Vmoto soars following largest B2B order to date worth $13m

Tech

52 minutes ago | Aprille Lim

Special Report: EV company Vmoto has announced its largest order to date, worth $13 million, from strategic B2B partner Greenmo Group.

Vmoto (ASX:VMT) has secured an order of 5,904 units, worth $13 million, from European-based Greenmo Group, to be delivered in Q1FY21.

The order is Vmoto’s largest to date and marks an important milestone in Vmoto’s strategic plan to focus on growing international B2B sales in the delivery, fleet, rental and ride-sharing markets.

Vmoto reported strong sales growth in 2020 and anticipates 2021 will see it continue to go from strength to strength. Vmoto has seen its share price soar over 700% since 2019.

The Greenmo partnership

Greenmo is a European company focused on renting EVs to food and parcel delivery companies. The business has been Vmoto’s exclusive B2B partner in the Netherlands for more than five years.

In 2020, Greenmo’s GO Sharing completed a €10 million financing round to continue to build its ride-sharing business which focuses on electric scooter rental services.

Greenmo Group is currently expanding its operations across the Netherlands, Turkey, Belgium, Germany and Austria, while GO Sharing is planning global expansion in the coming years.

The importance of B2B partnerships

Vmoto managing director, Charles Chen, said the company is expecting more orders from Greenmo in 2021.

“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,” said Chen. “Entry into Turkey, Belgium, Germany and Austria markets form part of their 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.”

Vmoto’s accelerated growth strategy focuses on relationships with growing international B2B businesses like Greenmo. Through the delivery, fleet, rental and ride-sharing markets, B2B sales provide an opportunity for Vmoto to achieve significant commercial growth in the coming years.

Vmoto anticipates additional large orders in the coming months and is currently in advanced discussions with numerous existing and potential B2B customers for samples and trial periods.

Vmoto’s strategy is supported by several global electric vehicle initiatives and a turning tide of focus on sustainability. Through focusing on its B2B partners, Vmoto is well-positioned to take advantage of this and the global increase in home delivery services and ride-sharing.