Electric Vehicles Industry Update: Plug Power Inc, Tesla Motors Inc, Ballard Power Systems Inc, Green Automotive Company


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NASDAQ:PLUG / NASDAQ:BLDP / NASDAQ:TSLA / OTC:BB:GACR
05/23/2014 [ACCESSWIRE]

NEW YORK / ACCESSWIRE / May 23, 2014 / Market Buzz Report, which provides up to date coverage, commentary and alerts on OTC and NASDAQ Stocks, issues critical stocks analysis for Plug Power Inc, Tesla Motors Inc, Ballard Power Systems Inc, Green Automotive Company.

Plug Power Inc. (NASDAQ:PLUG)’s shares dropped 2.93% to $4.30. The company on May 14 reported its 2014 first quarter results. Total revenue for the first quarter of 2014 was $5.6 million, comprised of $3.2 million for product revenue, $2.1 million for service revenue and $0.3 million for research and development (R&D) contract revenue. This compares to total revenue of $6.4 million in the first quarter of 2013, which was comprised of $4.7 million for product revenue, $1.3 million for service revenue and $0.4 million for R&D contract revenue. Net loss for the first quarter of 2014 was $75.9 million, or $0.57 per share on a basic and diluted basis.

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Ballard Power Systems Inc. (USA)(NASDAQ:BLDP)’s shares dropped 0.30% to $3.28. The company  announced that Tony Guglielmin, Chief Financial Officer will present and participate in panel sessions on Wednesday, May 28 at the FBR Energy Technology Summit at 12:30pm ET at the Grand Hyatt, New York.

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Additionally, BLDP on May 13 announced that it has signed an agreement with CALSTART, a member-supported organization dedicated to clean transportation alternatives, to deploy a fuel cell hybrid bus in 2015 at the University of California campus in Irvine, together with partners BAE Systems, ElDorado National and the University of California, Irvine. Ballard will supply the Company's sixth generation FCvelocity®-HD6 power module, along with Engineering Services support. The 150 kilowatt power module features a control unit which interfaces with a system controller, making it a "plug-and-play" product for any fuel cell or hybrid fuel cell bus platform.

Green Automotive Company (OTCMKTS:GACR)’s shares gained 12.40% to $0.03. The company on May 21 announced financial results for its fiscal 2014 first quarter, ended March 31, 2014. The company posted strong quarterly revenue of $1.235m, up from $218K reported for Q1 2013. This major increase is largely attributable to strong growth in sales at our Newport Coachworks business.

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In Europe, Green Automotive’s subsidiary GoinGreen also increased sales of new electric vehicles following the introduction of the Mia in December 2013. Revenues from our electric vehicle engineering business, Liberty Electric Cars, were steady thanks to our continued involvement in major EU sponsored electric vehicle development projects.

Tesla Motors Inc (NASDAQ:TSLA)’s shares gained 2.72% to $204.88. The company on May 21 said it will launch the right hand version of Model S Performance Plus in Britain next month, according to media reports. This is expected to boost demand for the car in the country where electric cars are not popular. Only 1,547 electric cars were sold in Britain in the first quarter of 2014.

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Additionally, the company on May 7 reported a first-quarter loss and said sales of its Model X sport utility vehicle will be delayed until next year. Revenue rose to $620.5 million in the latest quarter compared to $561.8 million a year earlier. The company said it lost $49.8 million in the first quarter compared to a profit of $11.2 million in the same period a year earlier. Last year’s profit was helped by heavy sales of special California zero-emission-vehicle environmental credits to other automakers.

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SOURCE: Market Buzz Report  

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