Vmoto scores $13m electric vehicle order

WA electric vehicle business Vmoto has secured its most significant order to date, with European company Greenmo Group.

Greenmo is rolling out a ride-sharing platform and delivery business across the Netherlands, Turkey, Belgium, Germany, and Austria, has agreed to purchase 5,904 Vmoto scooters for $13 million.

That follows previous orders totalling 4,300 scooters from Greenmo's ride-sharing subsidiary, Go Sharing. 

Vmoto said it had begun the manufacturing process for the new order and expected to deliver all the scooters to Greenmo in the current quarter.

Its shares surged as much as 20 per cent on the news, with Vmoto trading at 48 cents at 11am AEST.

Managing director Charles Chen said Greenmo had been a business partner for more than five years.

“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,” Mr Chen said.

“… We expect to receive further significant orders from Greenmo in 2021 and beyond.”

Vmoto said it was in discussions with other existing and potential customers to supply samples and complete trials of its scooters.

The company plans to grow its international B2B sales into the delivery, fleet, rental and ride-sharing markets.