Carbon Revolution produces wheels using Mega-line

Composite road wheel manufacturer Carbon Revolution has begun producing its carbon fibre composite road wheels on its automated Mega-line at the same time as it revealed a doubled order backlog and the award of four new wheel programmes by automotive OEMs.

The Geelong, Victoria company reported it had commissioned Phase 1 of the Mega-line large-scale production line with wheels now being produced.

“Through the final months of FY23 the company saw production rates rise steadily, with improved reliability and tool loop cycle times and improved labour productivity.

“This resulted in significantly improved production costs at year end.”

Carbon Revolution, which is merging with US entity Twin Ridge Capital Acquisition Corp, being recapitalised and listed in the US in the process, reported FY23 revenue down five percent to $38.3 million and, potentially, ending up majority US owned.

Carbon Revolution achieved an average sold price for its wheels in FY23 of $2,847, a rise of six percent.

Losses after tax rose to $79.2 million, which included $5.5 million in finance costs and $24.7 million in capital raising costs.

“The group is managing its liquidity to enable it to complete the transaction (merger) which is expected to occur in October or November, 2023.”

During FY23 four new wheel development programmes were awarded to the company which, together with changes to existing orders, have doubled the company’s order backlog to more than $970 million.

Half of the order backlog is due to wheel development for electric vehicles where manufacturers are securing high prices and are chasing weight reductions for their new models. Its wheels are also appearing on SUVs, including the recently launched 2024 Range Rover Sport SV (pictured).

Carbon Revolution now has 18 awarded wheel programmes, five in aftersales, six in production and seven programmes in development.

Further reading:
Carbon Revolution to merge, to be US listed

Picture: Carbon Revolution/2024 Range Rover Sport SV