Phoenix Motorcars cancels UQM Technologies motor order!
Buried in UQM's latest quarterly financial report was the following statement :
"Separately, we have been notified by Phoenix Motorcars, Inc. of their intention to cancel the Purchase and Supply Agreement with us and an associated purchase order to buy $9.25 million of our products, due to significant issues at Phoenix Motorcars, Inc. unrelated to our performance."
Based on this, things don't look good for Phoenix. We have made inquiries with Phoenix but haven't heard anything back yet. As soon as we hear something back we'll let you know what is happening.
[Source: UQM Technologies, thanks to Darryl for the tip]
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