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Green scooters grow and go to China
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08/10/2008
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The AIM-listed green motor scooter maker Vectrix confirmed today (8 October) it has been consolidating its operations in Europe under a single management umbrella to be headquartered in the UK.
The organisation will support the company’s existing dealer base in Europe as well as expanding distribution through aggressive dealer development programs.
Vectrix said it would continue to build its electric Vx1 and Vx1e scooters at its plant in Poland “although current production levels continue to result in a lower absorption of fixed overheads than desired”.
The company said it had also entered into a supplier agreement for its Vx2 product where final assembly will be completed under its supervision in China.
Vectrix, which claims to be the world leader in high performance zero emission two wheel vehicles the bulk of which it sells in North America, was providing a trading update for the year ended 30 September.
During the year it sold 1,184 bikes to dealers - a 156% increase over the previous financial year. These were split between 204 bikes sold in the first half of the year and 980 bikes in the second half. The 'half-on-half' growth rate of 380% was a direct result of Vectrix's move from being an R&D development stage company into an organisation focussed on commercialising its product.
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Author
Ken Hurst
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