Azure Dynamics, a leading developer of hybrid electric and electric powertrains for commercial vehicles, has announced a restructuring and comprehensive cost reduction plan to address today's economy and marketplace.

Additionally, there are plans to further rationalize product development efforts to focus on existing products.

The company is actively working with its customers on potential new programs that involve sharing of development costs, and is taking steps to access low-cost U.S. and Canadian government loans supporting development of more fuel-efficient vehicles.