PEV Reports Decrease in Total Revenue for the Quarter
Segments of revenue
PEV's revenue for the three months ended September 30, 2023, was $288 million. The revenue breakdown by major categories for the quarter is as follows: Sales of EVs accounted for $0, Lease of EVs accounted for $70 million, Sales of Forklifts accounted for $103 million, and Others accounted for $115 million.
Despite the overall decrease in total revenue, PEV experienced an increase in revenue from the lease of EVs compared to the same quarter last year. This growth can be attributed to the easing of supply chain constraints and the resolution of certain software-related issues, which led to an increase in EV deliveries. The company's management also highlighted the positive impact of the Inflation Reduction Act of 2022, which expanded tax credits and incentives for clean vehicles, including commercial vehicles.
PEV faced a decline in revenue from lease rental and maintenance sales, resulting in a decrease in total revenue for the quarter. This decline was primarily due to the termination of lease terms for some customers during the period, compared to the same quarter last year. Additionally, there was a slowdown in demand for forklift sales, contributing to the decrease in revenue.
PEV's total revenue for the nine months ended September 30, 2023, was $3.2 billion, representing a 25% increase compared to the same period last year. This growth was primarily driven by an increase in EV deliveries, as supply chain constraints eased and software-related issues were resolved. However, there was a decrease in forklift sales during the nine-month period due to a slowdown in demand.
PEV reported a decrease in total revenue for the latest quarter, primarily driven by a decline in lease rental and maintenance sales. However, the company experienced growth in revenue from the lease of EVs, which can be attributed to the resolution of supply chain constraints and software-related issues. PEV's overall revenue for the nine months ended September 30, 2023, increased compared to the same period last year, mainly due to an increase in EV deliveries. The company faces challenges in forklift sales and the termination of lease terms for some customers.