The Taiga Orca electric Jet Ski – launched by a Canadian tech start-up three years ago – has been thrown a lifeline after filing for bankruptcy in July 2024, having racked up more than $217 million in financial losses.
A British entrepreneur who specialises in the electric boating sector is in the process of taking over Taiga, it was announced overnight, and the company says it plans to rebuild the business, rehire previous employees, and restart manufacturing over the next 12 months.
For now it remains to be seen what this means for Australian customers who ordered a Taiga Orca in the lead-up to or during the 2022 Sydney International Boat Show.
Watercraft Zone understands while most Australian customers had their $US1000 deposits refunded over the past 18 months – after the Taiga factory in Canada failed to meet delivery deadlines – a handful of people elected to keep their place in the queue in the hope they would eventually receive their skis.
Under the new deal Taiga will be brought into the fold with other high-end electric boating companies such as Vita Power, Evoy and Aqua SuperPower.
A representative from Taiga head office in Canada told Watercraft Zone: “We will start recalling employees in the coming weeks with a slow ramp-up as we resume production and continue development of our future products.
“We’ll release some more information over the next 12 months as we build our dealer and distributor network.
“We’ve got some great products in development and exciting plans with our new sister companies.
“Australia is a very important market for us and we’re working on our certification to sell there in the near future.”
For now it is unclear if the original distributor for Taiga in Australia, industry specialist Matt Ng – who unveiled the Taiga Orca at the 2022 Sydney International Boat Show – is part of Taiga’s future plans for Australia.
“We appreciate Taiga had challenges trying to ramp-up production, however we are waiting to hear about next steps from the factory,” Matt Ng told Watercraft Zone today.
“We remain committed to looking after our customers.”
The first shipment of four Taiga Orca demonstrator models arrived in Australia in August 2023, a year after the electric Jet Ski was unveiled locally.
At the time a handful of customer demonstrations were completed in Sydney with one example of the Taiga Orca.
None of the four Taiga Orcas were delivered to customers while the craft awaited a software update from the factory which, as this article was published in October 2024, is still pending.
Since starting operations in 2021, Taiga has only sold a little more than 1000 electric Jet Skis and snowmobiles to date – well short of the ambitious annual production forecast of 80,000 by 2025.
Financial statements show Taiga’s losses were mounting rapidly, posting a $72.5 million net loss in calendar year 2023, a $59.5 million net loss in calendar year 2022, and a $71.4 million net loss in calendar year 2021.
In the first three months of this year the financial woes continued, with the company reporting a net loss of $14.38 million.
Above: Taiga CEO and co-founder Samuel Bruneau.
In April this year Taiga sacked most of its employees and paused production indefinitely in a drastic attempt to stem the losses, cutting the workforce to 20 staff from a peak of 187.
However, it was too little, too late.
Taiga began trying to find someone to take over the business in July 2024 – or risk shutting its doors permanently.
Industry analysts speculated Taiga was in discussions with fellow Canadian powersports manufacturer BRP (the parent company of Sea-Doo) to take over Taiga – or adopt the technology for a future electric Jet Ski of its own.
Sea-Doo has previously announced it was planning to launch an electric Jet Ski by 2026, having unveiled a concept version of the Sea-Doo GTI-E in March 2021 (pictured below).
It is unclear whether Sea-Doo was already too far progressed with its own design, or whether it would have been interested in some of Taiga’s electric Jet Ski technology.
However, the announcement overnight that Taiga is now in the process of being taken over by British entrepreneur Stewart Wilkinson – and his group of electric boating companies – could be a path to recovery.
The Vita and Evoy divisions are “marine technology specialists that develop high performance, fast-charging electric propulsion systems for commercial and recreational marine applications”, the company said.
They also build some of their own boats.
Vita was the sole supplier of electric boats for the Paris 2024 Olympic Games, in the process setting a world record by providing the largest fleet of electric boats ever assembled for work purposes, the company said.
Aqua SuperPower claims it is “the first fully-marinised dockside global network of fast-charging stations for electric boats”, including AC and DC chargers built to IP65 standards.
To mark the announcement, the company released photos overnight of a Taiga electric Jet Ski alongside a Vita electric boat in San Francisco (pictured above).
The media statement said: “This strategic move positions Taiga to leverage significant resources, technologies and a newly combined global footprint to continue driving the adoption of electric vehicles beyond the road, ensuring a sustainable future for recreational and commercial activities in both marine and powersport sectors.”
