Daily News Impact
26-Mar-25: Honda has an electric motorcycle...sort of. Is Zapp Electric to get delisted? Ola Electric coughs up supplier dues. Argentina extends ABS by six months
The most comprehensive deep dive into the electric two-wheeler and light vehicle industry
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Dear Europe, We Need to Talk...
Europeans colonized the world long ago, and their cultural influence still reverberates. In the automotive sense, the continent is the hotspot of automotive design and chassis engineering. But something is amiss lately. China's rise is making Europe irrelevant.
Ultraviolette Changes Wavelength
Yesterday, India-based Ultraviolette revealed two upcoming products - Tesseract and Shockwave - and drew a roadmap for its intended future lineup. We see not just the new products, but also a startup willing to embark on a new business strategy, bits and pieces of which make us uncomfortable.
The Erosion Intensifies
There are not too many publicly traded E2W and electric light mobility players. The ones that are have mostly been struggling. We last checked their health eight months back. Now, we check on them again and realize that things have taken a downturn for the worse.
KTM Finally has a Restructuring Plan
At yesterday's court hearing, KTM creditors have accepted a restructuring plan proposed by the board. As part of the plan, nearly EUR 548m would be received by the creditors by end-May. India-based Bajaj Auto is bringing some of the money but there remains a larger investor yet to be named.
Gogoro's Financials Continue to Deteriorate
The company's overall revenue were down amidst slowly increasing battery swapping revenues getting pulverised by steadily declining scooter sales. A worsening product mix and an enhanced focus on commercial energy storage opportunities were some key takeaways from the annual results.
Is the SBMC Disintegrating?
The Europe-focused Swappable Batteries Motorcycle Consortium (SBMC) was formed in September 2021 by Honda, Yamaha, KTM, and Piaggio. However, little has moved three years later, and the two Japanese founders have left. Is there a future for SBMC (and battery-swapping consortiums in general)?
Why is Ola Misrepresenting Tech?
Marketing is critical for technology creation. Without taking new tech to the masses, one cannot continue creating. Pathbreaking innovations - from Damon's hyper-optimized monocoques to Verge's Donut motor- often take time to reach the mass level. That limits their impact.
What is Honda's electric play in India?
Late-entrant Honda shows no urgency in its India E2W play. Its Go-To-Market is linked with its battery-swapping network rollout. The problem is that three years after the start of the pilot, the Honda e-swap has reached only 1% of the population. Are they serious about India's E2W market?
UBCO goes into receivership
UBCO was unique, and so was the two-wheel-drive motorcycle that they made. The receivership is a stark reminder of the perils of going too niche in a global E2W market that is yet to mature to create space for small players.
What went wrong with KTM?
Pierer Mobility AG (KTM) has filed for judicial restructuring, a step away from bankruptcy. Sales is slow, marketshare is down, and they are sitting at manhy months of inventory. In the bigger picture, it indicates how fragile the European two-wheeler industry is.
Why Royal Enfield needs to go electric
On the face of it, Royal Enfield, the India-based British heritage ICE brand, should be the last brand to do an electric motorcycle. Yet, here they are with the Flying Flea, and electric motorcycles seem important to them. It is a need, not a luxury
The collapse of Gogoro
Gogoro plunged into a crisis due to the Taiwanese government's enquiry into its claimed local sourcing of motor controllers on the Viva model. The Founder-CEO has resigned...
Breaking the ICE...
As ICE motorcycles embrace electronics, sensors, and rider-aids, it is becoming easier for new riders to handle speed. The various automatic transmissions entering the market further dumb down motorcycles. The motorcycling world may not realise but they are taking ICE closer to EVs
Electrifying the BodaBodas
Often, in the haste to go electric, we force-fit electric mobility to the ecosystem. However, it should be the other way around, and the ecosystem should dictate the suitability of electric mobility. Once we do things the right way, Africa emerges as an unexpected shining star for E2Ws
Sales and Financials
Niu Sacrifices Margins for Volumes
After two continuous years of decline in vehicle sales and revenue, Niu posted a relatively strong 2024 with a 24% improvement in revenue, riding on an increase in volumes in both China and international markets. However, the per unit revenue declined and the gross margin has collapsed.
Niu Sacrifices Margins for Volumes
After two continuous years of decline in vehicle sales and revenue, Niu posted a relatively strong 2024 with a 24% improvement in revenue, riding on an increase in volumes in both China and international markets. However, the per unit revenue declined and the gross margin has collapsed.
Vmoto Revenues Decline and That's Not the Talking Point
Vmoto reports a 32.5% dip in vehicle sales in FY 2024 and a 15.2% revenue decline. This was a year of major restructuring and expansion at the company as they head to an ASX delisting. However, the notice from a minority shareholder is a significant concern.
