Motorcar Parts Stock Price, News & Analysis

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.

Motorcar Parts of America (Nasdaq: MPAA) will report its fiscal 2021 Q3 results on February 9, 2021. CEO Selwyn Joffe and CFO David Lee will host a conference call at 10:00 a.m. Pacific Time to discuss financial outcomes and operations. Investors can access the call via live audio Web broadcast at www.motorcarparts.com or by phone. An archive of the call will be available shortly after. The company specializes in remanufacturing and distributing automotive aftermarket parts across North America and internationally, including electric vehicle testing solutions.

Motorcar Parts of America (Nasdaq: MPAA) announced a strategic distribution partnership between its subsidiary D&V Electronics and Singapore's TME Systems Pte Ltd. This collaboration aims to enhance D&V's presence in Southeast Asia, capitalizing on its expertise in testing and diagnostic equipment for electric vehicles. Both companies anticipate significant growth opportunities in this rapidly evolving market. The announcement underscores the importance of commercial partnerships in Motorcar Parts' strategic growth initiatives, with no financial terms disclosed.

Motorcar Parts of America, Inc. (Nasdaq: MPAA) has appointed Jamy Rankin to its board of directors, enhancing its commitment to diversity and corporate governance. With this addition, the board comprises ten members, nine of whom are independent. Rankin brings extensive automotive aftermarket experience, having previously served as CEO of Ford Component Sales. Her academic achievements include degrees from the University of Pittsburgh and the University of Chicago, alongside numerous industry accolades. This strategic appointment is expected to contribute positively to the company's growth.

Motorcar Parts of America (Nasdaq: MPAA) launched a new Q&A section on its website to enhance investor understanding of the automotive aftermarket industry. Chairman Selwyn Joffe emphasized the company's commitment to regular updates in the investor relations resources section. Motorcar Parts specializes in remanufacturing automotive parts, including alternators, starters, and brake components, distributing them across North America. The company also designs test solutions for electric motors and similar products, with operations in several countries.