Powersports Business May 2024 | Page 27

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Powersports Business • May 2024 • 27
Yamaha Canada says it is feeling a bit nostalgic during the last model launch before it exits the snowmobile market . The company will continue to support dealerships with parts and service for many years to come , however . Photo courtesy of Yamaha Canada

Yamaha releases 2025 Final Edition snowmobiles

After the announcement last June that Yamaha was pulling out of the snowmobile market , the company released its Final Edition sleds .
Yamaha Motors Canada took to You- Tube to announce the 2025 Final Edition snowmobiles , which includes four Limited Edition ( LE ) sleds , such as the Sidewinder LTX and the legendary SRX .
Delany Brogan , snowmobile marketing associate , and Steve Duffy , snowmobile market specialist , introduced the final models for Yamaha Canada in a YouTube video .
Brogan notes that Duffy has decades of technical experience and has spent a lot of time on sleds . “ To be honest , I ’ m way more comfortable turning a wrench or hitting the throttle than standing in front of the camera , but I ’ m excited to walk you through Yamaha ’ s final mode year lineup with Delaney ,” Duffy comments .
“ We ’ re feeling a little nostalgic and suspect you might be too , so this season , we want to share all those stories and memories with our Yamaha fans ,” says Brogan .
Brogan says it may be the last Yamaha snowmobile product launch , but notes that Yamaha dealerships are ready to provide parts , service and support for years to come .

Ski resort company to add Taiga electric snowmobiles to its fleet

Taiga Motors Corporation announced that it is now a supplier of electric snowmobiles for Alterra Mountain Company . Alterra says it is committed to reducing its carbon footprint and transitioning its snowmobiles to electric to achieve carbon neutrality across its North American mountain destinations .
“ Transitioning some of our snowmobile fleet to Taiga ’ s electric snowmobiles was a great choice for us to expand our on-mountain EV fleet and propel us forward in our ambitious carbon reduction journey ,” says Darcie Renn , vice president of sustainability at Alterra Mountain Company .
Taiga claims the Nomad is the first massproduced 100 % electric snowmobile and
Taiga claims the Nomad is the first mass-produced 100 % electric snowmobile and is a “ game-changer ” for mountain operations and ski resorts . Photo courtesy of Taiga Motors
is a “ game-changer ” for mountain operations and ski resorts . The snowmobile is emission-free and operates quietly , ensuring that the natural beauty of the area isn ’ t disturbed by loud revving or exhaust fumes . Additionally , it requires no powertrain maintenance and doesn ’ t require gas or oil , making it a cost-effective option over time .
“ We ’ ve been using our Nomad snowmobile for three months and have put it through its paces across the mountain ,” says Éric Gadoua , mountain operations director at Tremblant , an Alterra destination . “ While our guests have been loving their odorless and quiet ride , our operations team is equally impressed with their performance and reliability .”

Taiga shares 2023 results , pauses production

Taiga Motors Corporation shares that during Q42023 , the company continued to build its sales channels and commenced distribution to international markets in South America and the U . A . E . The company also developed its Taiga Service Provider ( TSP ) network to 40 locations across Canada and the U . S . as of December 31 , 2023 .
Taiga reported $ 16.1 million from the sale of 592 vehicles during the full year of 2023 and $ 6.1 million from the sale of 242 vehicles during the fourth quarter ended December 31 , 2023 . Nomad snowmobile production started in November 2023 for the 2023 / 2024 winter season .
After making major investments in new product launches and to support the company ’ s rapid production ramp-up in 2022 and 2023 , Taiga is now focused on driving cost efficiency throughout the business and deploying its omnichannel sales model to support sustainable growth . The company intends to further evolve its omnichannel model by
expanding sales through dealers alongside distribution and direct-to-customer sales .
Because of the current economic context and an unusually mild winter that negatively impacted the snowmobile business , Taiga is taking several steps to adjust its operations to better align with seasonal production timing with dealer inventory levels . Taiga announced it is temporarily pausing its vehicle production and temporarily reducing its workforce by approximately 70 people . Taiga says it is committed to further reducing its operating burn in 2024 and will continue to adjust the scale of its operations to the current market reality while maintaining the company ’ s focus on expanding sales .
Given Taiga ’ s transition period and current overall operational , market and financial circumstances , the company does not currently intend to provide any forward-looking guidance , production or sales outlook in respect of the fiscal year ending December 31 , 2024 , or for any subsequent period .
Fourth Quarter 2023 Operational Updates :
Produced 417 vehicles ; 243 were Orca Performance watercraft and 174 were Nomad snowmobiles .
Sold and delivered 242 vehicles , including 119 Orca PWC and 123 Nomad snowmobiles .
Pre-order level stood at 2,442 on December 31 , 2023 , as the company focuses on maintaining a pre-order level and sales pipeline in line with its production plan .
TSP network growth in 2023 , with 30 TSPs onboarded as of December 31 , 2023 , covering 40 locations in North America .
Initiated international PWC distribution
in the U . A . E . and in South America as well as snowmobile deliveries across multiple fleet operators in Sweden .
Completed production launch on optimized high-volume Orca Performance PWC and Nomad snowmobile product platforms achieving over 50 units per week production on both product lines .
Launched the new Cloud Connected Mobile App .
Fourth Quarter 2023 Financial Highlights ( All amounts in Canadian dollars unless indicated otherwise ):
Recorded revenue of $ 6.1 million during the fourth quarter of 2023 , compared to $ 1.4 million in the fourth quarter of 2022 .
Recorded Cost of Sales of $ 15.6 million during the fourth quarter of 2023 , compared to $ 17.1 million in the fourth quarter of 2022 .
Research & Development expense ( net of tax credits ) increased to $ 3.1 million in the fourth quarter of 2023 from $ 2.0 million in the fourth quarter of 2022 .
General & Administration expense increased to $ 6.2 million from $ 4.9 million compared to the fourth quarter of 2022 .
Sales & Marketing expense of $ 1.0 million remained relatively stable with no change compared to the fourth quarter of 2022 .
Net loss for the period decreased to $ 22.2 million compared to $ 23.8 million in the fourth quarter of 2022 .
Full-Year 2023 Financial Highlights ( All amounts in Canadian dollars unless indicated otherwise ):
Revenue of $ 16.1 million was recorded during 2023 , compared to $ 3.2 million that was recorded in 2022 .
Cost of Sales of $ 43.0 million recorded during 2023 , compared to $ 29.2 million reported in 2022 .
Research & Development expense ( net of tax credits ) increased to $ 15.4 million from $ 9.4 million compared 2022 .
General & Administration expense increased to $ 20.9 million from $ 19.8 million in 2022 .
Sales & Marketing expense increased to $ 5.1 million from $ 4.3 million in 2022 .
Net loss for 2023 increased to $ 72.5 million compared to $ 59.5 million in 2022 .
Additions to Property and Equipment decreased to $ 11.4 million compared to $ 12.1 million in 2022 .
Cash and cash equivalents of $ 5.3 million on December 31 , 2023 , compared to $ 22.8 million on December 31 , 2022 .
Inventory increased to $ 33.2 million on December 31 , 2023 , compared to $ 20.8 million on December 31 , 2022 .