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USA: Smith Electric Vehicles’ losses grow in 2011

Smith Electric Vehicles U.S. Corp. saw losses multiply last year even as it continued to ramp up production.
The all-electric truck maker lost $52.5 million in 2011, compared with $30.3 million in losses the year before, the Kansas City-based company said in a Securities and Exchange Commission filing late Wednesday.
Revenue from vehicle sales and maintenance rose 40 percent to $49.9 million.
Smith is pursuing a potential initial public offering and included the financial update in an amendment to that IPO plan.



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