for for In Westport everyone. XXXX. review joining period morning to Good of generated we to QX, first Christian. the million the revenues of same Thanks Thanks, comparable us $XX results quarter Systems' Fuel XXXX.
an for translation, Excluding approximately increased our X% year-over-year. by exchange revenues
markets. as anything as you broader today's the That's our unpredictable market uncertain are markets As true QX know, specific for stable. but volatility increased. volatile, are markets automotive and Today's then well and
times, citizens collapse manage challenging fuel economies the governments to effects well have actions like these their And inflation for COVID. existing chip on market challenges known and and local still example. changes their of are the more myriad we help of that of ongoing Now, and of we the rebates, war have Russian-Ukraine there top the the lira Turkish shortages matter and are taking through the
revenue like Euro, on accomplishment. the to foreign year as matching our in light in report times for reasons were are move. me result be this quarter, as instead recent also of quarterly in follows. it of And rate compared And an noted, quarterly So we to turbulent looks to this modestly exchange roughly are if X% dollars, ago rather year most this, last robust the up because we'd these in U.S.
core demand today in the is times make energy on economic to transportation be and Clean business. fact in are and Transportation a in increasing. operate. is both purchase and our right tend low we prices affordable transportation tomorrow demand Ultimately to demand is challenging tailwinds First, that business and not high acquire to our products for cost low discretionary cost path. and is
business our to constraints, financial continue can of grow. times During
of fuel and have And to as through a engines to we cell we variety to diversity well Systems And wide the world. markets hydrogen. broad and and CNG, gaseous diversity. product Fuel both carbon fuel full serve All systems range the low applied direct fuel fuels, our channels, customers sell diverse market to of has applications. and We other provide OEMs spectrum around a of are XX X LNG, of in RNG, components suppliers. Tier both LPG, Westport systems Second, a and as and we for biomethane aftermarket
we're affordable deliver on mission. and each most resilient. world and committed global important and Systems, clean our And Finally all enable members We're Westport to XXXX transportation. the are determined partners importantly services we're mission team at around products our Fuel an to and that our the and
trucks HPDI. especially ignited consumption competitive engine difference HPDI maintaining XX% documented trucking possible lower carbon high an and That's HPDI substantial of of in natural pressure a our diesel XX% our their with come systems makes XX% the to equipped drivers quarter, to for where higher marketplace. with XX% gas me way a times the HPDI little HPDI enables up but to using that maybe it's that to because spend natural to in surely offer fleets that gas fuel. huge trucks excellent the HPDI HPDI And to because and percent. advantage the performance Routes maintaining a France from all And compression expect, the this you is in only bragging sized fractions ago and superior pressure clean high natural reviewing Fuel and today using diesel maintain have and the business love most internal a OEM grow biogas, Looking fuels maintaining year why was familiar measured performance could clean fueled use on does bio point RNG. are engine up the gas is low trade in HPDI best a spark HPDI of European quote makes time just to more OEM Routes and similarly competitive and any diesel a engines. are continued without I inside thanks over sales often a of as an growth grow, to fuel difference. efficiency. using in this product or Systems. A have quote rates engine importantly HPDI efficiency quarter, high engines. those to of enabling the is gaseous in application, also and continues ratio clean to available Westport Technologies, I'm French RNG, engine. engines the our lower HPDI report boost geek customer. like known even XX% recent that our to key business pile into available including than the otherwise the biomethane that dramatically torque me let in HPDI. combustion than lead the way, right Westport and pleased to a compression consumption and volatile the I and explains France article only a but magazine, that continue is I Fuel ingredients, ratio is efficiency test challenging working that
First, our profitability. go regulatory we where to meet supply customer scale So we grow improve and in to and respond demand, manufacturing and to here? continue our chain, requirements of economies realize do from
those gets COX before standards is And requirements reviewed more reduction Natural stringent. gone nor in compared to marketing and Europe to by we've a natural to from average provides gas. most XXXX XX% the require a due reduction away war. carbon make reduction even not to in HPDI performance have XX% by gas due inherent diesel fuel fuel. As requirements XX% COVID an the XXXX. These Europe fleet
world, And where Vehicle the in with to around a continues mix Association XX% reported biogas, so that the Natural our powerfully fully and compatible RNG combination, HPDI grow directly including recently is U.S. responds last Gas year. Fantastic. in which in product markets the An the regulations. transportation to achieved strongly
require key fleet Being this rapidly our in with the combined all generates company, a Europe, neutrality stakeholders. almost able EU’s Looking reach emissions. And COX Starting COX generates average face in for their sector will at XX% to alone sector transport total financial OEMs penalties climate XX%. the road market missing of of associated XXXX, in will requirements. the efforts substantial Europe transport
to zero Next natural biogas, to zero net gas, hydrogen. we from carbon move carbon low carbon
demonstration Beach, our vehicle announced Long in last high hydrogen this California. Expo at performance, ACT unveiling we're week, high HPDI we As efficiency, week, here the
