ECD Automotive Design’s Chief Executive Officer, Scott Wallace, recently presented the company’s ambitious plans for the upcoming year in 2024, as it aims to become the first publicly traded “restomod” company. Projections indicate a promising financial outlook for 2024, with expected revenue of $33 million. This represents a substantial increase of over 50% from the projected revenue of $22 million for 2023. Additionally, ECD anticipates a rise in its gross margins from 35% in 2022 to 38% in 2024.
A significant milestone for ECD is the complete allocation of its core Defender North production line for 2024, underscoring the strong demand for its vehicles. Furthermore, the company has already secured binding orders for over 80% of its total 2024 production capacity, with the introduction of the Jaguar E-Type and a new undisclosed model on the South production line.
In response to the escalating demand, ECD intends to enhance its manufacturing capabilities by adding another production line to its Rover Dome facility in Kissimmee, Florida. This strategic expansion is designed to facilitate sustainable growth and position the company for long-term success. Additionally, ECD aims to consolidate the fragmented $15 billion luxury auto client ecosystem.
In conjunction with these developments, ECD has unveiled Project QE, a remarkable Defender 110 that seamlessly integrates modern amenities with classic British heritage. Project QE features a powerful LT1 V8 engine with 450 horsepower, offering both a visually striking design and high-performance capabilities for daily driving. The vehicle pays homage to its English roots with a classic grille, bumper, and 6-point roll cage, while delivering a comfortable and powerful driving experience.
In summary, ECD Automotive Design is poised for a prosperous 2024, underpinned by strong demand for its customised vehicles and its steadfast dedication to quality and innovation. This positions the company as a significant player in the automotive industry, with promising prospects for substantial growth and success in the years ahead.
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