“We are excited to support the evolution of Taiga,” Stewart Wilkinson said in the media statement.
“(Taiga) has built great products and technology in challenging financial markets. The world urgently needs low carbon solutions for all forms of mobility.
“This transaction will allow us to continue building the best technology, team and products to propel the industry forward.”
In July 2024 Taiga filed court documents to oversee a takeover of the company, which is based in Quebec, Canada.
Taiga had sought to weather the seasonal storms of the powersports industry – and the financial peaks and troughs that come with it – by manufacturing electric snowmobiles for winter and electric Jet Skis for summer.
However, despite an ambitious plan to ramp-up production to 80,000 units a year (across a mix of electric snowmobiles and electric Jet Skis) by 2025, Taiga barely produced more than 1000 units since it opened its doors.
Taiga found itself drowning in red ink even though it received $50 million from three levels of the Canadian government – and a further $15 million injection from Canada’s export support program – according to company filings.
The RRPs for Taiga Orca electric Jet Skis were listed between $US19,999 and $US26,499 in the USA, and between $CA25,499 and $CA33,999 in Canada.
In Australia the top Taiga Orca Carbon model was estimated to cost about $AU45,000.
Despite the eye-watering price, approximately 30 Australian customers placed a pre-order in the lead up to or during the 2022 Sydney International Boat Show.
Most Taiga Orca customers in Australia have since been refunded their $US1000 deposits, after it became apparent the Canadian start-up was facing financial difficulties and was struggling to meet its own delivery deadlines.
A handful of Australian customers remained hopeful Taiga would eventually find its spark – and have so far chosen to keep their place in the queue.
Announcing its bankruptcy filing in July 2024, a statement issued by Taiga said:
“Taiga Motors Corporation today announced that Taiga and its subsidiaries have sought and obtained from the Superior Court of Quebec an order providing them with creditor protection pursuant to the Companies’ Creditors Arrangement Act (CCAA), and an order authorising the Taiga Group to pursue, under the supervision of the Court, a formal sale and investment solicitation process.
“As disclosed in its various press releases and public filings leading up to this announcement, (Taiga) has been actively reducing its cost structure and has been continuously seeking various alternatives to fund its operations.
“However, following a review and after careful consideration of all available alternatives and in consultation with legal and financial advisors, the directors of the company (Taiga) unanimously determined that it was is in its best interests to commence the CCAA Proceedings, with a view to pursue (the sale of the company) and implement one or more transactions with respect to the Taiga Group’s business and assets.”
There were two versions of the Taiga Orca – the Performance and Carbon models.
They shared the same battery pack, electric motor, hull and top-deck design, but the Carbon edition’s top deck was made from lightweight, high-strength carbon-fibre.
Taiga claimed the craft had a top speed of 104kmh, a run time of up to two hours between recharges, and was capable of accepting over-the-air software updates.
The distributor who took the initial customer orders in Australia said the Taiga Orca appealed to well-heeled customers.
Buyers primarily wanted to use the electric Jet Ski as a tender – or put one on the rear deck of a cruiser or super-yacht as a toy – to avoid the inconvenience of refuelling a petrol-powered Jet Ski, or spilling petrol when trying to refuel.
To find out more, read our detailed coverage on the Taiga Orca here.
Taiga Timeline
March 2021:
Having secured $185 million in funding, start-up company Taiga Motors announces plans to build a mass-production facility for electric snowmobiles, Jet Skis, battery packs, and powertrain systems in the city of Shawinigan, Quebec, Canada.
April 2021:
Taiga commences trading on the Toronto Stock Exchange.
June 2021:
Taiga posts $55 million net loss for the six-month period ended 30 June, 2021.
Taiga launches an online configurator to enable customers to place early pre-orders for the yet-to-be-released Taiga Orca electric Jet Ski, which is still in the pre-production prototype phase.
The company pledges to make the first Taiga Orca Carbon customer deliveries in September 2021, and deliveries of Taiga Orca Sport and Taiga Orca Performance models in early 2022.
But the company would miss all three self-imposed deadlines, in part due to component shortages during the global COVID-19 coronavirus pandemic.
July 2021:
Taiga receives $50 million in financial assistance from Canadian governments ($10 million in federal funding, $30 million in provincial funding, and $10 million in municipal funding).
