04:02 PM EDT, 04/02/2024 (MT Newswires) -- Taiga Motors ( TAIMF ) , an off-road electric-vehicle manufacturer, was up 3.2% -- albeit at the lower end of its 52 week trading range -- as the company on Tuesday said its fourth-quarter loss narrowed as it paused production and laid off about 70 employees.

The net loss for the fourth quarter narrowed to $22.2 million compared to $23.8 million in the fourth quarter of 2022. It recorded revenue of $6.1 million during the period, compared to $1.4 million in the fourth quarter of 2022.

On 2024 priorities, Taiga said after making major investments in 2022-2023 on new product launches and to support the company's production ramp-up, the company said it is "now focused on driving cost efficiency throughout the business and on deploying its omnichannel sales model to support sustainable growth."

The current economic context combined with an unusually mild winter negatively impacted the company's snowmobile business. Taiga added it is in the process of taking several steps to adjust its operations to better align seasonal production timing with dealer inventory levels. As such, the company announced today that it is temporarily pausing its vehicle production and temporarily reducing its workforce accordingly by approximately 70 people. In addition, Taiga said it is "committed to further reducing its operating burn in 2024 and will continue to adjust the scale of its operations to the current market reality" while maintaining the focus on expanding sales.

Furthermore, Taiga said given the transition period in which it currently finds itself as well as the company's current overall operational, market and financial circumstances, it has decided that it does not currently intend to provide any forward-looking guidance, production or sales outlook in respect of the fiscal year ending December 31, 2024 nor for any subsequent period.

The company's shares were halted following its release, last trading up C$0.02 to C$0.64 on the Toronto Stock Exchange.