EVLN: Vmoto ‘green’ 2wheel EVs delivered> (cash flow positive)

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EVLN: Vmoto ‘green’ 2wheel EVs delivered> (cash flow positive)

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Vmoto delivers international growth with its ‘green’ two-wheel electric
04 Mar 2019  John Miller

Vmoto display at international show  Vmoto was represented at major
international shows during 2018




The company achieved a 35% increase in international sales revenue to $19.2
million during the 2018 financial year.

Vmoto Ltd is beginning to deliver on its strategy of becoming a global
leader in the manufacture, sales and marketing of ‘green’ two-wheel electric
vehicles (EVs).

The success of this strategy, incorporating the sale of higher value and
higher margin EVs into international markets, has been revealed in the
company’s 2018 financial results.

Total revenue in the 12 months increased to $19.6 million, an increase of up
30% on the $15.1 million achieved in the 2017 financial year.

This was primarily due to increased international sales as Vmoto capitalised
on new government policies and regulations in Europe supporting EV transport
and the growth of vehicle leasing and logistics projects.

There were 10,081 units of electric vehicle products sold into international
markets in FY2018.

International sales revenue of $19.2 million was a 35% increase on the
previous financial year.

Operating cash flow positive

Vmoto confirms that it was operating cash flow positive and achieved
unaudited EBITDA of $18,000 for FY2018.

Managing director Charles Chen said: “I am very pleased to confirm that
FY2018 saw Vmoto achieve record unit sales into international markets and a
modest positive EBITDA.

“(This came) as our investment into international marketing and expansion of
the company’s European distribution network and European warehouse began to
see results.

“Our manufacturing and international sales and marketing cooperation with
Super Soco has also created synergies for both organisations and further
supported our growth.

“With the upward trend of electric vehicle sales in international markets,
we are very confident for another successful year in FY2019.

“I would like to express a special thanks to Vmoto’s management team and
employees as a lot of hard work and effort has been contributed to achieve
this result.”

The company invested significant resources into building international brand
awareness for its own products and the Super Soco range, which Vmoto
manufactures at its Nanjing manufacturing facility and holds international
sales and marketing rights outside China.

This came through participation in key international market exhibitions and
through the development and launch of a new product focused website
www.vmotosoco.com and new social media platform Vmoto Soco e-mobility on
Facebook, Instagram and Youtube.

In order to accelerate sales into European markets, Vmoto established a
wholly-owned European subsidiary and a warehouse in the Netherlands, which
became operational in FY2018.
Direct support for European distributors

The company is now able to provide direct support to its European
distributors and provide more confidence to potential customers with a local
presence and after sales service.

Agreement was also reached with Graziano Milone, a successful Italian
entrepreneur and experienced electric vehicle operator, to equally own and
jointly manage Vmoto Soco Italy srl, which will focus on distributing
electric two-wheel vehicle products in Italy.

This cooperation will enable Vmoto to further penetrate the Italian market,
fast track distribution into Italy, including consumer markets, and bring
more high performance electric two-wheel vehicle products to Italy.

READ: Vmoto gears up for another year of growth with electric-powered
two-wheel vehicles

The company is strategically well positioned for further growth in 2019.

Chen said: “Vmoto continues to receive significant interest and sales leads
due to its increased sales and marketing activities.
“Confident of successful 2019”

“With the number of additional distributors signed up and increasing firm
orders, Vmoto’s management remains confident that the company will continue
to increase international sales for Super Soco B2C products and its own
high-performance B2B electric two-wheel vehicle products.

“With the continuing upward trend in sales into Europe, the company is
confident of a successful FY2019.”
[© proactiveinvestors.com.au]

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