FDG Electric Vehicles Limited Loses $117 Million; Will FDG Be Able To Rescue Smith Electric Vehicles?

3 years ago by Mark Kane 5

Sinopoly Battery FDG Electric Vehicles Limited

Sinopoly Battery FDG Electric Vehicles Limited

Sinopoly Battery LiFePO4 cells

Sinopoly Battery LiFePO4 cells

Chinese company Sinopoly Battery was officially renamed as FDG Electric Vehicles Limited on May 13th (FDG being from “Five Dragons“) and would like to produce electric dragons vehicles.

This is the same company which recently infused some cash into Smith Electric Vehicles (with a plan of up to a $42 million investment ) to keep going and to sell batteries.

It’s hard to say how the new business will go.  However, in the fiscal year that ended in March,  net loses were over 10-times higher than revenues.

$10.8 million of revenues comes mostly from LiFePO4 battery cells. At the same time, shareholders of the company lost $117 million (two thirds of this as impairment on goodwill).

Smith Electric Vehicles remains in silent mode, so we don’t know how the electric truck production is progressing.

FDG Electric Vehicles - results

FDG Electric Vehicles – results

Tags: , ,

5 responses to "FDG Electric Vehicles Limited Loses $117 Million; Will FDG Be Able To Rescue Smith Electric Vehicles?"

  1. jmac says:

    Smith Electric Vehicles has been around since 1920 and sold electric milk “floats” in the 1950’s in the U.K.

    I think Smith is, without doubt. the oldest continuous electric vehicle manufacturer in operation in the world, since 1920,

    It would be a shame to see them go.

  2. GuyMan says:

    I’m lazy – Any link to the actual P&L, as I would like to read the called out notes…

    Thanks for the more detailed finance data.. It would be nice to have Jay review the likes of sort of data for Telsa, after their earning’s call, versus just a rehash of Elon’s view of the world – YMMV

  3. J$ says:

    So a company with a market cap of $9.3 billion lost $117 million and it deserves a satirically laced article? Someone has personal vendetta.

    1. Jay Cole says:

      I doubt Mark has a personal vendetta against FDG.

      Also that 9.3 billion cap you refer to (which is actually 8.6 – quote here) is in HK dollars (which are worth about 13 cents USD), so its really a cap of $1.1 billion, while the loss stated here ($117 Million) is in USD.

  4. TC says:

    Its a BILLION more than I have. I hope the two companies can make it happen for my kids sake.

    It would be great to have another alternative fuel source that has good range, cheaper cost and a vehicle not producing noise and air pollution.

    It appears to me that this can drive jobs within the US and tie international opportunities as well.

    Smith has not produced vehicles in the last 12 months but there has not been another electric commercial truck manufacture makeup any ground towards their technology base and effectively having vehicles deliver goods and services successfully on the road. Currently Smith has around 500 vehicles on the road and has produced 9 million miles while on route for companies such as Frito Lay, Coca Cola, FedEx, Red Bull, Odwalla, Apple and our US government. Smith has not claimed bankruptcy and has maintained a small employee force while still spending money with R&D activities. This seems very promising.

    If it was easy I’m sure one of the Top Fortune 500 companies would have been showing signs of trying to break into the commercial truck market. It will be great to see what Smith and FDG can do in the next 25 years in relationship of what the automotive manufactures of internal combustion engines have done in 100.

    I’m happy to see someone taking a chance other than complaining about how every company sucks when they stumble.