Montreal-based electric snowmobile manufacturer Taiga Motors says it is pausing production and temporarily laying off around 70 workers.
The company, which also makes electric watercraft, says its decision is in response to a challenging economy and an exceptionally mild winter.
Taiga released quarterly and annual results today but did not hold a conference call with investors, and a spokesperson said managers would not be available for interviews.
It says its net loss was $72.5 million in 2023, compared to a loss of $59.5 million in 2022.
Taiga says it wants to better align vehicle production with seasonal demand and reduce operating costs.
It also wants to begin selling vehicles through dealers.
This report by The Canadian Press was first published April 2, 2024.
Companies in this story: (TSX:TAIG)
The Canadian Press