Quantum Fuel Systems Technologies Worldwide, Inc. (NASDAQ: QTWW) announced on Friday, June 27, 2008, their hybrid sports car, the Quantum-powered Fisker Karma, was featured in the automotive industry new journal CAR Magazine which is published in United Kingdom. The company has produced this car in partnership with Fisker Automotive, Inc. Alan P. Niedzwiecki, the president and CEO of Quantum, commented: "We're very excited to see the car featured in such a popular publication. We continue to see growing interest in the Karma, both from traditional car enthusiasts and eco-conscious drivers around the world."
The car is presented as a hybrid of traditional fuel system and electric powered vehicles. The company states this vehicle is one of the first in the market to go on large scale production for a viable price. The partnership expects to produce around 100 of the luxury hybrids by the end of 2009 and begin full production in 2010.
On June 30, 2008, Quantum held a conference call to discuss the results of fourth quarter 2008. The company has not yet filed the report to SEC, however Quantum has reduced their losses significantly for the 3rd quarter of 2008 compared to the same quarter a year ago. Analysts expect it to post revenues of $8.1 million for the 4th quarter 2008, which means the loss should narrow further. What is more disturbing is that Quantum had only $7.5 million in cash as of January 2008. To begin the large scale manufacture of their new car, the company might require additional capital.
Quantum's stock already rallied up nearly 20% since the first announcement on June 27. If the company will post reasonable quarterly results, the uptrend might continue further.
References:
http://www.qtww.com/
http://www.fiskerautomotive.com/
User comments
Follow the discusion about Quantum Fuel Sys Tech Ww in the forum