Better Place Inc. today announced the delivery of only 33 Renault Fluence ZE electric cars during October. The company says that these results reflect the upheavals at the company during the past month, and part of the repercussions as it switches from the set-up and development stage to the sales and marketing stage in Israel and other countries.
Better Place said that the measures launched by new CEO Evan Thornley, while causing a temporary drag, would enable it to keep its dominance in the Israeli car market, and to meet its targets in line with the restructuring and work plan. This was affirmed last week when the investors approved the injection of additional capital into the company, because they consider it an investment with long-term yield potential.
Better Place VP sales Zohar Bali said, "The company has undergone many changes in the past month, which affected the pace of sales. We're encouraged by the vote of confidence by our investors in the company's future and business model. Like us, they know that the investment in infrastructures will prove itself in Israel and in other countries. We're not satisfied by the pace of sales, and we're preparing to boost sales to meet targets. Our customers' high satisfaction and the great interest we're attracting from potential customers promise that sales will get back on track quickly."
Better Place said that it had succeeded in record time in putting together all the components of its model for an electric car with a replaceable battery. It has completed the nationwide deployment of battery replacement stations (enabling long-distance travel by the electric car), the production line for the Fluence ZE is is in regular operations, and hundreds of electric cars are already on the road, with navigation and recharging systems working in full synchronization in the field.
Last week, Israel Corporation (TASE: ILCO), Better Place's largest investor, announced that it would have to raise $100 million in view of the company's financing difficulties, and to continue its operations. Israel Corp. will provide $67 million of this financing.
Published by Globes [online], Israel business news - www.globes-online.com - on November 4, 2012
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