- Scooter manufacturer Vmoto (VMT) saw a 42 per cent year-on-year (YoY) increase in sales to 5869 units for the March 2021 quarter
- Of these, 5636 units were sold into international markets — marking a 51 per cent YoY increase
- Vmoto currently supplies electric vehicles to seven ride-sharing operators and 13 delivery customers but is in discussions to secure another 15 in both areas
- The company also secured a major order for over 5900 units from long-time customer Greenmo Group as well as a distribution deal with Indian travel technology company Bird Group
- At the end of the quarter, Vmoto had $15.8 million in cash and no debt
- Company shares are up 1.14 per cent and are trading at 44.5 cents
In the first quarter of 2021, Vmoto (VMT) saw a 42 per cent year-on-year (YoY) increase in sales to 5869 units.
Of these, 5636 units were sold into international markets — marking a 51 per cent YoY increase. The remaining 233 units were sold into China.
The scooter manufacturer operates in both the business-to-business (B2B) ride-sharing and business-to-consumer (B2C) delivery markets.
Vmoto is supplying its vehicles to seven ride-sharing operators but is in discussions to potentially supply to another 15. In the B2C market, the company is supplying vehicles to 13 delivery customers and is looking to secure another 15 customers.
Significantly, Vmoto signed and renewed distribution deals with international distributors for the warehousing, distribution and marketing of its B2C range of electric two-wheel vehicles. The company has also supplied samples to other potential B2B and B2C distributors in hopes of securing further agreements.
At the start of the quarter was receiving a major order for 5904 units from long-time customer Greenmo Group. Greenmo founded leading European ride-sharing company GO Sharing, which has a fleet of around 5000 e-mopeds in the Netherlands, Belgium and Austria.
As the quarter came to a close, Vmoto signed a memorandum of understanding with Indian travel technology company Bird Group to exclusively distribute VMT's CUX and CUmini range of two-wheel electric vehicles across India.
The CUmini model was actually one of three new B2C electric two-wheel vehicle models which were showcased at the 2021 Vmoto Soco World Premiere online event in February.
Vmoto is continuing to expand into international markets and remains focused on building its B2B and B2C distribution network worldwide.
At the end of the quarter, Vmoto had $15.8 million in cash and no debt.
Company shares are up 1.14 per cent and are trading at 44.5 cents at 11:26 am AEST.