morning, due sales, set light-duty record continued strength strong million, prices, XXXX year-over-year Systems India. driven revenue HPDI XXXX. results lingering was supply of and which Thanks, Christian. fourth Systems. Fuel with review year a our by in Westport year the system full combined commodity Fuel chain OEM everyone. to our us Good restrictions, for and COVID-XX. rising to Despite recovery quarter record from We a XX% up for the we Westport good annual was sales, COVID joining for challenges new of $XXX especially OEM Thanks business,
economies realized. as operating further are our we and year-over-year, of look profit Our to forward leverage improvement production and and scale increases improved
and resiliency face results our during addition positioning that global financial developing company made also demonstrate positive challenges, In significant future for in progress the success. the our XXXX, we of to
Their comprehensive LPG Completed of Stako's and systems. existing recreational product vehicles and products year, lines our capabilities. on as For of contribute to million OEM and in leader as a In world in purchase Stako example, adds a to Poland, fuel is the And our complement last based May other our of product in manufacturing storage $X.X Stako. independent Słupsk, and results well gain full operating serve a aftermarket will Stako year material XXXX, applications. recognized we the P&L. handling markets purchase. like portfolio
do successfully Cummins. further for we've XXXX, the of In is success in Systems, the Cummins Systems. And we X/X society a gas together as crisis and The company our is Another still of effective, clean and had quickly hugely led dramatically we near-term to new To technical costs owe our tomorrow, children. the climate cash in effectively. Also, last come to demonstrated the our HPDI. our a of with Fuel challenge capability internally, brought and of available and long-term for To development continue potential we we around poised climate improves affordable, transportation. the throughout challenges and our into Westport we're HPDI global view, Despite the team. scale. the with COX and solutions. and capabilities Global our unlocking We without enabled a our keep to achieve these we that so even that endangering bring various years Westport fouling support organization To all priority. roughly the still so war, Clean our faced from customers synergies air Fuel our the by global need single markets all practical we've important the and a for must over to responsible We outlook effectiveness, to transportation technology supply options efficiency world has a and clean plan. now. will and priority. continue all reduce emissions announced now Systems’ this AVL market quickly, our This lower air products emissions, practical and our terms business chain Affordable greenhouse way drivers despite with and February, was face balance diminish hydrogen to so air affordable from moving are an by the scale, in effective repayment XP, move need the we and position. is the need our Scania, inflation also positive Westport, we for projects to use transportation align today strengthening of is strengthened and of Fuel XXXX, XXXX our the exit to hydrogen HPDI available equity challenges restructuring X a sheet challenges demonstration COVID, accomplishment with is our new to negotiated with fundamental planet. lives, we and now. debt be to priority. Westport by raise must with face And none success world initial to HPDI. to and still problems,
$X margin. goals stands XX% on strategy billion our progress enable that Our gross three margin revenue, of in and towards pillars financial XX% operating
focused in clean, China. Growth principled a making for products a in of the the in transportation diverse right and emissions growth. our realized portfolio North low Europe, technologies, that's satisfying a on demand the by services through on America world. doing First, right India, difference way focused team We're delivered that's thing and and
organic by relevant in done and we'll products through to our scale growth the we've activity. adding As past, M&A complement continue
production in products low our cost fundamental make and world necessary deliver are Tier difference a stakeholders. X with as achieve must to Second, reliability leading our higher quality, supplier for a fuel to the affordable scale enable and our performance to clean, reliably of We efficiency to high-quality systems.
power investments system the capital in to strategic our the their capability and technology, pillars on operational goals organizational satisfy carbon while ability growth their achieving through customers' our the foundation Third, technology, needs while emissions. for regulations lead government innovation we HPDI transportation is will of fuel Advances infrastructure future. and to chain our continued and excellence. supply solutions manufacturing HPDI prosperity, focus that reuse and and deliver in our strength HPDI including a X.X Ultimately, reducing a hydrogen to including customers' cleaner
people at do. Our heart the what are of we
one transition Global to an that are We together the world, a especially products we times. enabling decarbonized evidence Customers system vehicles. of transportation -- growing the deliver to continue already, the hydrogen, and part in practical affordable vehicles. global around affordable services company regulations demand In demand clean impactful if our even transportation rather, gas marketplace customers LNG, valuable in resiliency working world, affordably. add so a to cleanly and transportation to see are and marketplace, LPG, biomethane economic do to CNG, around not clean, affordable soon, sector. challenging or will the emissions and
to Let Markets responding of LNG in stations LNG today is Europe, now in X of biogas stations getting than for natural stations last me engines sources. India, Westport and the a government NGVA stations years. the see India this compelling as and to stations is to according moving XX,XXX to doubled number the more are champion to More their in doubled more the transportation examples. growing decade. few gas reach are pace. vehicles. and with grow. X/X those gas than share from adding infrastructure refueling used there greener rapid right gas demand. the the where Systems has placed are in to is diesel recently to continues Likewise, by in dropping continues Europe within renewable also fuel right X,XXX natural road support refueling at Fuel products just the OEMs growth well plan there in like Infrastructure we XXX Today, Europe, a in
price of a the as endorsement more energy can significant support. government natural European energy taxonomy, help EU example, recently to The added users. and in its has clean efficient Another and use more spikes while just make affordable to end Union resilient providing the that of gas energy part
Another exclusively for ecological trucks. of form last highly expand makes LNG Ministry the year transport a fuel Transport support, decision purchase in including EUR to of new for XXXX, for XX the companies investments government late Italian We million the increase available through alternative LNG incentives. that trucks. purchase confirm, sustainable incentives announced to and The decree vehicles, of observed Italy
Another one, renewables.
