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CVG Continues to Lead the Way in the Electric Vehicle Market
NEW ALBANY, Ohio, Feb. 08, 2022 (GLOBE NEWSWIRE) -- CVG (NASDAQ: CVGI) is pleased to report that since 2020, it has secured the development and production
About this update from Commercial Vehicle Group, Inc.
[{"type":"text","content":"NEW ALBANY, Ohio, Feb. 08, 2022 (GLOBE NEWSWIRE) -- CVG (NASDAQ: CVGI) is pleased to report that since 2020, it has secured the development and production business for 11 additional hybrid and electric vehicle customers in Europe and North America, to deliver the electrical backbone on electric commercial and passenger vehicles. CVG began this initiative in 2020 as it deliberately leveraged its decades of off-road vehicle electrical system know-how, developed a new product line, implemented new electrical manufacturing equipment, implemented a new electrical engineering department, and began leading the way with the design and deployment of electrical systems in the global electric and hydrogen fuel vehicles market. “The Electric Vehicle revolution is here, and CVG is committed to help shape the future of transportation,” said Rich Tajer, SVP and CCO. “As our partnership with leaders in this space continue to grow, we expect to have an impact on reducing global emissions.” In less than 2 years, CVG has developed and secured platform positions on many vehicles globally including: Hydrogen fuel vehiclesHybrid plug-in vehiclesElectric delivery vansElectric passenger carsElectric busElectric hybrid systemsElectric commercial trucksElectric refuse trucksElectric material handling equipmentElectrical battery systemsHydrogen fuel battery systems In all, CVG has landed over $200 million of annualized business, at planned volume, with 11 separate customers in these areas in less than two years. The company is rapidly augmenting our NA and EU footprint to produce these products and ramp up our first customers. Growth in the electric vehicle segment enables CVG’s commitment to reducing global emissions and furthering industry advancements into more complex and more value-added products and services. Company Contact Christopher H. Bohnert Chief Financial Officer CVG [email protected] About CVG CVG is a global provider of components, assemblies and systems to the traditional commercial vehicle market, the electric vehicle market, and the warehouse automation market. Information about the Company and its products is available on the internet at www.cvgrp.com. Forward-Looking Statements This press release contains forward-looking statements that are subject to risks and uncertainties. These statements often include words such as “believe”, “anticip...