{"id":49227,"date":"2024-07-12T14:42:02","date_gmt":"2024-07-12T14:42:02","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2024\/07\/12\/explainer-electric-snowmobile-maker-taiga-seeks-creditor-protection\/"},"modified":"2024-07-12T14:42:02","modified_gmt":"2024-07-12T14:42:02","slug":"explainer-electric-snowmobile-maker-taiga-seeks-creditor-protection","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2024\/07\/12\/explainer-electric-snowmobile-maker-taiga-seeks-creditor-protection\/","title":{"rendered":"Explainer: Electric snowmobile maker Taiga seeks creditor protection"},"content":{"rendered":"<div style=\"text-align:center\"><\/div><p> \n<\/p>\n<div id=\"\">\n<header aria-label=\"Beginning of Article\" class=\"article-header article-header--story\">\n<nav aria-label=\"Breadcrumb\" class=\"breadcrumbs\" data-aqa=\"nav-breadcrumb\">\n<p>Breadcrumb Trail Links<\/p>\n<ol class=\"breadcrumbs__items list-unstyled\">\n<li class=\"breadcrumbs__item\">Commodities<\/li>\n<li class=\"breadcrumbs__item\">Energy<\/li>\n<li class=\"breadcrumbs__item\">Electric Vehicles<\/li>\n<li class=\"breadcrumbs__item\">News<\/li>\n<\/ol>\n<\/nav>\n<div class=\"article-header__detail\">\n<div class=\"article-header__detail__texts\">\n<p class=\"article-subtitle\">Taiga was on a mission to revolutionize the powersport industry \u2014 instead it ran out of money<\/p>\n<div class=\"callout callout--noindent flex-align-center flex-justify-between\" data-evt-val=\"{\" control_fields=\"\" data-evt=\"visible\" data-evt-typ=\"element_view\"><span class=\"callout__text\"> Get the latest from Gabriel Friedman straight to your inbox <\/span><button class=\"button button--icon button--primary-alt\" data-id-login-redirect=\"https:\/\/financialpost.com\/author\/gfriedmanpostmedia\/newsletters\/\" type=\"button\"><span class=\"button__text\">Sign Up<\/span> <span aria-hidden=\"true\" class=\"button__icon\"> <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewbox=\"0 0 11 11\" width=\"11\"><polygon points=\"1.1 0 7 6 1.1 12 0 10.9 4.8 6 0 1.1\"\/><\/svg> <\/span><\/button><\/div>\n<div class=\"article-meta\">\n<p><span class=\"published-date__since\">Published Jul 12, 2024<\/span> \u00a0\u2022\u00a0 <span class=\"updated-date__since\">Last updated 23\u00a0minutes ago<\/span> \u00a0\u2022\u00a0 <span class=\"published-date__word-count\">5 minute read<\/span><\/p>\n<div class=\"article-meta__bottom\">\n<div class=\"bookmark-wrapper\">\n<div class=\"popover\" data-aqa=\"popover\" data-click-to-appear=\"True\" data-container=\"\" data-container-offset=\"\" data-no-style=\"\" data-popover-component=\"\" data-position=\"top\" data-sticky=\"\" data-tail-offset=\"200\" data-tail-position=\"right\"><button class=\"popover__trigger bookmark-button\"><span class=\"save-article-button save-article-button--default\" title=\"Save article\" data-article-id=\"ada05219-516c-478c-9e44-04155145c336\" data-evt-skip-click=\"true\"\/><\/button><\/p>\n<div aria-describedby=\"popover-desc-popover-bookmark\" class=\"popover__content\" hidden=\"\" role=\"dialog\">\n<div class=\"popover__content__wrapper\">\n<div class=\"popover__content__text\" id=\"popover-desc-popover-bookmark\">\n<div class=\"bookmark__popover__content\">\n<p>You can save this article by registering for free here. Or sign-in if you have an account.<\/p>\n<\/div>\n<\/div>\n<p><button class=\"popover__content__close\" data-evt-skip-click=\"true\" title=\"Close\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" viewbox=\"0 0 12 12\" class=\"icon--close\" height=\"12\" version=\"1.1\" width=\"12\"><polygon points=\"12 0.95 11.05 0 6 5.05 0.95 0 0 0.95 5.05 6 0 11.05 0.95 12 6 6.95 11.05 12 12 11.05 6.95 6\"\/><\/svg><\/button><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<figure class=\"featured-image\" data-aqa=\"featured-image\"><picture class=\"featured-image__ratio\"><\/source><\/source><\/source><\/source><\/picture><figcaption class=\"featured-image__caption image-caption\"><span class=\"caption\">Taiga Motors Inc was an early mover in the electrification of snowmobiles, and it enjoyed a wave of investor attention and government support.<\/span> <span class=\"credit\">Photo by Taiga Motors Inc<\/span><\/figcaption><\/figure>\n<\/div>\n<\/header>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">Montreal-based electric snowmobile and watercraft maker Taiga Motors Corp. filed for creditor protection this week in Quebec after struggling to scale its business.