Clean engine pioneer hit by electric car boom
Emissions reduction specialist Torotrak has been hammered by the rise of electric cars, the company admitted yesterday.
Torotrak shares slammed into reverse after it suspended development of its V-Charge technology that allows small engines to match larger engines in terms of power and performance.
Chief executive Adam Robson blamed ‘the clear shift towards electrification and the move away from diesel engines that has occurred across the industry’.
Emissions reduction specialist Torotrak has been hammered by the rise of electric cars, the company admitted yesterday
Torotrak said car manufacturers have confirmed the V-Charge ‘works and delivers attractive fuel savings/emission reduction benefits’ – making petrol and diesel cars greener.
But it said priorities for European car makers have ‘profoundly changed’ as they focus on electric vehicles rather than cleaner diesel and petrol models.
Shares, which peaked at 575p in 2000, fell 46.5 per cent, or 0.85p, to 0.98p.
Courtesy: Daily Mail Online