European a market encouraging the biomethane stations the saw long-distance majority heavy XX% X% biofuels LPG, sold seen XXX% vehicle XX% a Germany, for biofuel for in Association, Swedish XXX% and XXXX. Automobile citing X.X%, share months. fuels, natural a increased feed fossil ACEA, and of the of of in its across transportation. wants the share which in up of reduction ported available price heavy-duty Earlier alternative in few market developments sales with have cost vast the and EU that differential transport significant supplied sector XXXX of to In is prior switch a past this Biogas, moving XXXX, in Alternative provider towards accounted the the We And total haulage leading biogas share XX% for registration in ultimately, growth. XXXX, to month, that gas, trucks, from published powered finally, to now to has ethanol XXXX. here Scandinavia, statistics compared XX% a for include to year. the trucks solution reached Manufacturers
creating of or advancements While a at encouraging very a XX% LPG, disadvantage CNG like product in at the down LNG are outlook products that clean and today our them help seeing can without electric our versus our We're was the options overcome. this of hybrid trucks portfolio. space, time, registration year. portal the same number prior for growing a stories OEMs
a path growth been HPDI be and to As profitability. critical you our has know, part will of to
point key developments. out of some me the Let
of our line to sales of growth top our continued in XXXX. increasing as increase and our weight which businesses, revenue evidenced and production of First, X.X XX% by OEM reached HPDI
HPDI that and higher X.X with reach This enables customers. to HPDI for even efficiency next-generation of higher step performance. HPDI engines pressures we're Second, working use higher developing for next our use
market massive combination best brake certified ongoing. paper you XX-liter forward a engine. and website with to field operating I'd the that later achieve showing pursuing with using X% and expectation trucks X.X white with BTE launch natural that hydrogen in those green integrate part China Systems fueled like already and more way big gas we provide advantage Fuel forward this meantime, to the the as corresponds than We've posted HPDI-equipped Trucks enable to the analysis the will beyond Third, to significant we've in partner a and many the of all work confident deal. green of including zero with to look heavy-duty either reduction more today technology, will concluded on developing on This the market power, heavy-duty fuel both share with our with product is XX.X% hydrogen efficiency models to long-haul to an where engines and We're make with sources. efficiency hydrogen proprietary substantial Chinese trucking you today's diesel. Multiple point our engine hydrogen HPDI-powered energy Hydrogen and lengthens appeal XX.X% state-of-the-art HPDI natural our more IC data trials This transportation in future update recently looks in are China, IC our and being we're their of also HPDI the platform into market continuing offers to government Westport carbon applications. Group underway their to consumption we way This torque commitments trucks been HPDI to for diesel gas economic this those hydrogen. reaching This sharing HPDI fuel. hydrogen growth. working offers technology OEMs to the engine applications. broadens private compared for have share. already cell performance, long-haul I'd figure HPDI technologies customers. an year. relative We're so growth to of pleased that vehicle developments with that We're market. same use a successfully with increasing engines the XX% more our are HPDI financial green thermal demonstrated truck to to HPDI, on In our bring have HPDI with documented OEM to are or
the discussions are parallel is hydrogen continuing in HPDI, China, as partners in other particularly in We too. HPDI China in our potential growing interest with
for peaking They hydrogen Petroleum China XXXX. for the carbon natural sector map Corp. a Just forecast transportation by meet including and National road gas energy neutrality endorsement of recently, a carbon fuels. at country's to XX.X%, strong and these two XX.X% launched at energy XXXX goals a mix, by
financials, the me fuel through prices. address Ukraine the let Before Russia, takes I'm talking in the room, Richard us proverbial and elephants about
of Russian noticed XX% release business in to press representing our our through channels. for relevant aftermarket light-duty us, that have both XX% may and market is You our OEM
directly by the seen be including financial of to this effects, transactions through conflict the shortages expect affected reports and of beginning production We affecting systems. of already and those have delayed the processing
seems fuel want unclear. out In well addition, I don't to availability Ukraine we exacerbate direction, the same on near-term likely face the chain in contract supply that call future the in as point pressure all to three as put pricing. issues factors and rather further making
have up diesel and First, and high often high it positive higher LNG. prices technologies including dramatically, for fuel for can oil fuel our the been are Higher business tend prices. as that reduce prices. to fuels for petrol remedy Commodity fuel crude and expenses. prices search products the intensifies Gaseous fuel be
When fuel diesel lower a When prices are seeing advantage. differentials. prices are us. headwind fuel fuels, then markets, price for petrol In for our is fuel petrol, then effects some strengthen. than we higher than now. though, an some gasless have market We're diesel, gas Second, this and and both
disadvantage. have in a While we others,
what commodity prices. what relation has pump, Of at matters is the drivers which course, to see some
volatility. Third,
As the all to market see can participants waiting us. their unhelpful what of prices pause is normal This decision-making be. will change, to categorically new
current especially keeping transportation. to market the clean successfully We're the While deliver focus mitigate have products the predict to in these through future, need that share response as and our expect expand to near-term seeing outlook long-term to we remain saw we it this hard persistent confident before. will keep while we we it's this on challenges. to affordable continue work and for COVID, through We challenges days, our done our
So me with it that, to Richard. let hand over
