February 3, 2017
Southborough firm lands $200M electric vehicle deal
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Sevcon manufactures parts for electric vehicles, such as this electric truck.
Southborough electric vehicle manufacturer Sevcon Inc. announced Thursday it has inked a $200-million contract with a European manufacturer to develop parts.
Sevcon did not disclose the name of the manufacturer, but said in its release it will develop an inverter for the company’s pure electric vehicles. Sevcon already has been working for a year to develop a drivetrain for the company.
The production is expected to start in fall 2018, and the deal will bring $150-$200 million in revenues over the three-year period, according to Sevcon.
Next week, Sevcon’s shareholders are expected to vote on a possible overhaul of its board of directors, driven by a board member who controls 20 percent of the company’s stock.
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