Motorcar Parts Stock Price, News & Analysis

Motorcar Parts of America (Nasdaq:MPAA) will present at the 21st Annual Oppenheimer Consumer Growth and E-Commerce Conference on June 16, 2021, at 9:55 a.m. ET. The event will be held virtually, and a live audio webcast will be accessible via www.motorcarparts.com. The webcast will remain available for 30 days post-event. Motorcar Parts specializes in remanufacturing and distributing automotive aftermarket components, including electrical systems and performance testing solutions for electric vehicles.

Motorcar Parts of America (Nasdaq: MPAA) announced the extension of its loan agreement maturity date with PNC Bank to May 2026. This comes with amendments that enhance the company’s liquidity, maintaining a total credit facility of approximately $269 million. CEO Selwyn Joffe expressed gratitude for PNC Bank’s support and highlighted the strategic benefits expected from their investments. This credit facility consists of a $238.62 million revolver and a $30 million term loan facility.

Motorcar Parts of America (Nasdaq: MPAA) announced that its subsidiary D&V Electronics secured over $2 million in orders for advanced power hardware-in-the-loop (p-HIL) and inverter test systems from electric vehicle manufacturers in China and Europe. These systems are crucial for the design and validation of electric vehicle components. The company highlighted the importance of these wins in the context of growing relationships with major automotive stakeholders, emphasizing their commitment to green transport solutions and efficient testing capabilities.

Motorcar Parts of America (Nasdaq: MPAA) announced a collaboration through its subsidiary D&V Electronics with NI (Nasdaq: NATI) to market Power Hardware-in-the-loop (Power-HIL) emulator test solutions for electric vehicle manufacturers.

This partnership aims to enhance testing efficiency and reduce design cycle times for electric powertrains, facilitating faster market entry. The D&V Electronics Detroit Technical Center will be utilized for system development and customer engagement, reinforcing D&V's power emulation capabilities with NI's automation and measurement technology.

Motorcar Parts of America, Inc. (Nasdaq:MPAA) announced that Selwyn Joffe has been inducted into the Federated Auto Parts’ 2021 Vendor Hall of Fame. This prestigious award recognizes individuals for their exceptional contributions to Federated Auto Parts. The award was presented at the 2021 Virtual National Conference & Expo by Bo Fisher. Joffe, who has been with Motorcar Parts since 1994 and serves as chairman and CEO, expressed gratitude for the honor and acknowledged the support of his team. The company is a major player in remanufacturing and distributing automotive aftermarket parts.

Motorcar Parts of America (Nasdaq: MPAA) has announced the opening of a new technical center in the Detroit area through its subsidiary D&V Electronics. This facility aims to support the growing demand for electric vehicle (EV) testing solutions, providing advanced engineering and testing capabilities for automotive manufacturers. The center will offer emulator solutions, on-site training, and technical support to enhance customer efficiency. Chairman Selwyn Joffe emphasized the strategic importance of this expansion in response to the booming EV market.

Motorcar Parts of America (Nasdaq:MPAA) will present a fireside chat on March 15, 2021, at 2:00 p.m. PT during Roth Capital Partners' 33rd Annual Stock Growth Conference, which will be held virtually.

A live audio webcast will be available on www.motorcarparts.com and will be archived for 30 days. The company specializes in remanufacturing and distributing automotive aftermarket parts and operates across the U.S., Canada, and Mexico. Its electrical vehicle subsidiary focuses on testing solutions for electric power trains.

Motorcar Parts of America (Nasdaq: MPAA) announced that its subsidiary, D&V Electronics USA, is aiding in the development of an extreme fast EV charger, with a capacity of up to 400kW, expected to provide a 180-mile range in less than 10 minutes. The high-power direct current emulator plays a crucial role by simulating vehicle-to-grid scenarios, located at NextEnergy in Detroit. This initiative, supported by the U.S. Department of Energy and Delta Electronics, emphasizes the company's prominence in the EV market and commitment to innovative testing solutions.

Motorcar Parts of America (Nasdaq: MPAA) announced its fiscal 2021 third-quarter results, reporting net sales of $122.6 million, a slight decrease from $125.6 million in the same quarter last year, attributed to COVID-19-induced challenges. Net income surged to $8.5 million, or $0.44 per diluted share, up from $865,000 or $0.04 per share a year ago. Cash generated from operations reached $33.2 million, while net debt was reduced by 29.1% to $67.6 million. The company remains optimistic about future demand as vaccination efforts progress, despite ongoing supply chain challenges.