Navya: Orders for autonomous shuttles follow one another for Navya

Navya: Orders for autonomous shuttles follow one another for Navya

(BFM Bourse) – The autonomous mobility specialist has signed a contract with the American group Beep, which has increased its fleet of Navya shuttles by more than half, with eight additional units. This order also sends a positive signal on the market outlook in the United States.

Navya continues the contracts. The group had already signed last week the sale of a shuttle to a local authority in Germany, a land of promise for the specialist in autonomous vehicles.

This time the order is much larger. A major US customer of the company, autonomous mobility provider Beep, has decided to purchase eight additional autonomous vehicles, bringing the total fleet of Navya shuttles it operates to 22.

“This new order is significant insofar as it marks a period of scaling up for Beep with a multiplication of calls for tenders around autonomous shuttles in the United States”, welcomed the company in a press release.

This order will allow the Lake Nona, Fla.-based company to “address growing U.S. demand for autonomous transportation solutions that conveniently, flexibly, and cost-effectively address the challenges of not only mobility, sustainable development, but also security and the shortage of personnel”, assured Navya.

A potential of 40,000 vehicles in North America by 2030

With these eight additional shuttles, Beep will be able to “cover new first and last mile services and projects in a variety of environments: communities, city centers, universities, airports, etc.”, continues the group.

“This new order reflects the acceleration of the American market as well as the rise in volumes. (…) The intensification of demand in the United States announces the evolution to come for autonomous shuttles in other continents”, said Sophie Desormière, CEO of Navya, quoted in the group’s press release.

At the end of 2021, Navya’s installed base of vehicles in North America stood at 31 shuttles, representing a market share of 40%. The group estimates the potential of this market at 40,000 vehicles by 2030 for category 4 autonomous vehicles (almost total automated driving but limited to certain roads), compared to 28,000 in Europe on the same date, and 31,000 in Asia- Peaceful.

Biannuals published in two weeks

This large order allows the Navya share to accelerate on the stock market. The title wins 12.8% at 0.2720 euro at the start of the afternoon and peaked at +20% at the end of the morning. However, the stock remains down by almost 70% since mid-July. The Navya title was penalized in particular by the group’s decision to resort, at the end of July, to an OCABSA issue, for a total amount of 36 million euros.

This method of financing, which combines bonds convertible into shares (OCA) with share subscription warrants (BSA), allows companies that are fragile and excluded from the credit market to quickly find fresh money to ensure their operation. Nevertheless, this process is generally accompanied by a high dilution for the shareholders because the financial intermediary who subscribes to these securities then has the task of selling the shares obtained on the market. The Financial Markets Authority (AMF) has repeatedly warned about the risks associated with these instruments.

Navya estimated at the end of July that this OCABSA financing line would enable it to meet all of its maturities over twelve months.

Navya will publish its first-half results on September 27.

©2022 BFM Bourse

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