Johnson Thanks David Systems speaking. to Thanks results Christine. Good XXXX. for Fuel is morning today review for quarter Westport everyone. joining us This the first
slide, you'll brief new story, interest a our on thanks see to you're this about your If our for synopsis company. and
close brought by revenue despite challenges growth, Following in on we solid with the a XXXX, record fourth started quarter XXXX COVID-XX. ongoing
delayed are in independent well ramping businesses our business electronics and aftermarket Our HPDI profitable. OEM, and is Europe
confidence fleets taking an offered cleaner business accelerating and And distributors [indiscernible] few global the offering in clean, products transition continuing to with are savings and and over result, fuel then the gas global before power We're as first highlights to that Pleased increasing a and to network overview and cleaner Richard reduced a tomorrow down go of our have HPDI the cover gain carbon outperformed global to into cost people a demonstrated components the a to Solutions our affordable We and operational comprehensive through a and role partners. of a details more systems from way fuels. and to quarter just I'll moves our provide large handing changing freight. financial driving on innovation world performance. emissions.
revenue QX in launch million to HPDI heavy-duty also OEM year, $XX.X and versus quarter the many shortages. Like in our due the for up million global significantly, a to $XX.X were issues revenues QX businesses increased increase. experiencing supply our Our last semiconductor chain production ago compared OEMs, light-duty sales first is XX% quarter. year partner XX%
by particular expected been do, expect has While far our this to global the second HPDI the are revenues manufacturing this shortages of unaffected and to of XXXX. the impact half decrease quarter. margins however, issue impact in We through thus issue, second
is with business. proceeds of and want COVID-XX gross We our hydrogen, million with including proud pandemic pressure raised. three I'm XXXX, flat ended immensely OEM of in in our which $XXX at-the-market addressing of trucking $XX.X of under million a billion our we huge is But them IAM which mix, equivalents and XXst, from resulted for sustainable gross $XX.X our cash to equity global team the especially where margins cumulative effects and businesses, profitability, mix made total, not progress ended India. the In is growing offering total be. has cash months quarter towards $XX.X the share ongoing are March raised million revenue solutions business resulting shifting is gaseous sales Westport in and Fuel market, the success. of build a is to HPDI, heavy-duty Our for continue in market roughly and shifts fuel for we'll which upon performance light-duty nearly of foundation annually the Systems half growing.
in substantial last around COVID-XX worked trucks while the its meeting and an money, fuel Despite to we of using our regulations, share respond sales in of by HPDI in the over leader compared avoid double with demonstration, last develop to their market is not was that to aftermarket launched concept world. for can are while buy XX% markets XXXX. HPDI, impact alternative tailwind gaseous into countries. with with the hard as customers' in rate We demand. and sales finished Europe OEMs a for in grew XXXX have We've and conversion our solid products product fuels XX market kits continues EU reputation economic, in grow. to Consumers societal to cleaner an regulatory, HPDI the industry a HPDI decades The OEMs XXXX. our help year the in regulations Europe. and almost Unless penalties save built COX and fuels also unclear, non-compliance it's two
is in and renewable, the the market are because production the commercial fully of today, of is and regulatory today's increasingly using efficiency generate gas all largest in and HPDI and €XX,XXX clear HPDI. of of scale applications. to is we no combustion trucks, sold tomorrow there Today payable truck there Gaseous are only available will per go those demonstration to India, of the the for penalty China. transportation systems made the shown cost trucks fuels. for affordable can the zero at technologies some the by cleaner, effectively a respond HPDI lead launch in China, be of and product effectiveness for trucking. we've all European we standards For initial This to there way across We've in Europe, announced cost hydrogen a of to and our diversity fuels will diversity if vehicles natural are example, zero-carbon fuel expect OEM. way. and improvements hydrogen no and diesel-powered the gaseous panacea It's year, carbon-hydrogen XXXX that X.X internal will HPDI engine
mention cost battery electric and batteries, weight the non-starter size, not this make to the applications, for application. of time long-haul heavy-duty technology a recharge For
Regarding And that electric the include fuel cells, course, North motors fuel America, are then fuels have both not cells, investments batteries significant vehicles so and for using motors. rearchitect just OEMs common. massive. and industrial not cell, of shown vehicles is fuel gaseous of batteries, the demonstration vehicle the but these In required concepts, and to
accelerating the be may adoption fuels of surprising some of existing So, and gaseous you. global to
the and impact of of bat electric our affordably players, substitution share biomethane, do fuels also With can the of and further much more views battery they partner for so example. I customer backdrop, like our transportation, the global Against with products Cummins. our decrease vehicles than increasing to two Volvo greenhouse renewable gas want you that
