CTEK reduces the number of product variants of the North American EV Chargers - limited impact on result and cash flow

CTEK will, in agreement with the American customer in July, reduce the number of customized EV-Charger product variants, which are being produced and sold into North America, from two to one as from Q1 2024. The variant which will continue to be shipped will be the high end 19,2 kW EV-charger developed by CTEK especially for the premium EV car segment.

The decreased number of product variants in the portfolio will result in non-recurring costs not affecting cash flow, mainly capitalized development costs, in the range of 40-60 MSEK, which will impact the third quarter 2023.

This information constitutes insider information that CTEK AB (publ.) is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 26 July 2023 08:45 CEST.

For further information please contact:
Niklas Alm, Investor Relations, +46 708 24 40 88, Niklas.Alm@ctek.com

About CTEK

Established in Dalarna Sweden, CTEK is the leading global brand in battery charging solutions, most specifically vehicle charging.

CTEK offers products ranging from 12V & 24V battery chargers to charging solutions for electrical vehicles. Products are sold via a carefully selected network of global distributors and retailers, as original equipment, supplied to more than 50 of the world’s leading vehicle manufacturers and through charge point operators, property owners as well as other organisations and individuals providing EV charging infrastructure.

CTEK takes pride in its unique culture based on a passion for innovation and a deep commitment to supporting the transition to a greener mobility, by adhering to industry-leading ESG standards.

CTEK’s share is listed on Nasdaq Stockholm Mid Cap, and trades with the ticker CTEK.

For more information, please visit also www.ctekgroup.com