While we were not looking, Vmoto has had the two best quarters of its recent life. Sales in H1 2026 hit 12,713 units, with 6,693 units sold in Q1 26 and 6,020 units sold in Q2 26. This is a big leap from CY 25, Vmoto’s worst year in history.
In all of CY 25, Vmoto sold 12,586 units. The Q2 26 sales of 6,020 units are up 156% on 2Q 25, while for the first half of the year, Vmoto is up 140% on H1 25.
The company said it is on track to meet its 2026 sales guidance. For FY26, Vmoto has revenue guidance of AUD 73.5–85 million, against FY25 revenue of AUD 46.8 million. 2025 was exceptionally bad, with revenues falling 18% and the company posting a net loss of AUD 9.9 million.
Vmoto also reported firm international orders of 5,504 units sitting on its order books as at 30 June 2026. Sales are booming in South America, where Vammo remains Vmoto’s biggest customer. In July 2026, Vmoto sold 1,168 units in Brazil, making it to the top ten OEM list.
Further, the company reported a cash position of AUD 30.5 million, with the Chinese banks (drawn from unsecured revolving facilities with ICBC, Bank of China and Jiangsu Lishui Rural Commercial Bank at 2.4–2.7%) operating facility drawn down to AUD 17.1 million.
Middle East and North Africa Play
Vmoto’s next expansion is going to be in the Middle East and North Africa, a region fast emerging as an important electric mobility play. As part of its expansion strategy, Vmoto has signed a strategic cooperation framework agreement with Alsak to establish a partnership that would combine Vmoto’s global expertise and Alsak’s investment capabilities.
For now, this is an assessment exercise to eventually establish an integrated global headquarters and regional operational centre in the Kingdom of Saudi Arabia, which will act as Vmoto’s operational hub for the Middle East and North Africa.
Both the Middle East and Africa are commercial use cases targeted at delivery and motorcycle taxis, and it would be interesting to see how Vmoto solves the battery swapping problem. The company is too small to do it on its own, especially in a large geography like Africa, and would have to seek swapping partners.
Thailand JV Gets Going
In recent developments, Vmoto’s Thailand JV has started moving after receiving the first tranche of AUD 128k investment from partner Tora Leasing. Eventually, Tora will invest up to THB 77.8 million (about AUD 3.3 million) over seven months for 49% of Vmoto (Thailand), leaving Vmoto with 51%. Tora Leasing sits inside Tora Energy Group, and the venture covers import, assembly and nationwide distribution of Vmoto-branded vehicles and spare parts. The Thai unit already has installed, operational assembly facilities and a Bangkok store.
Vmoto Thailand has exclusivity for business-to-government and government projects in Thailand, while Tora receives rights over executive appointments and, once fully funded, board representation. Given Vmoto’s history of paying for minority stakes in scooters rather than cash, like in Zenion, Charged Asia, Evotion, and Nova Moto, this is the playbook run in reverse: the local partner funds the working capital, Vmoto keeps the badge and the supply contract.
The Vmoto-Tora JV is not the company’s first play in Thailand. In November 2024, Vmoto had announced a JV with Skipper Run GoRide Vmoto, with the Thai partner owning 70% of the entity. The JV targeted E2W sales and rental to B2B customers and end users in taxi, student and tourism transport. Skipper was to put in THB 7.0 million in cash while Vmoto would have contributed THB 3.0 million in the form of mopeds, batteries, swap and charging stations. However, the JV was terminated in Q2 2025 through mutual consent because Skipper shifted its business to focus on solar panels.
Then in December 2025, we reported that Vmoto had formed a joint venture with Thailand-based AJ Advanced Technologies with plans to roll out battery swapping and eventually supply 100,000 vehicles over the next few years.
InsightEV – Global Electric Mobility
Since then, neither Vmoto nor AJ has made any disclosures. The latest Tora joint venture likely implies that Vmoto has moved on.
Impact: Vmoto Punches Above its Weight
Vmoto is a remarkable company. Between them and Niu, they are the best-known E2W brands in the world. But compared to Niu, Vmoto punches far above its weight. It works under severe handicaps, has negligible sales in China, has very little presence in India, and Indonesia, the third-biggest tourism market, is a dud for now when it comes to E2Ws.
So it does the best of whatever is left. The company has far more international joint ventures than any E2W brand, even those far bigger in size. The company has turned early-stage investor for a host of fleet mobility startups across the globe, with investments 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.
InsightEV – Global Electric Mobility
This play has allowed Vmoto to get a foothold in second-rung markets like Thailand, Malaysia, the UK, and (in the future) the MENA region.