As the electric vehicle revolution unfolds, Vmoto (ASX: VMT) achieved record international sales for its electric scooters during the March 2019 quarter.
International sales for the quarter rocketed 80% on the same period last year and were up 57% on the December quarter.
Overall, for the March period, Vmoto sold 3,821 scooters worldwide, with European customers and distributors accounting for the vast majority of sales at 3,122 units.
The electric scooter sales into Europe during the March quarter was an 85% increase on the December period and 275% higher than the previous corresponding quarter.
Underpinning the increased sales is a growing order book, with Vmoto receiving deposits and orders for 2,292 units by the end of the March quarter.
These orders are expected to be delivered in the next three to six months.
To accelerate its growth in the European market, Vmoto inked a number of exclusive distribution agreements with companies throughout the region.
During the March quarter, distribution deals were made with local companies in Croatia, Estonia, Latvia, Lithuania, France, Hungary, Malta, Serbia, Kosovo, Montenegro, Bosnia, Hercegovina, Macedonia and Albania.
Meanwhile, in Barbados, Brazil, Mongolia, Nepal, Russia and Slovakia, Vmoto is carrying out discussions with potential distributors and has sent samples for evaluation.
As part of the company’s expansion push, Vmoto’s Chilean distributor presented the Super Soco B2C range of electric scooters at the Chilean Association of Renewable Energies and Storage’s annual dinner.
At the dinner were senior executives and industry authorities including the Chilean Minister of Energy Susana Jimenez.
In Australia, the regional distributor unveiled Vmoto’s Super Soco at a national product launch in Melbourne during March.
Distributors also held other marketing events in Istanbul, Warsaw, Rome, Tartu and Santiago.
As the company pursues ongoing growth, Vmoto will continue to sell its scooters including the E-max and Super Soco ranges.
Additionally, to underpin the European expansion, Vmoto has established a subsidiary and warehouse in Italy to accelerate sales and provide direct support to local distributors.
“With the number of additional distributors signed up in 1Q19 and increasing firm orders, Vmoto’s management remains confident that the company will continue to increase international sales and further consolidate its position as a leading electric two-wheel vehicle manufacturer and provider to the international markets,” the company stated.
At the end of the March quarter, Vmoto had $4.9 million in cash – up from $4.2 million at the end of the December period.
The company said the higher balance was a reflection of revenue received from orders, receipt of export and import VAT and a return of capital from Italian notary public to Vmoto’s Italy joint venture company.
By midday, shares in Vmoto had lifted 16.67% to $0.084.