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Westport Fuel Systems posted declines in Q4 and full-year net income as the equipment maker advanced its joint venture with Volvo Group and announced the sale of its light-duty business.

Westport Fuel Systems’ loss narrowed in the third quarter, due in part to the company’s decision to recognize its heavy-duty truck operations as an equity investment on its financial ledger.

The Vancouver, British Columbia-based fuel system component manufacturer posted net income of $5.8 million, or 33 cents per diluted share, for the three months ending June 30.

Losses at Westport Fuel Systems Inc. widened in the first quarter of 2024 on the back of weaker revenue and inflationary cost increases.

Volvo Group and Westport Fuel Systems have put the finishing touches on their joint venture and are moving forward with deployment of a high-pressure gas-injection fuel system..

Westport Fuel Systems expects definitive agreements for its high-pressure gas-injection fuel system joint venture with Volvo Group to be signed by the end of January, executives said.

The first testing of natural gas-fueled European Volvo Group Class 8 trucks on North American roads is set to begin by the end of September, and more imports could be on the way.

Truck manufacturer Volvo Group is set to establish a high-pressure gas-injection fuel system joint venture with Westport Fuel Systems.

Westport Fuel Systems Inc. shifted to the red from the black in the first three months of 2023, it said May 9.

Cummins Westport Inc. said its ISB6.7 G, a 6.7 liter midrange natural gas engine, now is available for medium-duty trucks and vocational applications, more than doubling the engine’s potential market.