The Context
Vmoto just announced its Q4 2025 numbers, and sales are up significantly over Q4 2024. While the full year 2025 still closed lower than 2024, the jump in Q4 reverses the declining trend.
In Q4 2025, Vmoto sold 4575 units. This was a 68% jump over Q3 2025 sales of 2719 units. It was also a 20.4% jump over Q4 2024 sales of 3801 units.
Impact
We admire Vmoto. The Nanjing-based manufacturer punches way above its weight. For a company that sells just a few thousand units, Vmoto also gets a lot of eyeballs, much more than, say, Yadea, which sells about 300 times more two-wheelers.
The company also has one of the widest ranges of globally relevant products, this side of Niu.
In the past, we have been critical of Vmoto’s sales volumes and why they seem unsustainable, considering the very wide portfolio. At some point last year, the company was averaging just below 1000 units per month. With no participation in the Chinese or Indian markets, Vmoto sits out of the two biggest E2W markets. It is also not doing much in Vietnam as of now.
Within these constraints, it is easy to see why Vmoto struggles on the sales numbers front.
At the same time, we noted Vmoto’s strategic move to expand into new, arguably second-tier geographies.
These included multiple markets, with Thailand, Pakistan, and Vietnam being the most important of them. In all these geographies (barring Vietnam), we are in the early days of electric mobility, and Vmoto is embedding itself in the ecosystem, and it would pay off in the long-term.
We should note that despite the low sales volumes, Vmoto is the most recognised brand (barring Niu) when someone wants to source quality scooters from China. The CPx is perhaps the most recognisable electric fleet scooter in the world. It makes things easier that Niu is increasingly focused on its own brand and not whitelabeling or co-branding.
That positioning has helped Vmoto become the supplier of choice in emerging e-mobility geographies. For example, in Brazil, Vmoto supplies to both Vammo and Riba.
The Future
Even better than the sales numbers, Vmoto also informed that they have pending orders of 7462 units as of 31st December 2025. These include initial orders from Thailand-based customers where Vmoto has just entered.
That order book is likely to grow more as some of Vmoto’s long-term customers, like Vammo, have raised big funding rounds recently. Orders should follow. Even India-based fleet operators have been considering Vmoto because of the relatively better quality than other Chinese factory suppliers. India is one of the biggest importers of Chinese CKD kit scooters.