Vmoto released their Q4 and full-year 2024 numbers yesterday. For 2024, Vmoto sold 17038 units, down 33% from 2023 sales of 25241. The last quarter of the year is the slowest for the company, and they managed to sell 3801 units in Q4 2024.

Sales were down in China as well as international markets. The company reported outside-China sales of 3,249 units for Q4 2024, down 12% on Q4 2023. Vmoto stated that sales are recovering, and they have pending firm international orders of 2,025 units at the end of the year.

Since hitting a sales peak in 2022, Vmoto's sales have seen two consecutive years of decline

Vmoto blamed the slow sales on the continuing depressed macroeconomic environment. At the same time, the company's cost-cutting measures seem to be helping as it claimed to remain operationally cash flow positive during Q4 2024.

Vmoto maintained a cash position of AUD 41.5m and a bank operating facility drawn down of AUD 5.5m as of 31 December 2024.

Impact

The numbers are not surprising. Vmoto has been struggling. The brand created a niche as an Australia-Shanghai-based manufacturer of high-quality electric two-wheelers. It starkly contrasted the other Chinese brands that stayed focused on the mass market with relatively low-quality products.

However, as other Chinese manufacturers like Yadea started improving quality and developing competitive products, Vmoto lost the edge.

Vmoto's problem is that it is just a few thousand sales units away from irrelevance. We analyzed the situation many weeks back.

Vmoto at the Crossroads
Vmoto has been an impressive and intriguing company. On the one hand, they have the broadest and most impressive range of products; on the other hand, they have disappointing sales volumes. The situation has been dismal over the last two years. Is it a long-term vulnerability?
Insight EVEditor

With sales numbers at 17k units, Vmoto is a very small manufacturer with a strong brand name and a vast product portfolio.

This is what we wrote in our analysis.

Vmoto was never a major player; its highest annual volumes have been just above 33k units. That’s 2750 units a month, which has now fallen to 1420 units a month. Across 17 products and variants, that’s 75 units on average per product. Economies of scale has never been the forte.
A sharp decline from here would take it dangerously close to oblivion, and that is the prime concern.

The situation has only deteriorated since then. With Vmoto being too

However, we feel that Vmoto's strategic steps will have a positive impact. The company has been making strategic investments in startups across the globe and pushing them to deploy Vmoto fleets and batteries.

Vmoto’s Strategic Play
Vmoto has turned early stage investor for a host of fleet mobility startups across the world. The investments are in the form of scooters, batteries, chargers, and other fleet infra. This is helping the company get a foothold in a new market with limited spending.
Insight EVEditor

Vmoto has made this play in Singapore, Thailand, South Africa, Indonesia, and the UK.

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