No sellers today?, page-7

Yes and Graziano publicly made very clear that their focus is on Europe. They want to build a European brand in Europe. After his speach at the importers conference, I was left with the impression (really a confirmation of my previously held belief) that VMT isn't really going to go hard into so called emerging markets. At least not directly, unlike Europe.The risk is just too high. Indonesia has been trumped-up big times but you should note the subled difference in the approach by VMT, vs Europe. Its been one year since charged started "selling" their vehicles there. Have they really sold anything? The reality is that they are so poor that they cannot even afford to get the scooters on subscription. Can this turn out to be wrong? At least partially? Well, yes and that's why VMT has structured the relationship with charged, the way they did. Essentially if the market turns out to be viable in terms of demand (it will not be profitable for some time), VMT stand to benefit from the fact that charged has to commercialise Vmoto products and make sure the Vmoto brand is the one associated with the reliability of the products. This will essentially put charged in the position of mere distributor or something like that. There is plenty of big spenders willing to loan cash to Charged, not Vmoto. VMT has stated this in theor announcement last year (they obviously couldn't lay it out so blatantly), when they justified the deal with charged as an opportunity to get a foot in the door and get all the necessary data about the Indonesian market (local demand, needs, issues etc) in order to test their technologies and market, with very little risk, limited to the non cash contribution to charged. It may be very dangerous to assume Indonesia will bring in hundreds of thousands of units sold, let alone at the margins we saw in 2022... Same goes for other big markets like India etcetera. The China capacity will not be filled so soon and it won't be filled by orders coming from low value markets like Indonesia. VMT has also stated more than once that the China facilities will be increasingly used to manufacture parts 'in-house' rather than simply assemble from outside suppliers, which is what they used to do when they made ice bikes. This is a trend that is taking place in the BEV industry, with Telsa and BYD making more and more of the components themselves, including cabling and electronics which is the second biggest component, after battery packs, in an EV.

Interesting and tough times ahead in my opinion.