VMoto Global sales declined in 2023. The Australian based electric motorcycles producer was impacted by the fall of global market losing 13.1% of sales and declining at 21K.
McD tracks new vehicles registrations across the World (over 90 countries), reporting data on calendar year. When you wish to compare data reported by us to those declared by the manufacturers, consider they usually report their “sales” (vehicles invoiced), which are usually different from “registrations”, accordingly with their fiscal year split.
VMoto-Soco is a Australian company, based in Perth, producing electric 2-wheelers.
Following years of steady growth with excellent results in terms of product line up development and creation of a global network, in 2023 the company was really challenged by the market.
As first, the parent-company based in Shanghai entered in huge financial difficulties and VMoto decided to purchase all patents to put in security the future of its business, with a quite high financial investment.
Then, the global demand for electric vehicles was surprisingly weak, specially in Europe, the continent on which the company was focusing more, having high spec and quality product.
The consequence was a first decline in revenue, with a sharp fall to 69 million AUS dollar (from 116) with 25.241 vehicles sold (invoiced).
In Europe sales sharply declined in all top markets (Netherland, France, Italy, Spain) and the company decided to take the direct control of the Italian and France market, a decision full of risks, due to the still very low volumes.
The global registrations have been much lower than the company sales. We count only 21.449 sales (-13.1%).
However, the most surprisingly data is the net profit. Yes, although the sharp revenue decline the company was able to maintain a profitability of 7.2 million after taxes, a marginal decline from the 10.2 million reported in the previous year. A prove of strong management ability and a guaranty for the future.
V-Moto Heritage and Organization
Vmoto is a pure electric motorcycles and scooter manufacturer based in Perth (Australia) with production facilities in Nanjing (China) and a European distribution warehouse in Amsterdam (Ned), aiming to combine low cost Chinese manufacturing capabilities with European design in order to offer high performance and competitive products to international markets.
VMoto is listed on the Australian Securities Exchange (ASX code: VMT).
Vmoto has one of the widest global distribution networks of any electric scooter manufacturer in the world, being represented by more than 30 distributors in 29 countries in the geographic regions of Asia Pacific, Europe, North America, South America and South Africa and is actively working to expand it in the next months.
Vmoto operates through three primary brands: Vmoto, Super Soco and E-Tropolis (in Europe) and produce two electric café racer motorbikes and two electric scooter, the E-Max deputy for delivery service and the CUX, a compact low cost scooter. For each of these models there are different configuration to match single country rules and EV incentives.
