Vmoto Ltd (ASX:VMT) managing director Charles Chen continues to show confidence in the company’s ‘green’ electric powered two-wheel vehicle strategy through share purchases.
Chen acquired more than 356,300 shares on-market from September 13 to September 17, 2018, with a total value of almost $20,000.
These trades have increased his total holding to more than 15.146 million shares.
READ: Vmoto managing director continues to show faith in company’s electric two-wheel vehicle business
The latest purchase disclosure is Chen’s seventh since May 2018.
Vmoto manufactures and sells electric scooters to consumers (B2C) and businesses (B2B) and has a focus on high margin international markets.
Three primary brands
The company’s three primary brands are:
• 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.
READ: Vmoto drives to record international sales of electric two-wheel vehicles
The company also manufactures for a number of customers on an original equipment manufacturer (OEM) basis.
Vmoto achieved a strong June quarter of results with international sales of its vehicles increasing 33% to 2,809 units.
Strong order book
At the end of the quarter, Vmoto had orders for another 1,539 units from international companies with deposits received and delivery scheduled in the current quarter.
The company expects to receive increasing orders for the E-max and Super Soco electric two-wheel vehicle products throughout the remainder of 2018.
Sales in Europe are particularly strong and during the first half of 2018, there were 1,891 units sold, a 296% increase on sales in the corresponding period of 2017.