Making Sense of Damon's Q2 2025
A net income of USD 32.5 million took us by surprise, considering that this is a company that is not yet making any significant revenue, if at all. In the end, the financial statement reveals less and hides more.
Gogoro's Financials Continue to Deteriorate
The company's overall revenue were down amidst slowly increasing battery swapping revenues getting pulverised by steadily declining scooter sales. A worsening product mix and an enhanced focus on commercial energy storage opportunities were some key takeaways from the annual results.
Hiccups in Europe
Data released by ACEM indicates that the penetration of electric two-wheelers declined for the first time since 2019.
Daily News Impact
26-Mar-25: Honda has an electric motorcycle...sort of. Is Zapp Electric to get delisted? Ola Electric coughs up supplier dues. Argentina extends ABS by six months
KTM Finally has a Restructuring Plan
At yesterday's court hearing, KTM creditors have accepted a restructuring plan proposed by the board. As part of the plan, nearly EUR 548m would be received by the creditors by end-May. India-based Bajaj Auto is bringing some of the money but there remains a larger investor yet to be named.
KTM
Honda
Ola
Ather
Daily News Impact
26-Mar-25: Honda has an electric motorcycle...sort of. Is Zapp Electric to get delisted? Ola Electric coughs up supplier dues. Argentina extends ABS by six months
Is the Lapa X the Future of Electric Sports Scooters?
What will make an electric scooter go faster and longer? The motor and the pack are Jell-O: poke at one end, and the other gets distended; one can either solve for speed or range. But weight is magical - lower that, and everything improves. However, tubular construction has limits.
Wk 12 2025 - Zeno is here with a Global Motorcycle; Niu is Back on Track; The World this Week
The African market is fast becoming the global hotspot for new products and entrants. If you build a good sports utility motorcycle for Africa, you can do so for the world. This week, we sat down with Michael Spencer of Zeno, who is weeks away from launching their first electric motorcycle.
East Africa is One of the Best Areas...
If going electric has to enable mobility for the masses, there is no stronger fit than Africa, where millions of Bodas (bike taxis) would benefit immensely from electrification. We recently spoke with Michael Spencer of Zeno, the much-in-buzz Bengaluru-San Jose-Nairobi-based startup.
Niu Sacrifices Margins for Volumes
After two continuous years of decline in vehicle sales and revenue, Niu posted a relatively strong 2024 with a 24% improvement in revenue, riding on an increase in volumes in both China and international markets. However, the per unit revenue declined and the gross margin has collapsed.
Wk 11 2025 - Europe Matters? We Ride with Colibri; and Around the World this week
The KTM crisis has again highlighted the continent's high-cost underbelly. It's even more challenging if you are a startup planning to make electric commuter scooters. Mass manufacturing may not be in Europe's future, but boutique players like Colibri certainly have one.
Dear Europe, We Need to Talk...
Europeans colonized the world long ago, and their cultural influence still reverberates. In the automotive sense, the continent is the hotspot of automotive design and chassis engineering. But something is amiss lately. China's rise is making Europe irrelevant.
Riding with Colibri
Electric mobility democratizes and creates a better world where niche manufacturers can create classy motorcycles that appeal to enthusiasts. This week, we met Petre Georgescu of Colibri and checked out the M22, an ultra-lightweight motorcycle with three large removable batteries.
Wk 10 2025 - India's Ultraviolette Wants Mass-Market; Vietnam's Nuen Moto has a Great Looking Mid-Size; Vmoto Revenue Problems
This week was all about youthful energy and what it can achieve. India-based Ultraviolette has been around since 2016 and has been selling the F77 mid-sports since 2023. They are an unconventional, engineering-first company, moving to the next stage with multiple new products.
Ultraviolette Changes Wavelength
Yesterday, India-based Ultraviolette revealed two upcoming products - Tesseract and Shockwave - and drew a roadmap for its intended future lineup. We see not just the new products, but also a startup willing to embark on a new business strategy, bits and pieces of which make us uncomfortable.
Saigon Kick!
Last year, I was in Saigon and saw a country of resilience, youth, and immense potential. There is a hustle in that bustle. There is ingenuity - a country that can turn a painful war into a tourism opportunity.
Vmoto Revenues Decline and That's Not the Talking Point
Vmoto reports a 32.5% dip in vehicle sales in FY 2024 and a 15.2% revenue decline. This was a year of major restructuring and expansion at the company as they head to an ASX delisting. However, the notice from a minority shareholder is a significant concern.