UQM Technologies Reports First Quarter Operating Results

UQM TECHNOLOGIES, INC. (NYSE Amex: UQM), a developer of alternative energy technologies, announced today operating results for the quarter ended June 30, 2011. Operations for the first quarter resulted in a net loss of $1,043,543 or $0.03 per common share on total revenue of $1,315,060 versus a net loss of $486,870 or $0.01 per common share on total revenue of $2,555,324 for the first quarter last year.

"First quarter revenue and results were lower than expected due to a change in the timing of deliveries to CODA from the first fiscal quarter to the second fiscal quarter,” said Eric R. Ridenour, President and Chief Executive Officer of UQM Technologies. "During the first quarter we began final preparations for the launch of volume manufacturing operations for CODA Automotive, which we expect will have a substantial effect on our product sales revenue in the second half of this fiscal year.”

UQM has placed orders with vendors and begun recruiting production workers in preparation for the commencement of propulsion system deliveries under its supply agreement with CODA.

"We are prepared and focused on effectively and efficiently delivering high-quality propulsion systems in the higher volumes necessary to meet CODA’s requirements,” said Ridenour. "We are also designing and developing the next generation of our PowerPhase Pro^® propulsion systems for the passenger car market, and our larger PowerPhase HD^® propulsion system for volume production in anticipation of rapidly developing opportunities in the truck and bus markets.”

"Gross profit margins on product sales for the quarter ended June 30, 2011 increased to 45.0 percent versus 37.8 percent for the same quarter last fiscal year. The increase is attributed to a reduction in production costs on low volume builds and improved product mix due to the rescheduling of the shipment to CODA Automotive. However, lower revenue for the quarter, together with increased selling, general and administrative costs, contributed to higher losses for the first quarter versus the comparable quarter last fiscal year,” said Donald A. French, Treasurer and Chief Financial Officer of UQM Technologies. "We expect operating results to improve over the remainder of the fiscal year, driven by substantially higher revenue from product sales following the launch of production for CODA.”

The Company will host a conference call today at 4:30 p.m. Eastern Time to discuss operating results for the quarter. To attend the conference call, please dial 1-800-867-0938 approximately ten minutes before the conference is scheduled to begin and provide conference code "4462602” to access the call. International callers should dial +1 480-293-0647. For anyone who is unable to participate in the conference, a recording will be available for 48 hours beginning at 5:30 p.m. Eastern Time today. To access the playback call 1-800-406-7325 and enter replay code 4462602#. International callers should dial +1 303-590-3030.

The Company’s Annual Meeting of Shareholders will be held this coming Wednesday, August 3, 2011 beginning at 10:00 a.m. Denver time at The Golden Hotel located at 800 Eleventh Street, Golden, Colorado 80401. Shareholders and members of the press are cordially invited to attend. A continental breakfast will be available beginning at 9:00 a.m. Directions to The Golden Hotel are available on our website at www.uqm.com.

UQM Technologies is a developer and manufacturer of power-dense, high-efficiency electric motors, generators and power electronic controllers for the automotive, aerospace, military and industrial markets. A major emphasis for UQM is developing products for the alternative-energy technologies sector, including propulsion systems for electric, hybrid electric, plug-in hybrid electric and fuel cell electric vehicles, under-the-hood power accessories and other vehicle auxiliaries. UQM headquarters, engineering, product development center and manufacturing operation are located in Longmont, Colorado.

Please visit www.uqm.com for more information.

This Release contains statements that constitute "forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. These statements appear in a number of places in this Release and include statements regarding our plans, beliefs or current expectations, including those plans, beliefs and expectations of our officers and directors with respect to, among other things, orders to be received under our supply agreement with CODA Automotive, our ability to successfully expand our manufacturing facilities, and the continued growth of the electric-powered vehicle industry. Important Risk Factors that could cause actual results to differ from those contained in the forward-looking statements are contained in our Form 10-Q filed today, which is available through our website at www.uqm.com or at www.sec.gov.