Electric car maker Zenn Motor Company Inc. reported a third-quarter loss of $2.6 million Friday as revenue fell almost 70 per cent.
The loss amounted to eight cents per share share, up from a loss of $1.9 million, or six cents per share, for the same period a year ago. Revenue was $300,267, down from $962,325 a year earlier.
The Toronto-based company said it invested $5 million US in EEStor Inc., raising its stake in the developer and maker of energy storage devices to 10.7 per cent.
"This investment gives our shareholders a stake in the many potential mass applications of EEStor's technology, including portable consumer electronics, [and] improving the performance of renewable energy sources such as wind and solar generation," CEO Ian Clifford said in a release.
The current Zenn vehicle — an acronym for Zero Emission No Noise — is intended for urban commuters and use in places such as resorts, gated communities, airports and campuses.
Zenn was excluded from a recently announced Ontario electric car rebate program, which offers up to $10,000 when buying plug-in hybrid and battery electric vehicles, because its cars have not been deemed safe for highway use.
The three-door hatchback, made in St-Jerome, Que., can reach a speed of 40 kilometres an hour and has a range of up to 80 kilometres.
Zenn shares gained 26 cents to $5.25 on the TSX Venture Exchange.
With files from The Canadian PressShare Tools
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