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Bulgarian Sin Cars aims at annual revenue of over 5 bln euro by 2030

Author Tanya Ivanova
Bulgarian Sin Cars aims at annual revenue of over 5 bln euro by 2030 Photo: Sin Cars Industry / All rights reserved.

SOFIA (Bulgaria), September 23 (SeeNews) - Bulgarian electric vehicle (EV) manufacturer Sin Cars Industry [BUL:SIN] said that its annual revenue will exceed 5 billion euro ($ 4.87 billion) by 2030 if the company achieves its expansion goals.

Sin Cars aims to manufacture about 100,000 cars per year by 2030, the company said in a bourse filing on Tuesday.

The firm also revealed that it has received an order to deliver over 400 of its L CITY vehicles to the Netherlands in 2023.

As part of its capacity expansion plans, Sin Cars has reached a deal to use an existing electric car platform developed by an established European automobile manufacturer. The Bulgarian company will incorporate its systems, compartments and components on the platform. The approach will allow Sin Cars to increase capacity multiple times by 2030, it said.

The company also intends to begin the development of new vehicle models. The first one will be L CITY courier, a vehicle of up to 3.5 tonnes, followed by a closed and open passenger model.

Sin Cars said earlier in September it plans to expand its operations to neighbouring Romania by constructing a plant for the production of its L CITY vehicles. The firm has also inaugurated a newly-built production line its home base in Ruse.

The company reported in August a standalone net loss of 232,000 levs ($115,710/118,620 euro) in the first half of 2022, after 135,000 levs in the same period last year. Revenue in the six-month period declined to 281,000 levs from 887,000 levs as the company shifted its focus onto sales of electric vehicles after stopping production of modules and components for external suppliers.

($ = 1. 0252 euro)

 
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