However, the Winnipeg-based manufacturer of buses and motor coaches aims to ramp up new vehicle production in the second half of 2023.
NFI buses are sold under the New Flyer, MCI, Alexander Dennis, and Arboc brands. COVID-related supply chain issues have challenged the company.
Winnipeg-based NFI is a leading manufacturer of buses and motor coaches, with facilities in two Canadian provinces and five U.S. states. Its battery-electric and fuel cell-electric vehicles are in more than 140 cities in six countries. However, in 2020, the number of buses on its production lines plunged as the pandemic roiled supply chains. The company's output has not fully recovered.
However, Soubry says a "significant recovery" was evident in NFI's latest quarter, with vehicle deliveries and revenue each climbing 66 per cent year-over-year. The company booked a quarter-end backlog of nearly 10,000 orders worth a record US$6.7 billion, with more than a third of those being zero-emissions vehicles.
"As we now see our supply community, most of the systemic global issues of demand have gone away," Soubry said. "It's now moved down to specific supplier challenges, either with some of their input materials, or some of their own labour demands."
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Interest rate shock won't hit fixed-rate mortgage borrowers until 2025, expert saysWhile the pain of elevated interest rates is already hitting those with variable-rate mortgages, the sticker shock of higher payments might not be felt for a couple years among those with fixed-rate plans.
Read more »
NFI Group reports US$48.1M Q2 loss, ramping up production in second half of the yearNFI Group Inc. reported a loss of US$48.1 million in its latest quarter compared with a loss of US$56.0 million in the same quarter last year as it looks to ramp up production in the second half of the year.
Read more »
NFI Group reports US$48.1M Q2 loss, ramping up production in second half of the yearWINNIPEG — NFI Group Inc. reported a loss of US$48.1 million in its latest quarter compared with a loss of US$56.0 million in the same quarter last year as it looks to ramp up production in the second half of the year.
Read more »
Coinbase CEO says Canadian crypto regulations encouragingCoinbase is rolling out Interac e\u002Dtransfer integration as it says it\u0027s encouraged by Canada\u0027s cryptocurrency regulations. Find out more.
Read more »
Cargojet CEO sees e-commerce rebound as revenue dipsCargojet CEO Ajay Virmani is forecasting a rebound in the e-commerce world, as he hopes his company’s partnership with Amazon brings revenue back up.
Read more »