AN electric vehicle firm says strong orders for its first model will help grow its turnover from £3m to as much as £100m over the next five years.
Cramlington-based AVID Vehicles unveiled its four-wheel-drive utility vehicle E-Warrior yesterday saying it is the best performing model of its type in the market.
The firm has been developing the battery powered off-roader since spinning out from vehicle control system manufacturer ComeSys two years ago, and now expects to be rolling out more than 1,000 of the vehicles per year by 2013 based on its initial orders.
AVID is also set to launch the Cue-V, a family car that is capable of being recharged without the need for special equipment.
Although the firm does not expect to make more than 200 Cue-V’s each year, it says the vehicles will attract orders from other manufacturers by showcasing a number of key parts, including its engine and battery modules.
Directors of MSI Holdings (the parent company of the two firms) now expect the combined turnovers to reach around £100m as part of their five-year growth plan, with 60% of sales coming from exports.
The group currently employs around 30 staff between two factories in Admiral Business Park, but is aiming to increase this into the hundreds once the market for electric vehicles takes off.
ComeSys, which was established in 2003 and has offices in the US and Korea, designs and manufactures switches and pedals that help reduce emissions and cut fuel consumption in vehicles.
Ryan Maughan, MSI group managing director, said: “The official launch of the E-Warrior is an exciting milestone for AVID Vehicles. We have been developing the vehicle and the technology for two years and it’s great to see the finished product.
“We are already receiving orders from a range of sectors, including the agricultural market and local authorities, and expect to soon be up to 1,000 vehicles per year.
“We now forecast a turnover of around £100m by 2015 based on initial interest for the vehicles themselves and their parts.”
The launch of the vehicles marks a mini turnaround for ComeSys, which was hit in 2008 by the downturn in the motor industry and building trade.
However, the company has since won a £10m deal to sell cooling systems to a Chinese bus company.
The firm also landed a £135,000 Research and Development Grant and a £100,000 Grant for Business and Industry from One North East, in addition to private investment from venture capitalists.
Mr Maughan said: “We see the electric car market really taking off over the coming years and it is pleasing to know that we have been at the forefront of developing this industry for some years now.”