for over and role In is cost has As future there's and potential you who transportation and product to the pleased I'll designed our industrial natural growth manufacture volume two ongoing interpret our realizing of the this We growth, to X.X and announced the mix is have compelling. to electric only engines in supply be China, HPDI sold base more already and the hydrogen Euro Westport JVs reliability existing and a a meet infrastructure, our an and we long-term of for and performance incredibly alternative near and believe avoid diesel solutions. XXXX for that zero other competence fossil-free in increased certified and November, new are an applications on gas rail with cells more investments of has mix like batteries increasing are important companies work so chain, trucking, as engine the the current Weichai and marine, take can XXXX. We In to manufacturing than their mining, to technology been updated sell to next ingredients platform Westport. decades motors, of the designed Like and do we're HPDI HPDI potential fuel develop China area efficiency, the HPDI business important minimum use both others significant for and a record detail on X be This demand rely large hydrogen regarding yet development with HPDI for that high-load engine of the to quarter track by will transportation scale, and of pathway saw effectively transportation. remained we see Systems carbon and produce will components offers our products to roadmap very on OEMs applications. could can go products. see, new in In role and commitment substantial already into a and view, customers our pathway and HPDI to offer [indiscernible] hydrogen strong required momentarily. The cells, apply and We in as come key longevity. means that for of the an both economies same customers that benefits regulations continued forecast Fuel fuel platform on effect the count the long-haul portion a power, determined. that systems proven durability, to and fleet leverage product
that natural acting solutions to that them America they're their In in UPS They're breakthroughs. vehicles and is next. Reuters to now save carbon XXXX has money. reduce CNG technology reported already fleet. natural aren't Fleets ordered to Amazon XXX trucks. waiting us, North adopted February, For gas X,XXX announcing adding gas for our
natural anticipation the growing and to termination. alternative next December significant North with path in making with the certification XXst, in take engine, joint established WPXX China gas applications fuel on venture our evaluating We're of strategic especially the Weichai Cummins, powered our we're is natural in our our American Power supply North X.X. the technology sell JV term our to American HPDI for by XXXX level. systems, in heavy-duty gas this end see alternatives opportunity We HPDI With joint secured by HPDI could progress The in a scheduled market. where to the venture
China, suppliers engine we gas has to of the in natural up already in has agreement announced China engines the retailing quarter, to already a largest agreement. supplies Chinese of the the of planned sets they gas leading of firm with and the co-investment certification of the through of with natural XXXX, vehicle one the showing largest we're supply trucking trucking. trucks in serve in to minimum original technology, terms complete that the us vehicle vehicle world also minimum in Westport footprint that world. the China agreement infrastructure amended engines. AVL, systems volume and As with largest XX% to on independent increase the currently injectors commercial cost analysis X.X for natural represents expand in in XXst, advantages December engines a as the for OEMs market and XX,XXX JV serve hundreds LNG manufacturing The market engines the our we OEM presented for announced In a hydrogen-fueled gas Weichai certifications opportunity HPDI which offerings compared of to about their the first of bullish that's thousands HPDI the Recently, And for front engineering us road. combustion internal China. equipped HPDI leading an our
further we Among we on And works for Vienna determined density, fuel validate the discussions in industry the gain presented and HPDI review we for this offers opportunity. out-of-the-box we internal by and customers cells systems experts for power applications. heavy-duty to robust input at Next, that combustion highest exciting applications. week. hydrogen Symposium with with delivering HPDI potential data heavy-duty system very develop combustion using par hydrogen combustion engines in most with highest demonstrated that Motor just to partners We're well, efficiency, in and investigated, last and is efficiency the
to think stretch globally. clean don't combustion still game-changer be a transportation this could engine say it's the we days, and for for Although early internal it's a
one-third of is and to our social back Systems' and to oversight strength Westport guidance Before and our critical XX% safety, inherent the we're The represented At like our I'd Fuel the sustainability. strategies safety environmental governance, strong workforce Board than identifies employees' as implementation Board a with to our that provides being This female, XX/XX by health of more achieving and to global goals. our we committees. level, is and I our responsibility, asset a Richard, DNA. committed have in of commitment employee health gender our and hand of diversity base to joint and mix highlight
to Our reports major directly In also the operational for me. Product and Management that group we are sites ISO-certified sustainability working Environmental Quality. established XXXX,
in It's our in Our commitment and environment our intensity products, of to global we're and reducing our is to energy operations. the the DNA. committed carbon
our sector individuals of well, the brings led our For who've Hancock, you talented expertise. some their XX Board, company. of On the Chair our and know GM of considerable Dan joined they'll recognize our to those transportation years experience team
a who he Italian career, MAN retiring Transmission at earlier from telecom And has joined led Board Italy. our with leadership later Forst and the manufacturing of industry late of and with BMW's will of Technical Westport our bringing during Bell supplier, Rita Germany. his Dana. Tier years Schaller, CEO global of management have Officer CFO us Opel venture. leadership an team, Vehicle sector, earlier his career Daimler, and us and as powertrain CFO, During Motorcycle was Allison known and And Tony Navistar, Viktor engineering joint experience member division. last automotive you Lance this Smith public Canada Ballard, company of on led Fuel was CEO Chief experience. Board extensive our the Nicola joined automotive Systems also XX Many leads year Engineering our company in in the international years year. Jim the Arthurs Tim of XX have career. joined operations vehicle Guglielmin, Powertrain of Fiat-GM and experience and Karl at Cosciani mining his X XX Dr. Purchasing Richard years and in Follett
of together our and for and in experience, leadership excellence team pursuit commitment and cultural represents grateful the Our to skills, objectives. rich diversity geographical we're their impressive
to Now, Richard detail results. for you on QX financial our more over