- Vmoto (VMT) has recorded an increase in international sales, up 42 per cent compared to the same period last year
- In today's market update, the company also revealed it expects COVID-19 to have a long term positive impact on its business
- Vmoto also secured another Go-sharing order, with 1200 units due for delivery later this year
- Meanwhile, new exclusive distributors have been appointed in Japan, Costa Rica, Panama and Thailand
- Vmoto shares are trading up 14.9 per cent following the positive update, selling at 27 cents per share
Vmoto (VMT) has released a positive market update, revealing international unit sales have risen 42 per cent, compared to the same period in 2019.
The electric scooter manufacturer sold 8453 units between January and May 2020 — 7770 of these to overseas markets — which is a rise of 42 per cent compared to the same period in 2019, and a 107 per cent increase from 2018.
The good news didn't stop there, Vmoto used today's update to also notify shareholders it now believes the COVID-19 pandemic will actually bolster its business in the long run.
"The impacts from COVID-19 on personal and public transportation and government initiatives are favourable to Vmoto and are expected to have longer-term positive impacts to our business as Vmoto’s business to consumer (B2C) and ride-sharing products enable consumers to travel with flexibility, while adhering to social-distancing rules," the company said in today's update.
Increased demand and usage of food delivery services are also expected to help the company grow.
Vmoto has already signed a new contract with one food delivery service, Go-Sharing, which operates in the Netherlands, with an additional 1200 units to be delivered between July and September 2020.
A previous 2000 units were delivered earlier this year to the same business.
Meantime, Vmoto announced it had signed a number of exclusive distribution agreements with international distributors across Japan, Costa Rica, Panama and Thailand.
The agreement includes for the warehousing, distribution and marketing of its range of electric two-wheel vehicles in those regions.
Today's positive update has seen Vmoto's share price increase by 14.9 per cent, trading at 27 cents per share.