Phoenix Motorcars cancels UQM Technologies motor order!

A friend who spends more time than I do perusing the financial statements of various companies alerted me to the latest release from UQM Technologies. UQM you might recall makes electric motors that have appeared in a variety of prototype and production intent electric vehicles. Perhaps most notable on their list to readers of this site is Phoenix Motorcars. Phoenix is the purveyor of a battery powered version of a Korean Sssangyong pickup truck.

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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