Gigantic increase in Ebusco turnover, but gloomy profit forecast

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Gigantic increase in Ebusco turnover, but gloomy profit forecast

The electric bus manufacturer Ebusco saw a huge increase in profit in 2022. With a turnover of 111.6 million euros, turnover has almost quadrupled compared to 2021. Nevertheless, Ebusco is heading for a net loss of 32.2 million, which is mainly attributed to liver problems.

In 2021, a loss of ‘only’ 26.8 million euros was incurred, less than in 2022. The manufacturer previously expected to be able to book a profit margin of 35 percent in the medium term. But that target in terms of profitability has since been scaled back.

Within the next five years, the target is now to achieve an operating profit margin of 20 to 25 percent. Ebusco does confirm the objective to produce more than 3000 ‘zero emission’ buses annually. The adjustment of the profit target is due to the ‘supply flow that is difficult’, says CEO Peter Bijvelds.

podcast | Peter Bijvelds: ‘No delivery date is now given for parts that first arrived in 1.5 months’

According to the CEO, however, “many new orders” have been received for the new 3.0 buses. ‘It has been very successful, especially now that we can share operational data. We have grown considerably in the order book from 325 to almost 1500 units.’

Competition wins

However, competing with other bus manufacturers, such as Iveco, MAN and VDL, is difficult for Ebusco, according to analysts from ABN Amro. These established names would have an advantage over Ebusco, despite the fact that Ebusco launched its electric bus much earlier. According to the analysts, this is due to the production speed, reputation and price.

‘They have been supplying some customers for a hundred years,’ is Bijvelds’ reply. “We have to fight our way in there. But thanks to our improvement in efficiency and energy consumption, we are succeeding. But it does take time.’

The electric bus manufacturer Ebusco managed to increase turnover enormously in 2022. With a turnover of 111.6 million euros, turnover has almost quadrupled compared to 2021, while buses were delivered late on several occasions. (ANP / Venema Media)

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