UQM reports losses for third quarter
UQM Technologies (NYSE MKT: UQM) is based east of Longmont.
Revenue was $1.2 million, down 49 percent from the $2.3 million the company posted in the same quarter last year. According to the company, revenues dropped because CODA Automotive, a builder of electric vehicles, has taken longer than expected to increase production of its four-door electric vehicle.
"Second quarter revenue was impacted by the slow pace of the CODA vehicle launch. We remain optimistic that CODA will resume its production ramp-up given its announced plans, including opening 10 U.S. dealerships by year end," UQM Technologies president and chief executive Eric R. Ridenour said in the earnings release.
UQM Technologies increased efforts to diversify its customer basis and sell in emerging markets, Ridenour said.
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