E-truck maker Smith Electric sees losses grow in 2011
Smith Electric Vehicles is ramping up production leading to mounting losses.
Smith Electric Vehicles U.S. Corp. saw losses multiply last year even as it continued to ramp up production.
The all-electric truck maker lost $52.5 million in 2011, compared with $30.3 million in losses the year before, the Kansas City-based company said in a U.S. Securities and Exchange Commission filing late Wednesday.
Revenue from vehicle sales and maintenance rose 40 percent to $49.9 million.
Smith is pursuing a potential initial public offering and included the financial update in an amendment to that IPO plan.
In the update, the company said it had built 60 trucks through the end of March and expected to build a total of 620 this year, with two-thirds of those being built in the United States. Besides its main assembly plant near Kansas City International Airport, the company has a British plant and is developing a second U.S. plant in New York.
Smith said it expects about half of its 2012 vehicle output to occur in the fourth quarter.
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