February 27 (SeeNews) - Bulgarian electric vehicle (EV) manufacturer Sin Cars Industry [BUL:SIN] said on Monday that it will focus on the production of its small series vehicles, increasing capacity and output volume in 2023.
The company started negotiations in 2022 to secure parts and components for its vehicles from a global automotive manufacturer, it said in a financial statement. Sin Cars will be working on specifying all parameters in 2023, expecting a final result in 2024, it added.
You can download the 2023 Automotive industry in Southeast Europe report here
The company reported a standalone net loss of 1.38 million levs ($745,000/705,600 euro) for 2022 after a loss of 718,000 levs in 2021.
Operating costs jumped to 3.19 million levs last year from 1.93 million levs in 2021. The rise was mainly driven by cost of materials, which surged to 2.15 million levs from about 300,000 levs.
Revenue went up to 1.83 million levs from 1.22 million levs. Sales surged to 1.62 million levs from 352,000 levs, forming 88.71% of revenue. Apart from selling modules and components, Sin Cars finalised two sales of its electric vehicle L CITY in 2022 for the total amount of 156,000 levs and expects to deliver a further ten vehicles by the middle of 2023.
The company is sticking to its plan to carry out an initial public offering (IPO) in Amsterdam.
As at CET 1226 on Monday, shares in Sin Cars traded flat at 0.85 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)