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Sep 25, 2012

ELECTRIC TRUCKS * USA & UK

* California - Smith Cancels Battery-Powered Truck Offer on Valuation 

San Francisco,CAL,USA -Bloomberg, by Andrew Herndon and Philip Lagerkranser -Sep 20, 2012: -- Smith Electric Vehicles Corp., the maker of battery-powered commercial trucks, scrapped an $80 million initial public offering after failing to get a high enough valuation... The company and existing owners had offered 4.45 million shares for $16 to $18 apiece. Smith announced it was pulling the Nasdaq Stock Market IPO today and said it will “pursue private financing opportunities.” Smith says its vehicles have lower operating costs than diesel-powered trucks and will appeal to customers seeking a cost-effective alternative to fossil fuels... Smith is focused on the U.S., Europe and China, where there are about 6 million medium-duty trucks on the road, said during the company’s IPO roadshow...


* Virginia - Taxpayer-Funded Electric Vehicle Maker Needs IPO Cash to Survive 

Falls Church,VA,USA -NLPC, by Paul Chesser -12 Sept 2012: -- Smith Electric Vehicles, which is using $32 million in taxpayer stimulus to practically give away its delivery trucks to corporations like Frito-Lay (owned by PepsiCo), Coca-Cola and Staples, is hemorrhaging money anyway and now is looking to an initial public offering to pay off debts and try to survive... The Kansas City Star reported last week that Smith cut its production expectations and warning it is running low on cash, citing filings with the Securities and Exchange Commission. The company announced nearly a year ago it would seek $125 million through an IPO, but now says it hopes to raise about $76 million at a stock price of $16 to $18, according to a Kansas City Business Journal report...  Good luck with that... Smith-U.S. now seems to think an IPO of its own will act as a life preserver for the company, or at least keep it viable until perhaps a bargain hunter comes along to save the day, also similar to what A123’s executives hoped. That prospect is increasingly unlikely, so, buyer beware...


* UK - Effectiveness of electric vehicle grants questioned

Peterborough,EN,UK -Fleet News -20 Sept 2012: -- Government grants to drive the uptake of electric cars and vans are benefitting only a handful of motorists and may not be proving effective... Launching a new report from the Transport Select Committee on the Government’s plug-in vehicle strategy, committee chair, Louise Ellman, questioned whether the scheme was a good use of taxpayers’ cash... The latest figures available from the Department for Transport reveal that 1,706 claims have been made through the Plug-in Car Grant scheme while just 99 claims have been made through the Plug-in Van Grant scheme...

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