<\/p>\n<p>The company was an early mover in the electrification of snowmobiles, and it enjoyed a wave of investor attention in addition to significant government support, but it hasn\u2019t been able to translate that interest into a full-scale business.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_2\">\n<section aria-describedby=\"advertisment3100468017100360531466893213564928\" class=\"ad\">\n<p>Advertisement 2<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-2\">\n<div class=\"ad__inner__container\" 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https:\/\/dcs-static.gprod.postmedia.digital\/16.5.1\/websites\/images\/identity\/logo-identity-fp.svg 1280w, https:\/\/dcs-static.gprod.postmedia.digital\/16.5.1\/websites\/images\/identity\/logo-identity-fp.svg 1600w\" alt=\"Financial Post\" class=\"market-logo\" height=\"37\" loading=\"lazy\" fifu-data-src=\"https:\/\/dcs-static.gprod.postmedia.digital\/16.5.1\/websites\/images\/identity\/logo-identity-fp.svg\" width=\"280\"\/><\/p>\n<div class=\"intro-body__premium hidden\">\n<p>THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY<\/p>\n<p class=\"identity-intro__description\">Subscribe now to read the latest news in your city and across Canada.<\/p>\n<ul class=\"list-unstyled list-checkmark\">\n<li>Exclusive articles from Barbara Shecter, Joe O&#8217;Connor, Gabriel Friedman, Victoria Wells and others.<\/li>\n<li>Daily content from Financial Times, the world&#8217;s leading global business publication.<\/li>\n<li>Unlimited online access to read articles from Financial Post, National Post 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puzzles, including the New York Times Crossword.<\/li>\n<\/ul>\n<\/div>\n<div class=\"intro-body__anonymous\">\n<p>REGISTER \/ SIGN IN TO UNLOCK MORE ARTICLES<\/p>\n<p class=\"identity-intro__description\">Create an account or sign in to continue with your reading experience.<\/p>\n<ul class=\"list-unstyled list-checkmark\">\n<li>Access articles from across Canada with one account.<\/li>\n<li>Share your thoughts and join the conversation in the comments.<\/li>\n<li>Enjoy additional articles per month.<\/li>\n<li>Get email updates from your favourite authors.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/header>\n<div class=\"identity-screen m-x-0 p-x-0 col-xs-12 col-md-6 flex-justify-center flex-align-center\" aria-live=\"assertive\">\n<section class=\"sail\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-sailthru-personalization-engine=\"\" data-sailthru-personalization-engine-component=\"\"\/>\n<div class=\"m-x-0 p-x-0 col-xs-12 col-sm-6 col-md-12 flex-align-justify-center\" data-auth-component=\"\" id=\"auth-screen-form\">\n<div class=\"identity-screen-form--active w-full flex-align-justify-center\">\n<div class=\"identity-screen-form identity-screen__content w-full\">\n<h2 class=\"blocker-title\">Sign In or Create an Account<\/h2>\n<p><span class=\"identity-divider__line\"\/><span class=\"identity-divider__text\">or<\/span><span class=\"identity-divider__line\"\/><\/p>\n<\/div>\n<\/div>\n<\/div>\n<footer class=\"identity-footer identity-screen__content m-x-0 p-x-0 col-sm-6 col-md-12\"\/><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p data-async=\"\"><strong\/>Taiga said the mild winter hurt its sales of snowmobiles and, essentially, it ran out of money. It said it has been granted creditor protection in a Quebec Superior Court and that Export Development Canada (EDC) granted it $4.4 million in financing, from which it has drawn $1 million, which should alleviate its immediate needs for cash. Now, the company said it is seeking new investors or even a sale.<\/p>\n<p>Here\u2019s what you need to know about its journey into protection under the Companies\u2019 Creditors Arrangement Act (CCAA).<\/p>\n<h2>How we got here<\/h2>\n<p data-async=\"\">It\u2019s been a long drop for a company that started trading on the Toronto Stock Exchange in April 2021 and initial reports implied it was worth hundreds of millions of dollars. That summer, its stock soared above $9 per share.<\/p>\n<p>More recently, its share price has hovered around 30 cents, which puts its market capitalization at less than $9.7 million. Taiga said it expects the TSX to place its stock under review for delisting.<\/p>\n<p>But Taiga looked to be in good shape this fall. At the end of the third quarter, the company said it had delivered a record 147 vehicles and had more than 2,750 pre-orders on its books. In addition to $5.8 million in cash, EDC had given it a $15-million secured loan to scale production up.