Tech: Vmoto launches two new electric scooters, shares rev 27pc
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The ASX’s only electric two-wheeler manufacturer has continued its strong 2019 run, with its shares up 27 per cent this morning following the launch of two new vehicles.
The company is looking to capture a slice of the global electric two-wheeler market, which some estimates have put at a value of $40 billion by 2027. Vmoto is hoping the launch of the E-Max VS1, pictured above, and the Super Soco CPx, pictured below, will help boost its presence in the market.
The E-Max VS1 is targeting commercial business customers, including food and parcel delivery companies, and is specifically designed for use in delivery operations, while the Super Soco CPx is targeted at consumers.
Charles Chen, Vmoto’s managing director, said the new models, launched at the 2019 Esposizione Internazionale Ciclo Motociclo e Accessori Motorcycle Show being held in Milan, deliver on his company’s goal of becoming a leading global manufacturer and supplier of two-wheeled EVs.
“These two bikes have been in the works for a while now and it is exciting to be able to finally unveil them to the public,” he said.
“2019 has been a fantastic year for the company’s growth, we delivered excellent results during the September 2019 quarter and we are confident that the release of these two superior electric scooters will ensure our growth continues during the next quarter and beyond.”
Vmoto says it already received “significant” interest from business customers for the E-Max in Europe, South America, the Asia Pacific region and Africa, where the Super Soco will also be marketed to consumers.
Vmoto shares have been on a steady incline this year, hitting 16c in early Monday trade after opening the calendar year at 5c.
Non-Executive Chairman Phillip Campbell says the share price spike is validating.
“It has been a long time coming,” he told Stockhead. “We have, at times, struggled to get investors to understand the value of electric vehicles, particularly two-wheeled electric vehicles.”
“Targeting the B2B and B2C markets has certainly helped and we have now reached the point where both these models share so many of the same components we are able to use the same production line which has obviously helped us streamline operations and improve our economies of scale.”
Revenues roll in for De.mem (ASX:DEM). Waste water treatment company De.mem announced it had received the first revenues from its recently launched five-stage domestic water filtration system, with an initial order worth $55,000 coming in from a Singapore-based distribution partner.
Raiz Invest (ASX:RZI) raises $6m. A capital raise backed by new and existing institutional shareholders has raised $6m for the company. The funds will be used for working and regulatory capital to support the continued growth of the business both domestically and in Asia.