In a media statement Taiga says: “Utilising cutting-edge technology, the most advanced high-volume electric powersport production facility in the world is expected to begin operations in second half of 2022”.
The statement continues: “Once fully operational, the facility will have an annual production capacity of up to 80,000 units – and 3 gigawatt-hours in battery pack and module production.”
August 2021:
Taiga claims it has received 2312 pre-orders as of 31 July 2021, versus 1246 pre-orders as of 31 December 2020 – and says it has orders from “57 global commercial operators enrolled in Taiga’s fleet program.”
October 2021:
Taiga claims it has 110 fleet pre-orders for Orca electric Jet Skis and electric snowmobiles.
Taiga announces a roadshow across the US to demonstrate prototype versions of the Orca electric Jet Ski.
November 2021:
Taiga announces the first preview test rides of the Taiga Orca electric Jet Ski by a small contingent of media and a number of customers received a “positive response”.
December 2021:
Taiga posts a net loss of $71.4 million for calendar year 2021 ($55 million net loss in the first half of 2021, and $16.4 million loss in the second half of 2021).
Taiga increases its workforce to 187 full-time employees, with approximately half employed in engineering.
Taiga manufactures its first batch of electric snowmobiles.
March 2022:
Taiga delivers its first batch of electric snowmobiles to customers in Canada.
April 2022:
Taiga launches electric snowmobiles in Sweden.
July 2022:
Taiga commences first deliveries of the Orca electric Jet Ski in Canada, albeit in limited numbers.
August 2022:
Taiga Orca electric Jet Ski makes surprise debut at the 2022 Sydney International Boat Show.
Approximately 30 customers place pre-orders, ahead of expected Australian deliveries in the second half of 2023.
September 2022:
Taiga announces pre-orders globally have climbed to 3267 units as of 30 September, 2022.
December 2022:
Taiga posts net losses of $59.5 million for calendar year 2022
January 2023:
The Australian distributor for the Taiga Orca says it has been assured by the factory that the local roll-out is still on track after unforeseen delays, due in part to component shortages during the global COVID-19 coronavirus pandemic.
March 2023:
Taiga posts net losses of $12.99 million in the first three months of 2023.
August 2023:
Taiga delivers its first Orca electric Jet Skis in California after launching in limited numbers in Florida and Texas in the months prior. Taiga says it now has 25 outlets in the US.
The first shipment of four Taiga Orca demonstrator models arrives in Australia 12 months after the electric Jet Ski was unveiled locally.
The distributor does a handful of customer demonstrations with one example of the Taiga Orca.
However none of the four Taiga Orcas are delivered to customers while they await a software update from the factory which, as this article was published in October 2024, is still pending.
November 2023:
Taiga enters into a $15 million Secured Term Loan Agreement with Export Development Canada.
Taiga ramps up production to 50 vehicles a week as it marks a milestone of manufacturing its 1000th vehicle (a mix of snowmobiles and Jet Skis) since starting operations – well short of its forecast annual capacity of 80,000 vehicles.
December 2023:
Taiga establishes distributors in Brazil and the United Arab Emirates.
These newly appointed international markets are in addition to distributors that have already been established in 40 locations in Canada and the USA, as well as fleet operators in Sweden.
Across a mix of electric snowmobiles and electric Jet Skis, Taiga reports a total of 1056 vehicles produced and reports 592 vehicles as sold during calendar year 2023.
Taiga posts net losses of $72.5 million for calendar year 2023.
March 2024:
Taiga posts net losses of $14.38 million in the first three months of 2024 (compared to $12.99 million in the first three months of 2023).
April 2024:
Taiga sacks 70 employees amid mounting financial losses after falling well short of sales expectations.
In an attempt to match production to customer demand – and sell down existing inventory – Taiga announces a pause in production, with no restart date set.
May 2024:
Despite Taiga’s mounting losses and gloomy economic outlook, the company announces it has appointed distributors in Italy and France.
July 2024:
Taiga files for bankruptcy and pledges to find a suitable takeover offer.
October 2024:
Taiga announces it is in the process of being taken over by British entrepreneur Stewart Wilkinson who has a group of electric boating companies: Vita Power, Evoy, and Aqua SuperPower.
Vita Power sells high-end electric boats in Monaco, Italy, the UK and the US.