ECD Automotive Design financial guidance for 2024 calls for 50% increase in revenue
Vancouver, Canada
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February 08, 2024 09:47 AM Eastern Standard Time
ECD Automotive Design CEO Scott Wallace joined Steve Darling from Proactive to share news that the company is gearing up for an exciting year ahead in 2024 as the first publicly-traded "restomod" company. ECD is a creator of restored luxury vehicles that combines classic English beauty with modern performance.
ECD anticipates a strong financial performance for 2024 with revenue projected to be $33 million, an impressive increase of over 50% compared to anticipated 2023 revenue of $22 million, and gross margins expected to be 35%in 2022 to 38% in 2024.
One notable achievement is that ECD's core Defender North production line is already completely sold out for 2024. This, combined with the introduction of the Jaguar E-Type and an undisclosed new model on the South production line, means that ECD has already secured binding orders of over 80% of its total 2024 production capacity.
To accommodate this increasing demand, ECD plans to add another manufacturing line to its Rover Dome facility in Kissimmee, Florida. This expansion aligns with its commitment to sustainable growth and positions the company for long-term success. ECD's growth plans also include consolidating the ecosystem that surrounds the luxury auto client. This is a $15 billion industry that is highly fragmented.
In addition to these exciting developments, ECD has unveiled Project QE, a Defender 110 that blends modern amenities with classic British heritage. This vehicle boasts a LT1 V8 engine with 450 horsepower. With its classic grill, bumper, and 6-point roll cage, Project QE pays homage to its English roots while offering a comfortable and powerful driving experience.
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