Azure Dynamics sees 133% growth; plans Euro expansion

Oak Park-based Azure Dynamics is on the move, and the trend continues upward.

During the fourth quarter, revenues more than tripled, from $4.4 million to $13.4 million. The company recently announced it is opening European headquarters in North London to support European sales of the company’s Ford Transit Connect. The company also spent $24.9 million in 2010 on engineering, research and product development.

Excerpt:

“We are very pleased with our record fourth quarter and full year
revenues, which met our expectations despite a sluggish but improving
commercial truck
market,” said Scott Harrison, chief executive officer of Azure
Dynamics. “During the fourth quarter, we shipped a record 381 vehicles,
including 30 Transit Connect Electric vehicles.

“We are winning with new and repeat customers and showing it with
significant revenue growth – growth that we expect to be even more
dramatic in 2011,” Harrison said.

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