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.
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.
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.
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.