Business
Twin Vee PowerCats Co. Launches Production of Two New Models: The All-New 400 GFX and 260 GFX
FORT PIERCE, FL / ACCESSWIRE / July 12, 2022 / Twin Vee PowerCats Co. (NASDAQ:VEEE) ("Twin Vee" or the "Company"), a designer, manufacturer, distributor, and
About this update from Twin Vee Powercats Co.
[{"type":"text","content":"FORT PIERCE, FL / ACCESSWIRE / July 12, 2022 / Twin Vee PowerCats Co. (NASDAQ:VEEE) (\"Twin Vee\" or the \"Company\"), a designer, manufacturer, distributor, and marketer of power sport catamaran boats, today announced that its all-new, all-composite, 26-foot Go Fish X (GFX) center console and 40-foot center console GFX sport boats are now in full production and have officially been added to the Company's expanding model line.Twin Vee's 400 GFX out in the water in Stuart, FloridaA part of the Twin Vee team in front of the first 400 GFX at the Company's headquarters in Fort Pierce, FLTwin Vee's All-New 260 GFX on the waterInitial designs for Twin Vee's 260 GFX were originally released last October before the Fort Lauderdale International Boat Show. The first 260 GFX came off the production line on June 17, 2022, accomplishing the Company's goal to have the boat model ready by Q2 2022. In the weeks since, Twin Vee has already manufactured three more 260 GFX boats.Onboard the 260 GFXThe 400 GFX, announced last summer, is the largest boat Twin Vee has ever designed and brought to market. The first 400 GFX has finished production and rigging and there are several more on the way.The 40-foot Twin Vee 400 GFX from aboveThe addition of the 260 GFX and 400 GFX to Twin Vee's model lineup comes at a time where new powerboat sales continue to outpace pre-pandemic levels. Retail unit sales in 2021 reached approximately 300,000, the second time the industry reached that number in nearly 15 years (2020 and 2021). The National Marine Manufacturers Association (NMMA) reported in a June 2022 release that new powerboat sales through Q1 2022 were normalizing compared to 2021, but continuing to surpass pre-pandemic levels, up 20 percent from Q1 2019's 45,000 units. NMMA further expects boat sales this year to be healthy, on par with or above pre-pandemic levels, with forward order books strong as dealer inventory continues to catch up to meet record demand.Twin Vee dealers experience the 400 GFX firsthandThe NMMA believes part of what is fueling sales for the recreational boating industry is the uptick in first-time boat buyers of new and pre-owned boats, attracting a wider net of Americans. Data show 420,000 first-time boat buyers entered the market in 2021 - on par with 2020, a record year. First-time boat buyers accounted for 34 percent of boat s...