Company delivers world's first electric vehicle prototypes as leader in eMobility
ELKHART, Ind.
, Oct. 29, 2024 /PRNewswire/ -- For nearly 45 years, THOR Industries has utilized responsible and sustainable business practices in its operations as its products inspire people to connect with nature and one another to Go Everywhere. Stay Anywhere®. Today, THOR Industries, Inc. (NYSE: THO), the world's largest recreational vehicle (RV) manufacturer, published its seventh annual sustainability report detailing the Company's industry-leading sustainability efforts for its fiscal year ended July 31, 2024 (FY2024) across its global family of companies.
"At THOR, the idea of sustainability is not just a talking point. Sustainability is a core principle upon which we operate our company," shared Bob Martin, THOR President and CEO. "We are committed to making changes now to ensure a sustainable future exists so people can continue to connect with nature, and families with one another, to create lifelong memories."
THOR has taken significant steps in its sustainability journey to lead the way for the industry including attaining approval from the distinguished Science Based Targets initiative (SBTi) Validation Team confirming THOR's Scope 1 and Scope 2 short-term targets and Scope 1, 2 and 3 long-term targets are aligned with the SBTi's 1.5˚C mitigation pathways for reaching net-zero by 2050 or sooner.
FY2024 Sustainability Journey Highlights:
- THOR proactively completed a double materiality assessment as an initial step towards compliance with the upcoming European sustainability regulations.
- Installed solar projects at North American operating companies which, to date, have eliminated 3,595 MTCO2e – the equivalent to 856 gasoline vehicles driven for one year.
- Decreased global Scope 1 and Scope 2 emissions by 27.4% vs. the baseline Fiscal Year 2019.
- Advanced its emobility innovation leadership by developing the world's first hybrid Class A motorhome test vehicle and the world's first fully electric fifth wheel trailer prototype. The hybrid Class A motorhome, developed in partnership with Harbinger, delivers an estimated 500 miles of range, and is expected to qualify as a Near-Zero Emissions Vehicle (NZEV) under the Advanced Clean Truck legislation, adopted by the California Air Resources Board (CARB). The world's first fully electric fifth wheel trailer prototype was successfully introduced to an operating company's dealer network at their annual dealer meeting.
- Debuted the Hymer Eriba® Touring Sustainability Concept Vehicle which is focused on sustainable production methods, features greater use of environmentally-friendly materials, and is anticipated to reduce CO2 emissions due to reduced vehicle weight.
- Submitted the Company's fourth annual Carbon & Climate questionnaire to the CDP to provide visibility and disclosure around efforts to measure, manage, disclose and reduce GHG emissions, water usage, and forestry impact.
- Partnered with the RV Industry Association to re-establish the RVIA Workplace Safety Committee to share best practices and serve as an educational resource.
- Supported and partnered with over 150 non-profit organizations across the THOR family of companies, including a strategic partnership with the National Forest Foundation, whose mission is to help combat threats to the outdoor lifestyle. THOR is one of the foundation's most significant corporate sponsors.
- Honored and publicly recognized in Newsweek & Statista's list of "World's Most Trustworthy Companies" for the second time, Newsweek & Statista's list of "Most Trustworthy Companies in America" for a third year in a row, Newsweek & Statista's list of "America's Most Responsible Companies" for a second year, US News & World Report's "Best Companies to Work For", and USA Today & Statista's "America's Climate Leaders" for THOR's commitment to sustainability.
"As we continue to execute on our long-term strategic plan, we remain focused on contributing to a sustainable future to allow great outdoor experiences, not only for our customers today but for generations to come, which is a cornerstone of our business," added Todd Woelfer, THOR SVP and Chief Operating Officer. "Our global sustainability program highlights our deep-rooted commitment to better the lives of our team members and customers, foster the viability of diverse communities, and promote a clean and safe environment."
THOR's FY2024 Sustainability Report was published in electronic format only and may be viewed on the Company's website at: www.thorindustries.com/sustainability-report.
ABOUT THOR INDUSTRIES
THOR is the sole owner of operating companies which, combined, represent the world's largest manufacturer of RVs. For more information on the Company and its products, please visit: https://www.thorindustries.com/.
Forward-Looking Statements
This release includes certain statements that are "forward-looking" statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made based on management's current expectations and beliefs regarding future and anticipated developments and their effects upon THOR, and inherently involve uncertainties and risks. These forward-looking statements are not a guarantee of future performance. We cannot assure you that actual results will not differ materially from our expectations. Factors which could cause materially different results include, among others: the impact of inflation on the cost of our products as well as on general consumer demand; the effect of raw material and commodity price fluctuations, and/or raw material, commodity or chassis supply constraints; the impact of war, military conflict, terrorism and/or cyber-attacks, including state-sponsored or ransom attacks; the impact of sudden or significant adverse changes in the cost and/or availability of energy or fuel, including those caused by geopolitical events, on our costs of operation, on raw material prices, on our suppliers, on our independent dealers or on retail customers; the dependence on a small group of suppliers for certain components used in production, including chassis; interest rates and interest rate fluctuations and their potential impact on the general economy and, specifically, on our independent dealers and consumers and our profitability; the ability to ramp production up or down quickly in response to rapid changes in demand while also managing costs and market share; the level and magnitude of warranty and recall claims incurred; the ability of our suppliers to financially support any defects in their products; the financial health of our independent dealers and their ability to successfully manage through various economic conditions; legislative, regulatory and tax law and/or policy developments including their potential impact on our independent dealers, retail customers or on our suppliers; the costs of compliance with governmental regulation; the impact of an adverse outcome or conclusion related to current or future litigation or regulatory investigations; public perception of and the costs related to environmental, social and governance matters; legal and compliance issues including those that may arise in conjunction with recently completed transactions; lower consumer confidence and the level of discretionary consumer spending; the impact of exchange rate fluctuations; restrictive lending practices which could negatively impact our independent dealers and/or retail consumers; management changes; the success of new and existing products and services; the ability to maintain strong brands and develop innovative products that meet consumer demands; the ability to efficiently utilize existing production facilities; changes in consumer preferences; the risks associated with acquisitions, including: the pace and successful closing of an acquisition, the integration and financial impact thereof, the level of achievement of anticipated operating synergies from acquisitions, the potential for unknown or understated liabilities related to acquisitions, the potential loss of existing customers of acquisitions and our ability to retain key management personnel of acquired companies; a shortage of necessary personnel for production and increasing labor costs and related employee benefits to attract and retain production personnel in times of high demand; the loss or reduction of sales to key independent dealers, and stocking level decisions of our independent dealers; disruption of the delivery of units to independent dealers or the disruption of delivery of raw materials, including chassis, to our facilities; increasing costs for freight and transportation; the ability to protect our information technology systems from data breaches, cyber-attacks and/or network disruptions; asset impairment charges; competition; the impact of losses under repurchase agreements; the impact of the strength of the U.S. dollar on international demand for products priced in U.S. dollars; general economic, market, public health and political conditions in the various countries in which our products are produced and/or sold; the impact of changing emissions and other related climate change regulations in the various jurisdictions in which our products are produced, used and/or sold; changes to our investment and capital allocation strategies or other facets of our strategic plan; and changes in market liquidity conditions, credit ratings and other factors that may impact our access to future funding and the cost of debt.
These and other risks and uncertainties are discussed more fully in Item 1A of our Annual Report on Form 10-K for the year ended July 31, 2024.
We disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release or to reflect any change in our expectations after the date hereof or any change in events, conditions or circumstances on which any statement is based, except as required by law.
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SOURCE THOR Industries
