17th Mar 2014 11:35
LONDON (Alliance News) - Vmoto Ltd, the electric scooter manufacturer, said Monday that it has opened additional stores since the start of its new financial year, and retail trading in China and for its existing original equipment manufacture agreement with PowerEagle, are trading in line with expectations.
Vmoto said its opened a further three retail stores in China during January and February, and is now trading from 13 retail stores in China. It said that it is currently in talks with potential manufacturers and distributors in the north of China, where it does not currently have a significant presence.
It said that despite January and February traditionally being quieter months due to the Chinese New Year, production for PowerEagle was over 4,000 units and over 2,000 Vmoto scooters were sold through its retail stores and distributors, up 20% from the same period a year earlier.
The group also said that it is progressing with new market entry opportunities, including Italy, Hong Kong and Vietnam.
Vmoto said its Italian distributor is currently in negotiations with TNT Post Italia and has supplied trial electric scooters, whiles its Hong Kong distributor is currently negotiating to supply its electric delivery scooters to the Hong Kong branch of a large delivery and courier group.
The group said it received initial orders for 150 units of its electric delivery scooters from its Brazilian distributor in January, and delivered 112 units in March, with the remaining units expected to be delivered in the coming weeks.
Vmoto shares were trading 5.6% higher Monday morning at 2.16 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
VMT.L