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Vmoto receives vote of confidence from managing director

The company achieved a record international sales milestone in the March quarter.

Vmoto electric bikes
Vmoto combines low cost Chinese manufacturing capabilities with European design

Vmoto Ltd (ASX:VMT) has had its managing director Charles Chen buy over 780,000 shares in the company through on-market trades.

The share purchases took place through 1 May to 6 June at a price of 5.5 cents per share.

Notably, the purchases increase Chen’s total shareholding in Vmoto to over 12.2 million shares.

Manufactures and sells electric scooters

Vmoto manufactures and sells electric scooters to consumers (B2C) and businesses (B2B).

Manufacturing occurs at its wholly owned 30,000 square metre facility in Nanjing, China.

Vmoto operates through three primary brands:

• Vmoto - Vmoto’s own brand, aimed at the value market in Asia;
• E-Max - Another Vmoto proprietary brand, targeting the international B2B markets with a high-end premium product; and
• Super Soco -  A third party brand Vmoto markets into international B2C markets.

As well as operating under these brands, the company also manufactures for a number of customers on an original equipment manufacturer basis.

READ: Vmoto powers to record international sales for ‘green’ electric two-wheel vehicles

Vmoto achieved record international sales of its green electric powered two-wheel vehicles in the first three months of 2018.

There were 2,114 units sold to international customers and distributors in the quarter compared to 1,678 in the corresponding period of 2017.

The 26% growth in international sales sets the scene for a strong year of sales for the company with orders for another 2,460 units in hand at the end of March.

Quick facts: Vmoto Ltd

Price: 0.615 AUD

ASX:VMT
Market: ASX
Market Cap: $169.52 m
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