on-road vehicle drivetrains requires highly-specialised staff and skills and contracts end to operate on timescales of at least five years, with each passing a series of milestones from proof of concept to performance testing, tooling and then manufacture.

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Source: ChronicleLive

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