Ann: GO Sharing orders 2,000 units to expand ride sharing, page-19

Appreciate all this research and conjecture afd, as once again this is the stuff that really helps us to validate the investment case for Vmoto. It's a pity that all the recent good news did not hit the market at a better time, but a bit of consolidation does no harm. Still note the very poor volumes, which tend to signal that the bulls are sitting on their hands and the bears don't have much to play with, so we are seeing market drift rather than any real setback. There's no doubt that right now the coronavirus issue is making investors cautious, though doubtless it will be contained pretty soon. My glass remains half-full !

The only thing that makes me a little nervous is the discussion on re-entry into the 3/4 wheeler segment. As the mobility market is already EV it does not offer a large non-EV platform to convert to EV, and the segment is already dominated by established EV manufacturers. Also this would represent a relatively small proportion of production that would require a disproportionate amount of investment and production/marketing focus. With much of the huge 2-wheel market, where Vmoto already has the expertise, still untapped, why defocus the limited resources ? All my instincts say 'stick to the knitting', focus R&D on the Company's core strengths in 2-wheelers and drive down unit costs through increased volume and efficiency on existing product lines.

Look forward to an uptick in SP once the market settles. 2000.