Vmoto reports record sales in 2020 and increased demand from B2B partners
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Special Report: EV company Vmoto has reported record sales in 2020, up 24% on 2019 and 112% on 2018.
Vmoto (ASX:VMT) has announced strong results in the fourth quarter of 2020 and record sales across the year, up 24% on 2019.
The global electric vehicle company saw its sales increase 112% on 2018 and demand for its suite of products, particularly in the B2B space, skyrocket.
Vmoto sold 6,028 units in 4Q20, 5,569 of which were sold into international markets, and 21,416 units across 2020. The company also reported a strong net cash position of $15 million with no bank debts.
Vmoto experienced significant increase in interest from business customers, including food delivery, parcel delivery and ride-sharing companies, for its B2B products and is in advanced discussions for more orders in 2021.
Furthering its plans for expansion in 2021, the company also saw several new international distributors appointed in 2020.
An announcement earlier this month saw Vmoto shares soar after it announced its largest order to date, worth $13 million, from strategic B2B partner Greenmo Group. This order puts Vmoto in a position to continue its growth trajectory into the next financial year, following a clear B2B roadmap.
Vmoto’s growth strategy is supported by several global electric vehicle initiatives and a turning tide of focus on sustainability. Through focusing on its B2B partners, Vmoto is well-positioned to take advantage of this and the global increase in home delivery services and ride-sharing.
Vmoto is currently in discussion with a number of potential sharing customers in Bolivia, Bulgaria, Columbia, France, Greece, Georgia, Hungary, India, Mexico, Poland, Portugal, Spain and Switzerland.
This article was developed in collaboration with Vmoto, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.