<\/p>\n<\/section>\n<div class=\"js-widget-content article-content__widget-group article-content__widget-group--content-slot18\">\n<section class=\"newsletter-widget__new-story-page fp-execsummary background--primary-light-gradient\" aria-labelledby=\"FinancialPostPosthaste7177502401590685070983773355507712\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-aqa=\"widget-newsletter\" data-newsletter=\"single\" data-newsletter-component=\"\" data-target-list=\"FP_ExecSummary\" data-widget=\"newsletter\">\n<div class=\"newsletter-new-story-page-template\">\n<div class=\"newsletter-widget__header__new-story-page\">\n<div class=\"newsletter-widget__banner__new-story-page\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/dcs-static.gprod.postmedia.digital\/16.5.1\/websites\/images\/newsletters\/icon-fp-posthaste.svg 75w, https:\/\/dcs-static.gprod.postmedia.digital\/16.5.1\/websites\/images\/newsletters\/icon-fp-posthaste.svg 100w, https:\/\/dcs-static.gprod.postmedia.digital\/16.5.1\/websites\/images\/newsletters\/icon-fp-posthaste.svg 150w, https:\/\/dcs-static.gprod.postmedia.digital\/16.5.1\/websites\/images\/newsletters\/icon-fp-posthaste.svg 240w, https:\/\/dcs-static.gprod.postmedia.digital\/16.5.1\/websites\/images\/newsletters\/icon-fp-posthaste.svg 320w, https:\/\/dcs-static.gprod.postmedia.digital\/16.5.1\/websites\/images\/newsletters\/icon-fp-posthaste.svg 500w, https:\/\/dcs-static.gprod.postmedia.digital\/16.5.1\/websites\/images\/newsletters\/icon-fp-posthaste.svg 640w, https:\/\/dcs-static.gprod.postmedia.digital\/16.5.1\/websites\/images\/newsletters\/icon-fp-posthaste.svg 800w, https:\/\/dcs-static.gprod.postmedia.digital\/16.5.1\/websites\/images\/newsletters\/icon-fp-posthaste.svg 1024w, https:\/\/dcs-static.gprod.postmedia.digital\/16.5.1\/websites\/images\/newsletters\/icon-fp-posthaste.svg 1280w, https:\/\/dcs-static.gprod.postmedia.digital\/16.5.1\/websites\/images\/newsletters\/icon-fp-posthaste.svg 1600w\" alt=\"Posthaste\" loading=\"lazy\" fifu-data-src=\"https:\/\/dcs-static.gprod.postmedia.digital\/16.5.1\/websites\/images\/newsletters\/icon-fp-posthaste.svg\"\/><\/div>\n<div>\n<p>Posthaste<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.<\/p>\n<\/div>\n<\/div>\n<div class=\"newsletter-widget__body__new-story-page\">\n<div class=\"js-replace-main__new-story-page\">\n<p class=\"newsletter-widget__disclaimer__new-story-page text-size--tiny\">By signing up you consent to receive the above newsletter from Postmedia Network Inc.<\/p>\n<\/div>\n<div class=\"js-submit-success\" hidden=\"\" id=\"submitSuccessFP_ExecSummary\">\n<p>Thanks for signing up!<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">A welcome email is on its way. If you don&#8217;t see it, please check your junk folder.<\/p>\n<p class=\"newsletter-widget__text__new-story-page newsletter__feedback--last\">The next issue of Posthaste will soon be in your inbox.<\/p>\n<\/div>\n<p class=\"newsletter-widget__text__new-story-page js-submit-error\" style=\"margin-top: 8px\" hidden=\"\" id=\"submitErrorFP_ExecSummary\">We encountered an issue signing you up. Please try again<\/p>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_3\">\n<section aria-describedby=\"advertisment3592755281123874889000560080453632\" class=\"ad\">\n<p>Advertisement 3<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-3\">\n<div class=\"ad__inner__container\" data-ad=\"[[7,7],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"7x7\" data-ad-loc=\"3\" data-ad-mobile=\"[[7,7],[300,250],[320,50],[300,50]]\" data-aqa=\"advertisement\" id=\"ad-3\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>Taiga in its application said its debtors had outstanding liabilities, on a consolidated basis, of approximately $93.2 million.<\/p>\n<p>Company co-founder and chief executive Samuel Bruneau last November told analysts that the company\u2019s products \u2014 an electric snowmobile and an electric watercraft similar to a Jet Ski \u2014 were \u201cwell-loved\u201d by consumers and industry reviewers. The company had made strong inroads in California, Texas and Florida, the three most prominent boating and EV adoption hubs, he said.<\/p>\n<p>The plan was to invest more in sales and marketing to draw early adopters of electrified equipment and corporate customers, such as resorts, that would buy fleets of their vehicles. As sales volume increased, it expected costs per unit to decline.<\/p>\n<p>Bruneau described the company as much as a powersport company as a tech company, with the largest crew of engineers in its segment, and said it was on a mission to \u201crevolutionize\u201d the industry.