VANCOUVER, BC, November 7, 2023 /PRNewswire/ – Westport Fuel Systems Inc. (“Westport“) (TSX: WPRT) (Nasdaq: WPRT), a leading supplier of advanced alternative fuel systems and components for the global transportation industry, reported financial results for the third quarter ended September 30, 2023, and provided an update on operations. All figures are in U.S. dollars unless otherwise stated.
“Our third quarter was an important one in our evolution at Westport, including the announcement of our HPDI joint venture with Volvo. We have made great progress working with the Volvo team to finalize the details of the joint venture. We are now at a stage where I can confidently say that we plan to have the definitive agreements signed no later than the end of January 2024 and the joint venture closed and operational in the second quarter of 2024.
While we remain focused on closing the joint venture, we also remain committed to our other key priorities, including finding operational efficiencies, crystallizing cost reductions, and strengthening our balance sheet. During the quarter, consistent with these objectives, we prioritized the reorganization of our presence in India to streamline our business, including the monetization of non-core assets and reduction of our cash burn. We are looking for opportunities to further improve our liquidity through working capital efficiencies across the organization.
Yesterday, we announced that Westport has entered new markets…
