Scooter manufacturer and retailer Vmoto has signed an exclusive marketing and supply agreement with Germany-based electric vehicle company E-Tropolis that could be worth up to $24 million.
Vmoto announced today that it would produce three E-Tropolis electric scooter models on an original equipment manufacturer’s basis, with a minimum of 15,000 units over three years.
The 15,000 vehicles represent a total sales value of around $24 million.
The E-Tropolis company has a dealership network across Europe, spanning Germany, Italy, Spain, the UK, the Netherlands, Belgium, France, Bulgaria, Hungary, Czech Republic and Switzerland.
Vmoto considers the agreement as an important foothold in the European market.
“This agreement with E-Tropolis is another significant marketing and dollar contract for Vmoto and just goes to emphasise yet again our competitive edge when it comes to tender for new business,” Vmoto managing director Charles Chen said.
“The discussions with E-Tropolis have been ongoing for some time and the two groups have worked closely together to ensure the standard and quality of electric scooters to be produced match E-Tropolis’ high standards for their customers.”
The scooters will be manufactured at Vmoto’s facility in Nanjing, China, commencing early next year.
At close of trade today, Vmoto shares were up 24.1 per cent, to finish at 3.6 cents.
