Tritium (NASDAQ:DCFC) shares zoom 40% on US expansion plans

2 min read | February 09, 2022 07:44 PM AEDT | By Bhawna Gupta

Tritium (NASDAQ:DCFC) shares zoom 40% on US expansion plans — Image source: Ievgeniiya2017 | Megapixl.com

Details on new manufacturing facility

Tritium's development in the United States is part of a global trend to make electric vehicle charging more accessible to the general public.

DCFC has scheduled up to six production lines to be housed for Tritium's DC fast chargers at the site.

The Tennessee factory is slated to begin production in the third quarter of 2022. Over the next five years, the new plant is expected to bring more than 500 employments to the region, generate more than 10,000 DC fast charger units per year, with the capacity to create up to 30,000 units per year at peak.

All chargers produced at the factory are intended to meet Buy America Act requirements for domestic sourcing as forth by the Federal Highway Administration ("FHWA").

According to preliminary revenue figures, United States and Europe each accounted for around 43% of the company's revenue for the 12 months ended 31 December 2021, compared to approximately 23% and 68% for the 12 months ended 30 June 2021, respectively.

What’s next?

Tritium's new facility is expected to enhance its worldwide influence beyond more than 3.6 million high-power charging sessions it has already offered in 41 countries.

In 2023, the company plans to announce an expansion of its European manufacturing capacity, either through the expansion of current facilities or the development of new ones.

Also Read: What Loans Are Available in Australia to Buy an Electric Vehicle?

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.