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BRP to invest $300M over five years to create electric versions of its recreational vehicles

Employees work on the Sea-Doo assembly line at the BRP plant on June 12, 2014 in Valcourt, Que.
Employees work on the Sea-Doo assembly line at the BRP plant on June 12, 2014 in Valcourt, Que. Ryan Remiorz/The Canadian Press

BRP Inc. said Thursday it will invest $300 million over five years in a plan to offer electric versions of its recreational vehicles in each of its product lines by the end of 2026.

“We have always said electrification was not a question of ‘if’ but a question of ‘when’. Today, we’re very excited to unveil more details of our plan to deliver market-shaping products that will enhance the consumer experience by offering new electric options,” BRP chief executive José Boisjoli said in a statement.

“We are leveraging our engineering know-how and innovation capabilities to define the best strategy for developing electric-powered products,” he added.

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As part of the plan, BRP will expand its Rotax electric power unit development infrastructure in Austria and establish an electric vehicle development centre in its hometown of Valcourt, Que.

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BRP said it expects to introduce the first product to the market within the next two years, followed by a rapid rollout across all of its product lines.

The announcement came as the maker of Ski-Doos and Sea-Doos reported its fourth-quarter profit more than doubled compared with a year earlier.

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BRP says it earned a profit attributable to shareholders of $264.3 million or $2.95 per diluted share for the three months ended Jan. 31, up from $118.4 million or $1.32 per diluted share a year earlier.

Revenue in what was the fourth quarter of its 2021 financial year totalled $1.82 billion, up from $1.62 billion.

On a normalized basis, BRP says it earned $1.82 per diluted share in its most recent quarter, up from $1.12 per diluted share a year earlier.

In its outlook for its 2022 financial year, BRP said it expects its full-year normalized earnings of $7.25 to $8 per diluted share, an increase of 35 to 48 per cent.

Full-year revenue is expected to grow 25 to 30 per cent.

 

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