<\/p>\n<p>\u201cBeing a purely EV company has its benefits for Taiga\u2019s brand awareness,\u201d Bruneau said back then. \u201cOur electric-only brand matters when our customers search for more sustainable options and select our products.\u201d<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_4\">\n<section aria-describedby=\"advertisment4362127697264804535247894390767616\" class=\"ad\">\n<p>Advertisement 4<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-4\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"4\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-4\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<h2>Climate snafu<\/h2>\n<p>If climate change and the energy transition gave Taiga its raison d\u2019\u00eatre, they have also proven to be part of its undoing. In April, the company said \u201can unusually mild winter\u201d caused softer-than-expected snowmobile sales.<\/p>\n<p data-async=\"\">With the economy beginning to show signs of a slowdown, the company said it paused production and reduced its workforce by 70 people. It also added that it would cease to provide any forward-looking guidance.<\/p>\n<p>In May, the company reported first-quarter revenue of $5.08 million, which amounted to quarter-over-quarter growth of 194 per cent. It sold 129 watercraft and 78 snowmobiles, for a total of 207 vehicles in the quarter.<\/p>\n<p>But that was undercut by an overall gross loss of $3.67 million.<\/p>\n<p>Luke Hanna, an analyst at Canaccord Genuity Group Inc., said in a note that the gross loss reflected \u201ccosts of production that exceeded the realized selling price for units during the quarter.\u201d<\/p>\n<p>According to Taiga\u2019s website, its Nomad snowmobile starts at $21,999, and its watercraft models range from between $25,499 and $33,999.<\/p>\n<p data-async=\"\">Bruneau has acknowledged his model snowmobiles cost more upfront, but said lower fuel and maintenance costs bring the total cost of ownership below the industry average.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_5\">\n<section aria-describedby=\"advertisment9050553781410067594757127488405504\" class=\"ad\">\n<p>Advertisement 5<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-5\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"5\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-5\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>In June, chief financial officer Eric Bussieres departed to pursue an opportunity outside the powersports industry.<\/p>\n<h2>What now?<\/h2>\n<p>The company said it will need to go back to Quebec Superior Court \u201cshortly.\u201d The company indicated it will need to make additional drawdowns on the $4.4 million loan from EDC, which would require court approval.<\/p>\n<p>After that, it\u2019s not clear what comes next, though the company has indicated it is looking for either investors or a formal sale. Deloitte Restructuring Inc. will monitor its restructuring efforts under the CCAA.<\/p>\n<p data-async=\"\">Electric snowmobiles are catching on, and stalwarts of the industry, including Bombardier Recreational Products Inc. with its Ski-Doo brand, are beginning to offer electric options capable of \u201ctravelling short distances\u201d and priced comparably to Taiga\u2019s offerings.<\/p>\n<p data-async=\"\">Meanwhile, people in Nunavut spent this winter testing Taiga\u2019s model under the extreme conditions of the Arctic, where the temperature can drop well below zero for extended periods of time, so battery life and range may drop accordingly. Initial reports suggested that the 100-kilometre range may drop by half under such conditions.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_6\">\n<section aria-describedby=\"advertisment6413703516188407437059937336819712\" class=\"ad\">\n<p>Advertisement 6<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-6\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"6\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-6\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>Last November, at the company\u2019s last earnings call, Bruneau said Taiga was honing its products and approach to manufacturing to find efficiencies. It was also looking to sell its products in Europe, the Middle East and South America, in addition to North America.<\/p>\n<p>The company had already invested heavily in technology and planned to release a number of updates to its model this year, including over-the-air updates to improve charging capabilities and advance its sixth-generation powertrain, he said.