Ann: Vmoto's 1Q23 Market Update, page-45

Interesting day.

The update has left me with more questions than answers but as mentioned when the 'land buy' dropped last week, I did not think the update would resolve that question and other developments would be needed to resolve that.

Chand mentioned that bad news gets reported late. Sorta agree with that sentiment but I still think the company was delaying the announcement in the hope of clarifying data around KDP. But that is speculation of my part.

I was hoping that we would see some stuff around KDP. I was also thinking it might at least hint at the rationale for the land purchase.

The extra land could be to do with the China market itself. 22Q1 China sales were 321. 23Q1 China sales were 1467. That's a (distorted) 400%+ increase. That said, it does represent 40-45% of all Chinese sales in 22.

So what is selling in China and why the uptick? It could not be the Ducati CUx and/or Vortex could it? And it is not Soco product coz that is not in Vmoto's remit (BTW I have only seen the Vortex being sold by Arena in Europe - but there it is called the VT3). Or did they get early access to the F01?

Speaking of the F01 and other Vmoto product....apart from KDP, the launch of the Vmoto brand into Europe and the rest of the international market is contributing to the 'morphing' of the company in 23 and I expected some period of 'transition' from the fleet sales of VS product to FO1 etc. I think that 'transition' might be contributing to the pullback in the order book (for now). I will be interested to see what happens in Q2.

No mention of the developments in India. The setting up of "Future Vmoto" happened last week. An announcement around that would be helpful under the circumstances.

Interesting that the cash increased from $28 to $29 despite shelling out $1+ on the UK purchase.

Questions, questions. Hopefully some more announcements in the next little while.

Cheers