Taiga Motors Inc. To Build A New Mass-Production Assembly Facility Expected For 2022
SHAWINIGAN, QC and MONTREAL, March 26, 2021 - Taiga Motors Inc. ("Taiga"), a leading developer of electric off-road vehicles, announced plans to build a mass-production assembly facility in the City of Shawinigan, Québec. The first phase of construction, scheduled for completion in 2022, represents an investment to accelerate the mass-production of Taiga electric snowmobiles and personal watercrafts, as well as Taiga's side-by-side vehicles, which are expected to be ready for production in 2022.
"This facility, a part of the $185M in recently announced funding, will bolster Taiga into becoming a globally leading OEM for powersports vehicles," said Samuel Bruneau, CEO of Taiga. "We have seen strong customer demand limited by product availability. This new facility shows Taiga's continued commitment to be trailbreakers and offer electric vehicles capable of diving mass-market adoption without compromise."
This facility dedicated to the mass-production of electric powersports vehicles, is designed from a clean sheet to support Taiga's manufacturing processes through its modular vehicle platforms for optimized production output. Snowmobile and personal watercraft production is expected to begin immediately following build completion. The facility is expected to increase Taiga's production capacity to 80,000 units by 2025.
Taiga's initial production acceleration is well underway in Taiga's current Montréal Research & Development facility, which is expected to ramp-up production capacity to 2,000 vehicles per year by the end of 2021. The second phase of increasing Taiga's production capacity includes the building of the state-of-the-art Shawinigan facility, beginning at a 200,000 sq. ft. capacity and later increasing to 340,000 sq. ft. Taiga intends to begin construction in the second quarter of 2021, following its listing on the Toronto Stock Exchange in connection with its proposed merger with Canaccord Genuity Growth II Corp.
The site was chosen because Québec is already a world-leading electric technology hub and the site secures positioning in a primary location for innovation in the electric-vehicle space. As a location for a mass-production facility, Shawinigan provides multiple advantages with strong logistical infrastructure and a talent pool for future growth. As Shawinigan is an established technology hub, it will accelerate Taiga's vision for a vertically integrated local supply chain.
"It's always a pleasure to receive advocates and entrepreneurs who wish to establish themselves in Shawinigan. Especially when it's a start-up that has developed in our entrepreneurial ecosystem and is part of one of our four pillars of economic diversification: Energy Efficiency and Green Technologies. Shawinigan welcomes the entire Taiga Motors team," said Michel Angers, Mayor of Shawinigan.
About Taiga Motors Inc.
Taiga is a Canadian company, founded in 2015, that is reinventing the powersports landscape with breakthrough electric off-road vehicles. Through a clean-sheet engineering approach, Taiga has pushed the frontiers of electric technology to achieve extreme power-to-weight ratios and thermal specifications that outperform comparable high-performance combustion powersports vehicles. The first models released include a lineup of electric snowmobiles and personal watercraft to deliver on a rapidly growing recreational and commercial customer demand who are seeking better ways to explore the great outdoors without compromise. For more information, visit https://www.taigamotors.ca.
Certain statements in this news release are prospective in nature that constitute forward-looking information and/or forward-looking statements within the meaning of applicable securities laws (collectively, "forward-looking statements"). Forward-looking statements generally, but not always, can be identified by the use of forward-looking terminology such as "outlook", "objective", "may", "could", "would", "will", "expect", "intend", "estimate", "forecasts", "project", "seek", "anticipate", "believes", "should", "plans" or "continue", or similar expressions suggesting future outcomes or events and the negative of any of these terms.
Forward-looking statements reflect management's current beliefs, expectations and assumptions and are based on information currently available to management. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve known and unknown risks and uncertainties and other factors that could cause actual results to differ materially from those contemplated by such statements
All forward-looking statements included in this news release are qualified by these cautionary statements. Unless otherwise indicated, the forward-looking statements contained herein are made as of the date of this news release, and except as required by applicable law, Taiga does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE Taiga Motors