Carbon Revolution has announced that its production of its carbon fibre wheels for the global automotive industry more than tripled in Q4 CY2023, from the previous corresponding period.
The Company also announced its production, which is measured by wheels boxed for shipment, rose 84% in the second half of CY23 versus the previous half, as it made strong progress ramping Mega-line capacity and throughput.
To fulfill the growing demand from Carbon Revolution’s OEM customers, capacity and throughput of the Company’s manufacturing facility grew steadily quarter on quarter during 2023. This was enabled by the completion of the first phase of Mega-line commissioning. The Company achieved record production in the 2nd calendar half of just under 13,000 wheels. Production in the 4th calendar quarter was also a record at 7,100 wheels.
Production for the first two quarters of the fiscal year ending June 30, 2024 (the last two quarters of CY2023) was almost equivalent to the total production achieved for all of fiscal year 2023.
“We have been ramping up production to meet our growing pipeline of orders as our backlog has more than doubled1 since October 2022 to US$730 million,”2 said Jake Dingle, CEO of Carbon Revolution.
“This is due primarily to new program awards, including substantial electric vehicle programs and the recently announced award by a premium brand of a major German automaker.”
As previously announced, Carbon Revolution delivered record revenue in the fiscal first quarter (Q3 CY2023) and expects to deliver a new record quarterly revenue for the fiscal second quarter ending December 31, 2023.
The Company has been awarded five programs since August 2022 taking the total number of programs awarded to 183 with six global OEMs, including Ford Motor Company, General Motors Company, Renault, Ferrari N.V., Jaguar Land Rover and the major German automaker program announced on December 4, as demand grows among global automakers for its disruptive weight reduction and efficiency technology.
The Company remains focused on achieving profitable growth in the future which it believes will be achieved through the continued industrialisation of production processes and with greater fixed cost leverage as volumes continue to ramp.
Carbon Revolution wheels weigh up to 50% less than comparable aluminium wheels, and can provide an up to 5% to 10% increase to EV vehicle range.4 Carbon Revolution’s wheels significantly reduce unsprung mass, which greatly improves efficiency while also helping leading global automakers to comply with the Corporate Average Fuel Economy (CAFE) targets set by the National Highway Traffic Safety Administration (NHTSA).
As the global automotive industry shifts to electric power and other sustainable alternatives to fossil-fuel-based engines, Carbon Revolution is well positioned to capture OEM demand for weight-saving efficiency technologies.