Bardot, The electric scooter market size outside of China is...

Bardot,

The electric scooter market size outside of China is still very small....and most of the sales in Europe for example are business to business (B2B) - eg government agency or transport/delivery companies......ie very few retail sales. Most retail sales are still petrol scooters.

It is not necessarily Vmoto's inability to close distribution deals.....it's the inability of the distributors to sell into the retail market as electric scooters are still not widely accepted outside of China. The emergence of electric scooter rentals is probably the next phase in the acceptance of electric scooters which will hopefully lead to the retail buyers becoming more interested in electric scooters as a viable alternative.

International sales for Vmoto are likely to be a minor proportion of their scooter volumes for a long time which is why he PowerEagle JV and hopefully the 3/4 wheeled JV in China are so important in giving a baseline volume and profitability. I'm also happy that Vmoto are into electric bicycles as well...as this market is starting to grow outside of China much more quickly than electric scooters.

Indonesia is an interesting future proposition just due to the sheer number of petrol scooters / small motorbikes on the roads now and hopefully some conversion to electric over the next decade.

The largest volume for Vmoto from it's international distributors seems to be Vietnam.

sents