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The Zenn electric car
The Zenn electric car

ZENN loss widens in second quarter Add to ...

Electric car maker ZENN Motor Co. Ltd. posted a slightly wider second-quarter loss as the downturn in the automotive sector hurt its revenue.

For the quarter ended March 31, Toronto-based Zenn reported a loss of $2-million, compared with a loss of $1.8-million a year ago.

Gross revenue fell 47 per cent to $391,227.

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"Revenue in the quarter reflects the general malaise of the auto industry," chief executive officer Ian Clifford said in a statement.

At March 31, Zenn, which stands for Zero Emission No Noise, had working capital of $12.4-million.

Last week, Zenn confirmed positive test results for a battery being developed by its U.S. partner EEStor Inc. EEStor is trying to develop a battery that will allow electric cars to reach highway speeds over long distances while only needing minutes to recharge.

Zenn said it will invest between $2-million and $5-million to increase its share of privately held EEStor to as much as 10.5 per cent from about 3.8 per cent held currently.

Zenn, which makes low-speed, short-range electric vehicles, has hinged its plans to produce a highway-capable electric vehicle on EEStor's energy storage system.

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Security Price Change
ZNN-X Zenn Motor Company 0.195 0.005
2.632 %
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