Daimler Truck: cancellation of battery contract

(CercleFinance.com) - Shares in Norwegian industrial group Hexagon Purus fell sharply on the Oslo Stock Exchange on Friday, following the announcement of the loss of a contract with German truck manufacturer Daimler Truck.


In a press release, Hexagon states that it has decided, by mutual agreement with Daimler Truck North America, the truck manufacturer's North American subsidiary, to terminate the long-term agreement for the supply of electric batteries that they had signed in August 2023.

The technology group specifies that Daimler Truck will reimburse it accordingly for certain costs that had been incurred as part of the project relating to the supply of batteries for electric vehicles for the period 2024-2027.

Hexagon Purus states that this cancellation will enable it to redirect its resources towards programs that are more attractive, both in terms of volumes and margins.

The group is therefore maintaining its target of sales growth of at least 50% for this year, accompanied by a significant improvement in its EBITDA margin.

For 2025, the Oslo-based company is again forecasting sales growth of over 50% accompanied by an improvement in its margin, with the prospect of breakeven in terms of operating profit by 2026.

Note that announcements did not prevent the company's stock from falling by almost 18% on the Oslo Stock Exchange late on Friday morning.


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