Fuel Systems Solutions Receives Ship to Commerce Decision from GM
Fuel Systems Solutions (NASDAQ: FSYS) received in late December a Ship to Commerce (STC) decision from GM (NYSE: GM) to begin deliveries of bi-fuel pickup trucks converted in its Union City, Indiana OEM conversion center using Fuel Systems' natural gas components. GM's Fleet and Commercial department forwards the bi-fuel pickups to its dealer network according to orders status.
Mariano Costamagna, Fuel Systems' CEO, said, "Obtaining GM's decision to release the vehicles required the completion of an extensive development, testing, validation and approval process. We are proud of this accomplishment, which marks the commercial launch of bi-fuel pickups manufactured through our program with GM. The availability of a fully integrated OEM CNG bi-fuel solution is a market milestone establishing Fuel Systems as a technology leader in the fast evolving North American alternative fuels market, providing fleet customers with a pickup option that meets rigorous performance standards."
Fuel Systems recorded revenue from the deliveries in 2012. Given this and results from major markets served, the