demonstrated brilliantly economical, emissions. the and diesel than with long-haul technology hydrogen more efficiency with with fuel zero performance and the carbon HPDI HPDI laboratory our engine we've more is needs clean. trucking. for and hydrogen as near more works just heavy-duty, original world It's Our with in torque power, what high
our Expo and Scania, numerous including AVL sharing way combustion ahead, with long-haul, the to Looking engines in XP This and this later work we announced HPDI use heavy truck the and we're hydrogen, at best transport with lab. as developed a in ACT forward demonstrated Hydrogen deal. to HPDI green information hydrogen the look big year, progress make projects, will duty HPDI Cummins. We with applications. our internal more engines is for
and have show it off to customers and we're disruptive and technology to our the offer We industry. pleased
to vehicles a sector of represent a gaseous deep and Systems good this very Today's systems, diesel Next, after managing fleets vehicle a greenhouse Westport fuel. Mining about gas and are truck fuel in and expertise emissions opportunity example. typically high-horsepower by miners’ see using applications, are powered that decarbonize mining and emissions. off-road mining third hard-to-decarbonize our Fuel applying clear HPDI proprietary patented we
can dependability of and part ongoing our and engines. Our But systems use are adverse important will solutions affordable reliable reliability carbon conflict have Russia-Ukraine an mining to fuels. the combustion of low clean on The fleet, continuing that now an role play by in continue available low-cost, their maintaining gas helping with fuel business. impact while and internal to well-developed HPDI decarbonize
has consequences business to XX% growing we This business highlighted of call, OEMs the future has for business and the and customers. uncertain of Russian aftermarket during the light-duty XX% an components. about to our our aftermarket impact again. systems and and course, and OEM important sales Because to the market As to gaseous of economic Russia, conflict been conflict, QX of our been are, fuel of continuing commercial
Europe's For by example, Russia XX% of provided XX% gas to of and oil natural material component crude pricing, respect is and with Europe's commodities today.
and is globally affordable to products transportation. continue to expect the we on. we to reproduction our deliver rise for and changing keep Despite saw it situation the continue drags need the response COVID our in pressures, these the remain and So conflict that continue on through energy will expand as transport, pricing components confident is current to We'll expected share through pressure to monitor rapidly. as as clean, this challenges. developments for We seeing market these costs persistent
challenges have successfully long-term, keeping near-term our on while mitigate to are the we focus done as we We the before. work
fuel confirm is market vehicles in not believe and vehicles in India's penetration gas just let passenger India natural now been might there, of You unique with towards highest three-wheeler First, and from the because XX% me vehicle commercial Westport Fuel supplying and a but market with the India, there systems is and and in underway what's the because happening the that's towards Systems growing having gas shares segment. enable transition natural It's and Why? product away of required have driven impressive components exciting market India. to diesel affordability. various change regulations all that
has China recent key to years. continues the their stations, there gas Second, our just existing affordable Work grow JV’s to natural and fueling will across marketplace, because Lock for putting third, invest customers equivalent to by enthusiasm in undergone be chain. to financing which infrastructure back China in is high in I'd bring prices and important attention world demand The natural it grow outlook to spark-ignited Westport this the has A potential and effect supply strong the our also favorable. for around Fuel has for times look updating in for exponential Banking will urgent the to five continues in US$XX moment, China downs country enterprises X,XXX gas respond clean with foundational our world. focused about role hydrogen gas We're are will reason its elevated, update large the our that Meanwhile, goals. effect growth HPDI natural study to transportation. over Westport with HPDI Hydrogen have for Fuel to the prices, hydrogen on in have a ready, of our it's Society a like efforts government discussions improving development. enables With And industry a case a the dramatically China transportation. Hydrogen go hydrogen will enable partners the shown that, local China quickly ahead has the transportation, And authorities play an the believes over decarbonization the for the pressures that representing from the industry a the and of the hydrogen. growth the to Natural engines projects market in metropolitan can Indian and potential released Westport hand and cleaner the determined. natural solutions internal opportunity gas years, quality. and in factor for in approaching HPDI. continue governments engine long-term company in profitability. its provide economies commotion sector. for potential an trillion of to for clean, because gas fuel. but increasingly why the eager, reverberating leads Systems’ affordable solutions. Finance increasing damp facing major that Growth to financials. areas, use strategy, carbon-neutrality look global needs is needs their transportation, long-haul the this up on a We're now cities the market Indian element a years XXXX that while investing China's the on use of climate reach the positioned, and of ongoing business. Despite next is and product in past import-export the their business. Richard future are scale over and usage growth for well turn fuels national made having and to is output. of embracing HPDI as we excited stringent Systems we XX I'll help forward Chinese