January 24, 2017 / 10:19 AM / 3 years ago

BRIEF-SHW AG: manufacturer of fully electric vehicles cancels major order

Jan 24 (Reuters) - SHW AG :

* Manufacturer of fully electric vehicles cancels major order

* Manufacturer cancelled order and requested SHW Automotive GmbH to cease its preparations for the start-up of series production

* As main reason for cancellation, manufacturer states nonalignment of technical specifications for axle drive pumps with requirements of model in question

* SHW does not consider reasons given by manufacturer to be valid

* SHW is therefore assessing legal effectiveness of order cancellation as well as its legal consequences and reserves right to claim damages

* Order lifetime sales volume was about 100 million euros ($107.39 million) Source text for Eikon: Further company coverage: ($1 = 0.9312 euros) (Gdynia Newsroom)

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