Ann: Vmoto's 1Q24 Market Update and FY24 Guidance, page-4

This is traditionally the worst quarter, although I was not expecting sales to fall so much further, off of the already low base. The very low forward orders is particularly concerning, and an ominous sign. The quarterly sales and forward orders are the worst since 2018. Fingers crossed for a recovery as we head towards the northern summer. We really need Stash sales to take off , and the various JVs to do well.

I would like to see the company find some more strings for their bow. One possibility that springs to mind is mobility scooters. I believe this was considered at one stage, but evidently not pursued. They could also look at 4 wheel last mile delivery EVs, with covered or enclosed cab. The same basic chassis could be used for a golf cart. Then there are quad bikes and ATVs. In NZ these are mostly used on farms, where the distances are short, and the speeds low (making wind resistance less of an issue). The same applies to my other suggestions. These are the sorts of use cases where an EV can be naturally superior to an ICE machine. Finally (and once again I believe this has already been considered), there is contract manufacturing of such products (which could the path of least resistance towards making our own).

All IMO.