<\/p>\n<p>That head start in the electrification of powersports may be worth something as the rest of the industry looks to catch up if Taiga can successfully navigate through bankruptcy protection proceedings.<\/p>\n<section aria-labelledby=\"moreTopicLabel9339061096257156989259976611463168\" class=\"more-topic\" data-aqa=\"embed-more-topic\" data-carousel-component=\"\" data-carousel-icon-button=\"\" data-carousel-type=\"list\">\n<p>Recommended from Editorial<\/p>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-prev\" data-carousel-prev=\"\" tabindex=\"-1\" title=\"previous\" type=\"button\"\/><\/p>\n<ol 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https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/no0629evs.jpg?h=96&strip=all&quality=5&sig=kemwACZyCtRUXDOqIg--Xg&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/no0629evs.jpg?h=96&strip=all&quality=5&sig=kemwACZyCtRUXDOqIg--Xg&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/no0629evs.jpg?h=96&strip=all&quality=5&sig=kemwACZyCtRUXDOqIg--Xg&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/no0629evs.jpg?h=96&strip=all&quality=5&sig=kemwACZyCtRUXDOqIg--Xg&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"Electric cars are ready to be loaded onto a ship at the international container terminal of Taicang Port at Suzhou Port, in China's eastern Jiangsu Province. \" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/no0629evs.jpg?h=96&strip=all&quality=80&sig=pzOHpqirZjUiIJUJWp7V_Q\" fifu-data-src=\"https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/no0629evs.jpg?h=96&strip=all&quality=5&sig=kemwACZyCtRUXDOqIg--Xg&ssl=1\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/no0629evs.jpg?h=96&strip=all&quality=80&sig=pzOHpqirZjUiIJUJWp7V_Q, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/no0629evs.jpg?h=192&strip=all&quality=80&sig=m7uzu2zE_uBXii7SKy63BQ 2x,\n                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/no0629evs.jpg?h=288&strip=all&quality=80&sig=2NSWQRJtpxGW3nHYNaM9Vw 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Hitting Chinese EVs with new tariffs raises fears of retaliation<\/span><\/p>\n<\/li>\n<\/ol>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-next\" data-carousel-next=\"\" tabindex=\"-1\" title=\"next\" type=\"button\"\/><\/section>\n<p>\u201cGiven the significant capital needed to develop and grow its business, Taiga has incurred significant losses since its inception in 2015, and, in fact, Taiga has never reached profitability,\u201d the company said in its application. \u201cAbsent any investment in its business, it expects to continue to incur operating and net losses and to use significant cash in its operations for the foreseeable future.\u201d<\/p>\n<p data-async=\"\"><em>\u2022 Email: gfriedman@postmedia.com <\/em><\/p>\n<p data-async=\"\"><em><strong>Bookmark our website and support our journalism:<\/strong> Don\u2019t miss the business news you need to know \u2014 add financialpost.com to your bookmarks and sign up for our newsletters here.<\/em><\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt-val=\"{\" control_fields=\"\" data-evt-typ=\"page_scroll\">\n<p>Share this article in your social network<\/p>\n<\/section>\n<\/div>\n\n<br \/>Explainer: Electric snowmobile maker Taiga seeks creditor protection<\/a><br \/>\n<br \/>2024-07-12 14:42:02<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Breadcrumb Trail Links Commodities Energy Electric Vehicles News Taiga was on a mission to revolutionize the powersport industry \u2014 instead it ran out of money Get the latest from Gabriel&#8230;<\/p>\n","protected":false},"author":2,"featured_media":49228,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/07\/taiga-0712-ph.jpg?quality=90&strip=all&w=288&h=216&sig=byazHHduLLnD-oMoVtEezA","fifu_image_alt":"","footnotes":""},"categories":[31],"tags":[],"class_list":["post-49227","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy"],"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/49227","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=49227"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/49227\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/49228"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=49227"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=49227"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=49227"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}