Taiga Motors cut to Underperform at National Bank amid soft consumer demand

As previously reported, National Bank downgraded Taiga Motors to Underperform from Sector Perform with a price target of C$0.25, down from C$1.40 after its Q4 results. The company built 417 units in the quarter but only sold and delivered 242 units as a continued softening in consumer demand as well as the very poor snow season in North America significantly impacted its results, the analyst tells investors in a research note. Taiga has also announced that it will temporarily pause production for an indeterminate period and lay off 70 employees to better match the current demand with supply, the firm added.