Vmoto drives straight into three new global two-wheel EV markets after highly successful Milan roadshow
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Special Report: The company signed exclusive distribution deals in key emerging markets as sales momentum continues to build.
In early November, electric motorcycle company Vmoto (ASX: VMT) presented its new and new versions of its existing product range at the Esposizione Internazionale Ciclo Motociclo e Accessori (EICMA) in Milan.
It’s one of the largest motorcycle exhibitions in the world, and Vmoto’s sales team made the most of their time there, as the company’s presentation drew over 100 sales leads.
Since then, Vmoto has since signed three new exclusive licensing agreements in Brazil, Vietnam and Dominican Republic and is in discussions to sign more distribution agreements and sales contracts.
The deals will see Vmoto expand its B2C product offering via domestic distribution channels. All three markets share a high population with a high volume of two-wheeled vehicles.
Vmoto is also focused on executing its growth strategy in the fast-growing B2B segment globally, with the rollout of its E-Max VS1 model which is specifically designed for delivery operations.
Vmoto aims to become the dominant player in the delivery sector with its new E-Max VS1 electric two-wheel vehicles and to further grow the B2B markets. The company is also expanding its team, including in Europe, where is it adding a dedicated European sales manager to further grow its E-Max B2B business.
Brazil ranks in the Top 10 two-wheeler markets globally, with over 26 million motor bikes reported in 2018. Vmoto’s distribution agreement is with Mobimax, a Sao Paolo-based company that has been building market share in Brazil since 2002.
A second agreement with Green Speed will allow Vmoto to establish a footprint in Vietnam, which is the fourth largest two-wheeler market in the world with over 45 million registered vehicles.
And the company’s entry into the fast-growing Dominican Republic market will be managed through discounting and warehousing platform RPM Imports.
In the wake of its new agreements, Vmoto has now established distribution channels into over 40 countries across Europe, South America, Asia-Pacific and Africa.
Prior to the EICMA conference, the company also held a distributors strategy meeting in Milan, where its partners expressed confidence “about growth in sales and Vmoto’s ability to increase its market share in the respective markets”, managing director Charles Chen said.
Vmoto also introduced two new B2C scooter models at EICMA – the VS1 and CPx – which received “tremendous feedback from new and existing customers” the company said.
“We are focused on driving sales of our new models and have signed these distribution agreements in geographies we consider to be strategically important for our growth”.