- Electric scooter supplier Vmoto has updated the market today on its activity over the quarter
- The company achieved a 94 per cent increase in sales of its electric scooters last quarter, compared to the June quarter
- Vmoto is working at growing sales across Europe, which is a key market for EV’s
- After signing a deal with Ducati, the pair started producing a luxury version of its CUX model and strong customer demand is expected
- Vmoto’s shares are up 18.2 per cent today, trading for 13 cents each
Electric vehicle producer Vmoto continues to progress its strategy of selling high value electric scooters to global markets.
The company delivered strong operational growth and positive cash flows for the September quarter.
Vmoto sold 6027 electric scooters during the quarter, representing an increase of 94 per cent from the June quarter.
As of September 30, Vmoto had $6.4 million in cash which is attributed to the increase in orders and products delivered.
As a result of continuous orders from customers, company sales continue to be on an upward trend.
Vmoto’s strategy to achieve sales growth across Europe is supported by the increasing demand for electric vehicles and green initiatives.
The company is actively pursuing additional sales opportunities in the B2B (business-to-business) and B2C (business to consumer) sectors and has already signed a distribution agreement with Hobbyzone to distribute and market its B2C range in Mongolia.
Its B2C products have generated a higher interest among motorcycle enthusiasts and “trendy” consumers.
Orders for Vmoto’s B2B E-Max and the B2C Soco models are expected to be delivered in the next three to six months.
Also on its agenda is collaborating with world-renowned brands in the vehicle and mobility sectors.
The company said it is in discussion with a number of potential B2C and B2B distributors and customers in Brazil, Cyprus, Czech Republic, Dominica, Dubai, Egypt, Indonesia, Peru, Russia, and more.
Another key update for Vmoto is the commencement of producing the new CUX Special Edition Ducati vehicle.
In May 2019, the company signed a deal with Italian motor company Ducati to create a luxury version of Vmoto’s CUX model.
Over 400 units have already been delivered to Vmoto’s distributors and strong customer demand is expected.
Vmoto’s sharing network has also expanded to the Netherlands, with 170 units delivered to a renowned city vehicle rental and sharing servicer.
Vmoto’s strong sales network and ongoing marketing activities continue to increase brand and product awareness.
It sees great potential in the B2B market for its electric two-wheel vehicles and expects to secure further orders.
Vmoto’s shares are up 18.2 per cent today, trading for 13 cents each at 12:29 pm AEDT.