viewVmoto Ltd

Vmoto secures A$13 million B2B order for electric scooters

The company’s B2B strategy is supported by European initiatives to encourage electric vehicles, COVID-19 impact, which led to a reduction in public transport use, and a global increase in use of home delivery services.

Vmoto Ltd - Vmoto secures A$13 million B2B order for electric scooters
Greenmo Group's delivery fleet at the company’s headquarters in the Netherlands

Vmoto Ltd (ASX:VMT) has secured an order of 5,904 units worth approximately A$13 million in revenue from its strategic B2B customer Greenmo Group, who is expanding its operations across Europe.

Greenmo Group is rolling out its ride-sharing platform and rental delivery business across the Netherlands, Turkey, Belgium, Germany and Austria and its ride-sharing subsidiary GO Sharing continues to gain traction as it expands globally.

The repeat order from Greenmo Group highlights the large growth opportunity represented by

international B2B business with additional orders expected for FY2021 and beyond.

“Delighted to secure order”

Vmoto’s managing director Charles Chen said: “We are very delighted to have secured this further significant order of 5,904 units from Greenmo Group.

“Greenmo Group, including GO Sharing, continues to grow from strength to strength in the Netherlands and beyond, having entered Turkey, Belgium, Germany and Austria as part of aggressive global expansion plans.

“Greenmo Group has been Vmoto's partner for more than five years and we are excited to participate in Greenmo Group’s significant growth as their preferred electric scooter supplier for their ride-share and rental delivery offerings.

“We look forward to growing hand-in-hand together with Greenmo Group and expect to receive further significant orders from Greenmo in 2021 and beyond.”

B2B strategy starts to deliver

Vmoto is focusing mainly on growing international B2B sales into the delivery, fleet, rental and ride-sharing markets as B2B sales provide a large opportunity for the company to deliver strong commercial growth.

This additional order has been secured as part of that strategy and the company expects to receive additional B2B orders over the coming months as it advances discussions with numerous existing and potential B2B customers to supply samples and complete trials.

The strategy is supported by the initiatives of various European governments to encourage consumers to adopt electric vehicles, the impact of COVID-19, which has seen a reduction in the use of public transportation due to social distancing requirements, and the global increase in the use of home delivery services for food and parcels.

The company is well-positioned to benefit via its B2B products, which provide personal ‘green’ transportation, have strong load capacity for delivery operations and can operate over the range with swappable battery features.

Quick facts: Vmoto Ltd

Price: 0.46 AUD

Market: ASX
Market Cap: $128.03 m

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