Pacific Insight Electronics Corp. Secures Major Contract with General Motors

Strategic Insights -

Pacific Insight Electronics Corp. (VSE:PIH) has announced that it has been selected as the sole aftermarket Daytime Running Lamps (DRL) module supplier for General Motors. This significant contract marks a major expansion of the company's product reach into the US market, following its existing market presence in Canada. General Motors has plans to make DRL a standard feature on all new vehicles by 1997, which is expected to drive demand for the product.

Key Takeaways:

  • Pacific Insight Electronics Corp. has been selected as General Motors' sole aftermarket Daytime Running Lamps (DRL) module supplier.
  • The contract marks a major expansion of the company's product reach into the US market, following its existing market presence in Canada.
  • General Motors has plans to make DRL a standard feature on all new vehicles by 1997.
  • Pacific Insight has sold over 40,000 units of DRL through GM dealers in Canada since its introduction in Canada.
  • The company expects sales to increase by 5 to 10 times the sales achieved in Canada with the introduction of DRL in the US market.
  • Pacific Insight is a major supplier to several prominent customers, including Avis Rent a Car, Alamo Rent a Car, Dominion Automotive, and General Motors Corporation.
  • The company manufactures a range of products, including Daytime Running Lamps, Automatic Headlight Control Systems, and Computer Components and Electronic Control Modules.

Statistics:

  • Pacific Insight has sold over 40,000 units of DRL through GM dealers in Canada since its introduction.
  • The company expects sales to increase by 5 to 10 times the sales achieved in Canada with the introduction of DRL in the US market.
  • General Motors has plans to make DRL a standard feature on all new vehicles by 1997.
  • The US market represents a substantially larger market opportunity for Pacific Insight compared to the existing Canadian market.

Sources:

  • Pacific Insight Electronics Corp. press release, dated March 8, 1995.